Abuja, Nigeria
Nigeria has been officially removed from the Financial Action Task Force (FATF) grey list, a development that reflects the country’s progress in strengthening its financial systems and restoring global confidence in its oversight measures.
The announcement was made at the FATF Plenary in Paris, France, where member countries confirmed that Nigeria had fulfilled all necessary actions to address earlier concerns about money laundering and terrorist financing.
FATF, headquartered in Paris, is the global body responsible for setting standards and evaluating countries on their compliance with rules against money laundering, terrorism financing, and the movement of illegal funds. Countries placed on the grey list are considered to have weaknesses in their systems and are subjected to closer international monitoring until those issues are corrected.
Placement on the FATF grey list has serious implications for any country. It often leads to increased scrutiny from international banks, slower foreign investments, and reduced confidence among global partners. Removal from the list means that a country has strengthened its laws, improved enforcement, and demonstrated better coordination among its financial and security agencies.
Nigeria was added to the grey list in February 2023 due to gaps in coordination, enforcement, and financial supervision. Since then, the government has worked to address these issues through the Nigerian Financial Intelligence Unit (NFIU), in partnership with several key ministries and agencies.
President Bola Ahmed Tinubu welcomed the FATF decision, saying it shows that Nigeria’s reforms in the financial sector are producing clear results.
“This development reflects Nigeria’s commitment to transparency and accountability in managing financial activities,” the President said in a statement issued by his Special Adviser on Information and Strategy, Mr. Bayo Onanuga.
He praised the leadership of the NFIU under Ms. Hafsat Abubakar Bakari for guiding the country through the FATF review process and ensuring timely compliance with all requirements. The President also commended the Attorney-General of the Federation, the Ministry of Finance, the Central Bank of Nigeria, and other related agencies for their roles in achieving the delisting.
President Tinubu expressed gratitude to the National Assembly, the Judiciary, and the ministries that participated in the national task force on Anti-Money Laundering and Counter-Financing of Terrorism. He also acknowledged the support of international partners including France, Germany, the United Kingdom, the United States, and the European Commission for their technical assistance during the reform process.
In the past two years, Nigeria introduced several legal and institutional measures to improve financial monitoring. These include stronger reporting requirements for banks and financial institutions, closer cooperation between agencies, and tighter oversight of suspicious transactions. These actions brought Nigeria in line with FATF recommendations and prevented the country from being placed on the blacklist, which carries more severe restrictions.
The removal from the grey list is expected to boost investor confidence, improve access to international financial markets, and strengthen Nigeria’s economic position.
President Tinubu said the government will continue to maintain integrity across financial institutions and ensure that established systems remain effective.
“The delisting confirms that Nigeria can meet global standards in financial transparency and regulation,” he said. “We will continue to protect the credibility of our financial system and promote confidence among our partners.”
