In a significant boost to Nigeria’s economic reputation, President Bola Tinubu has lauded the country’s removal from the Financial Action Task Force (FATF) “grey list,” describing it as a landmark achievement that reinforces global confidence in Nigeria’s financial governance and reform agenda.
The FATF, the leading international body that sets standards for combating money laundering, terrorist financing, and proliferation financing, announced Nigeria’s delisting during its plenary meeting in Paris, France, on Friday.
President Tinubu said the move represents “a major milestone in Nigeria’s journey toward economic reform, institutional integrity, and global credibility.”
Nigeria’s removal follows the successful completion of its FATF Action Plan, marking over two years of rigorous reform, inter-agency coordination, and policy implementation to strengthen the nation’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
Placed on the grey list in February 2023, Nigeria was urged to enhance enforcement, transparency, and coordination. Tinubu said his administration viewed this not as a setback, but as “a call to action”, leading to sweeping legal, institutional, and operational reforms.
The process was spearheaded by the Nigerian Financial Intelligence Unit (NFIU), in collaboration with the Office of the Attorney-General of the Federation, the Ministry of Finance and Coordinating Ministry of the Economy, and the Ministry of Interior.
Tinubu commended the joint effort of these institutions, as well as the contributions of the Secretary to the Government of the Federation, several cabinet ministers, the National Security Adviser, the leadership of the National Assembly and Judiciary, and heads of regulatory and enforcement agencies.
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