By Our Reporter
President Bola Ahmed Tinubu has welcomed the removal of Nigeria from the Financial Action Task Force (FATF) grey list, describing the development as a major boost to the nation’s global financial credibility and reform efforts.
The FATF, which sets international standards to combat money laundering, terrorist financing and related crimes, announced Nigeria’s exit from the list during its plenary in Paris on Friday.
Nigeria was placed under increased monitoring in February 2023 after the global body raised concerns over the country’s anti-money laundering and counter-terrorist financing framework.
In a statement issued by his Special Adviser on Information and Strategy, Mr Bayo Onanuga, President Tinubu said the delisting was the result of over two years of sustained institutional reforms and inter-agency coordination led by his administration.
“This is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance. The integrity of our financial system has been significantly strengthened and the international community has taken note,” he said.
The President commended the Nigerian Financial Intelligence Unit (NFIU), the Federal Ministries of Justice, Finance and Interior, and other security and regulatory agencies for their roles in implementing the FATF Action Plan within the stipulated timeframe.
He particularly praised the NFIU Director/Chief Executive Officer, Ms Hafsat Abubakar Bakari, and her team for their diligence, saying their work ensured that Nigeria delivered all required reforms and enforcement measures.
Tinubu also acknowledged support from the National Assembly, the Judiciary, and Nigeria’s international partners, including France, Germany, the United Kingdom, the United States, the United Nations, the European Commission and GIABA, the regional anti-money laundering body.
He stressed that Nigeria’s exit from the grey list should not be seen as the end of reform but as motivation to deepen transparency and strengthen institutional cooperation across the financial system.
“The exit marks the beginning of a new chapter in our fight against financial crime. We will build on this achievement by ensuring that reforms are fully sustained so that Nigeria remains a trusted and competitive destination for global investment,” the statement added.
President Tinubu reaffirmed his administration’s commitment to accountability, improved financial regulation and economic transformation as key priorities for attracting investment and enhancing national prosperity.
