President Tinubu Hails Nigeria’s Removal from FATF Grey List, Reaffirms Commitment to Global Financial Transparency

By our Correspondent

President Bola Ahmed Tinubu, GCFR, has welcomed the delisting of Nigeria from the Financial Action Task Force (FATF) grey list, reaffirming the country’s commitment to global financial transparency and integrity.

The FATF announced Nigeria’s removal from the grey list during its Plenary meeting held in Paris, France, on Friday.

This was disclosed in a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, and made available to journalists in Abuja.

The FATF is the world’s leading standard-setting body for combating money laundering, terrorist financing, and proliferation financing. The announcement officially removes Nigeria from the list of jurisdictions under increased monitoring, commonly known as the “grey list.”

President Tinubu described the delisting as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility.”

The decision followed Nigeria’s successful and timely completion of its FATF Action Plan, which marked over two years of sustained reform efforts and inter-agency coordination to strengthen the nation’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

Nigeria was placed on the FATF grey list in February 2023, with a clear message from the global community that more robust enforcement, better coordination, and greater transparency were needed. Rather than view this as a setback, Nigeria responded with decisive action.

Under President Tinubu’s strategic leadership and in line with his administration’s economic transformation agenda, the country implemented sweeping legal, institutional, and operational reforms.

These reforms were coordinated by the Nigerian Financial Intelligence Unit (NFIU) in collaboration with the Attorney-General of the Federation and Minister of Justice, the Minister of Finance and Coordinating Minister of the Economy, and the Minister of Interior.

President Tinubu commended the vital contributions of the Secretary to the Government of the Federation, the Ministers of Aviation, Budget and Economic Planning, Defence, Foreign Affairs, Solid Minerals, and State for Finance, as well as the National Security Adviser, and the leadership of the National Assembly and the Judiciary in achieving this landmark success.

He also applauded the Director and Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their diligence in ensuring the complete and timely implementation of the Action Plan, noting that their efforts earned Nigeria international recognition for its strengthened measures against financial crimes.

“Without their dedication and sacrifice, today’s success could not have been achieved. I thank them for their efforts and urge other stakeholders to emulate their standards,” President Tinubu said.

Nigeria’s progress was supported through close cooperation with the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), alongside strong technical assistance from international partners including France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission.

President Tinubu emphasized that Nigeria’s removal from the grey list represents “not just a technical accomplishment, but a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”

He added, “The exit from the FATF grey list marks the beginning of a new chapter in our financial reform agenda. Nigeria will continue to sustain and deepen institutional reforms, enhance collaboration, and build a financial system that Nigerians — and the world — can trust.”