FCT: President Bola Tinubu has hailed Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing it as a landmark achievement that strengthens confidence in the nation’s financial governance and global credibility.
The FATF an international watchdog against money laundering and terrorist financing officially delisted Nigeria during its October 2025 Plenary in Paris, France, following the country’s full compliance with a 19-point action plan designed to fortify its Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) framework.
In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, the President called the delisting not just a technical milestone but a strategic victory for Nigeria’s economy and a renewed vote of confidence in our financial system.
Nigeria was first placed on the FATF watchlist in February 2023 over weak enforcement mechanisms, inter-agency gaps, and opaque financial practices.
According to the Presidency, Tinubu treated the grey-list designation as a call to action, directing the Nigerian Financial Intelligence Unit (NFIU) to coordinate sweeping reforms in partnership with the Offices of the Attorney-General, and the Ministries of Finance, Justice, and Interior.
The reforms, led by NFIU Director and Chief Executive Officer Hafsat Bakari, involved major legal, institutional, and operational upgrades across the financial system.
Bakari confirmed Nigeria’s delisting, describing it as a true test of the nation’s coordination, resilience, and unwavering commitment to reform.
The FATF has officially removed Nigeria from the list of jurisdictions under increased monitoring, known as the grey list.
This is a historic milestone in our fight against serious financial crimes, she said.
Bakari highlighted several measures that contributed to Nigeria’s removal from the watchlist, including:
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Full enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022 and Terrorism (Prevention and Prohibition) Act, 2022.
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Activation of the Beneficial Ownership Register to improve transparency in corporate ownership.
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Stronger oversight of Designated Non-Financial Businesses and Professions (DNFBPs); and
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Enhanced intelligence capacity for detecting, investigating, and prosecuting financial crimes.
She commended the National Assembly, judiciary, and private sector partners for their collaboration, urging stakeholders to sustain compliance to maintain international confidence.
Analysts say Nigeria’s exit from the FATF grey list is expected to boost investor confidence, ease cross-border transactions, and facilitate capital inflows by restoring the country’s reputation in global finance.
At the same plenary, South Africa, Mozambique, and Burkina Faso were also delisted after meeting FATF’s monitoring benchmarks.
Reacting to the development, President Tinubu pledged that his administration would continue to strengthen institutional reforms, deepen inter-agency collaboration, and maintain alignment with global standards.
This marks the beginning of a new chapter in our financial reform journey. We will sustain our progress and continue building a financial system that Nigerians and the world can trust, he said.
