Tinubu hails Nigeria’s delisting from FATF grey list

….Reaffirms commitment to financial transparency

President Bola Ahmed Tinubu has welcomed Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing the move as a major milestone in the country’s ongoing economic reform and transparency drive.

The FATF, the global standard-setting body for combating money laundering, terrorist financing, and proliferation financing, announced Nigeria’s delisting on Friday during its plenary session in Paris, France.

With this development, Nigeria has officially exited the list of jurisdictions under increased monitoring, commonly referred to as the “grey list.”

In a statement issued by his Special Adviser on Information and Strategy, Mr. Bayo Onanuga, President Tinubu said the decision marked a significant step forward in restoring global confidence in Nigeria’s financial governance.

“This is a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility,” the President stated.

The delisting followed Nigeria’s successful and timely completion of the FATF Action Plan, after more than two years of coordinated reform efforts to strengthen its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

Nigeria was placed on the FATF grey list in February 2023, with the global watchdog calling for stronger enforcement, inter-agency collaboration, and transparency. Rather than viewing the listing as a setback, President Tinubu said his administration treated it as a call to action.

Under his leadership, the government implemented extensive legal, institutional, and operational reforms coordinated by the Nigerian Financial Intelligence Unit (NFIU) in partnership 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.

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President Tinubu expressed appreciation to key stakeholders, including 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, the National Assembly, and the Judiciary for their roles in achieving the feat.

He also commended the Director/Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their dedication and professionalism in ensuring the successful completion of the FATF Action Plan.

“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.

The President further acknowledged the strong partnership between Nigeria, the FATF, and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), as well as the technical assistance provided by international partners—including the governments of France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission.

Describing the delisting as more than a technical achievement, President Tinubu said it signified renewed global confidence in Nigeria’s financial integrity and reform agenda.

“Nigeria’s removal from the FATF grey list is not just a technical accomplishment—it is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance,” he said.

The President assured that Nigeria would continue to sustain and deepen its financial sector reforms, institutional collaboration, and global partnerships to ensure a transparent and trustworthy financial system.

“The exit from the FATF grey list marks the beginning of a new chapter in the nation’s financial reform agenda. Nigeria will sustain the already institutionalised reforms, deepen institutional collaboration, and continue to build a financial system that Nigerians and the world can trust,” President Tinubu affirmed.