Nigeria’s 36 state governors have celebrated the country’s removal from the Financial Action Task Force (FATF) grey list, describing it as a victory for transparency, reform, and responsible governance.
In a statement on Saturday by its Director of Media and Strategic Communications, Yunusa Abdullahi, the Nigeria Governors’ Forum (NGF), said the development followed years of investigation, institutional reforms, and diplomatic engagement led by President Bola Tinubu, with support from state governments and key financial institutions.
“We are very pleased with this outcome and proud to see Nigeria formally welcomed back into the global transparency community,” said NGF Chairman and Kwara State Governor, AbdulRahman AbdulRazaq.
“Nigeria has handled this difficult situation with enormous grace and integrity, and this green light attests to the trust and confidence in our financial systems and our leaders, both at the national and sub-national levels.”
Nigeria was placed on the FATF grey list in 2023 after the global watchdog identified deficiencies in the country’s framework for combating money laundering and terrorism financing. Since then, deliberate steps were taken to correct the lapses through legislative reforms, institutional strengthening, and inter-agency coordination.
Key reforms cited include:
-
Operationalisation of the beneficial ownership register
-
Enhanced corporate transparency and accountability
-
Strengthened capacity of law enforcement and regulatory agencies to detect, analyse, and prosecute complex financial crimes
The NGF also commended the collaborative efforts of the Federal Ministry of Finance, Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), and Nigeria Financial Intelligence Unit (NFIU), which provided extensive technical support and data to the FATF.
“This achievement reflects the political will and determination of the Tinubu administration, the governors, and all relevant institutions to restore global confidence in Nigeria’s financial system,” the NGF said.
The governors further pledged to sustain ethical financial practices and strengthen transparency mechanisms at the sub-national level.
About the Author
