Minister of State for Finance, Dr. Doris Uzoka-Anite, said President Bola Tinubu’s vision of a $1 trillion economy was now more achievable than ever with Nigeria’s recent delisting from the grey list of the global anti-money laundering watchdog, Financial Action Task Force (FATF).
Senate, also Tuesday, commended Tinubu, Nigerian Financial Intelligence Unit (NFIU), and other key stakeholders for their pivotal role in securing Nigeria’s removal from the Grey List. It described the development as a landmark achievement for the country’s financial system and international image.
Nigeria, which was left off the hook alongside three other African countries on October 24, 2025, was on the Grey-list of the FATF since February 2023, following deficiencies in the country’s anti-money laundering and counter terrorism financing regulations.
Reacting to Nigeria’s removal from the grey list via a statement she personally endorsed yesterday, Uzoka-Anite said Nigeria’s exit was loaded with a bagful of benefits.
She stated, “On October 24, 2025, Nigeria achieved a historic milestone that will reshape our nation’s economic future. At the Financial Action Task Force (FATF) Plenary in Paris, France, Nigeria was officially removed from the grey list – a designation that had constrained our financial system and limited opportunities for ordinary Nigerians since February 2023.
“This is not just a bureaucratic achievement or a diplomatic win. This is about real change that will touch the lives of every Nigerian; from the small business owner in Lagos to the farmer in Kano, from the trader in Owerri to the student seeking opportunities abroad.
“Let me explain what this achievement means in practical terms. When Nigeria was on the grey list, it meant that other countries viewed our financial system with suspicion. Banks abroad were hesitant to process transactions from Nigeria.
“Businesses found it harder and more expensive to trade internationally. Young Nigerians faced additional scrutiny when applying for visas or opening bank accounts overseas. Foreign investors thought twice before bringing their capital to our shores.
“Now, with our exit from the grey list, these barriers begin to fall. Nigerian businesses will find it easier and cheaper to conduct international trade. Our banks can engage more freely with global financial institutions.
“Foreign investors will view Nigeria as a safer, more credible destination for their capital. And everyday Nigerians will face less discrimination in the global financial system.”
The minister added, “This achievement is particularly significant because we were removed alongside South Africa, Mozambique, and Burkina Faso – a proud moment for Africa as a whole. The FATF President herself called it “a positive story for the continent of Africa.”
According to her, “This victory belongs to every Nigerian who believed in our capacity for reform. But I must acknowledge the extraordinary leadership that made it possible.”
She stated that Tinubu provided unwavering commitment to the cause from day one, adding that with his realisation that Nigeria’s global credibility was at stake, he gave clear directives “to complete this reform, no matter how difficult”.
Uzoka-Anite stressed, “Under his leadership, we implemented bold economic reforms, from fuel subsidy removal to foreign exchange harmonisation, that demonstrated Nigeria’s seriousness about building a transparent, rule-based economy.”
The minister also applauded Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, for coordinating the complex effort across multiple agencies with exceptional skill and determination.
She stated, “His vision was clear from the outset: ‘Nigeria’s ambition was never limited to simply completing the Action Plan and exiting the grey list. Our focus has been on driving reforms and strengthening institutions.’ This was not just about ticking boxes; it was about genuine transformation.”
While also recognising the exemplary leadership of the CEO of the Nigerian Financial Intelligence Unit (NFIU), Hajiya Hafsat Abubakar Bakari, the minister stated that Abubakar coordinated the implementation of a rigorous 19-point Action Plan with remarkable precision and persistence.
Uzoka-Anite stated, “The Office of the National Security Adviser deserves special commendation for the exceptional coordination of all security agencies throughout this process. Their strategic oversight ensured seamless collaboration across law enforcement and intelligence agencies, which was critical to meeting our compliance obligations.
“My colleagues at FEC, the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, and the Minister of Interior, Dr. Olubunmi Tunji-Ojo, worked relentlessly to ensure that legal frameworks and enforcement mechanisms were strengthened across the board.”
On what led to Nigeria’s exit from the grey list, the minister stated that over the past two and a half years, Nigeria implemented comprehensive reforms that transformed its financial system.
She said, “We enacted and enforced critical legislation – the Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism (Prevention and Prohibition) Act 2022.
“We operationalised a Beneficial Ownership Register that brings transparency to corporate ownership. We strengthened intelligence sharing between law enforcement agencies and enhanced supervisory measures for banks and other financial institutions.
“We didn’t just pass laws on paper. We ensured they were implemented in practice. We increased prosecutions of financial crimes. We applied sanctions to institutions that failed to comply with anti-money laundering requirements. We improved detection of illegal cash movements across our borders.
“As Minister of State for Finance, I had the privilege of coordinating critical aspects of this reform with regulatory agencies and the private sector. I worked closely with the Corporate Affairs Commission to operationalize the Beneficial Ownership Register, ensuring transparency in corporate ownership structures.
“In fact, the outcome of the BO Register has been transformative—we now have unprecedented visibility into corporate ownership structures, making it significantly harder for illicit actors to hide behind shell companies and enhancing our ability to track suspicious financial flows.”
According to her, Nigeria’s removal from the grey list is not a finish line, but a new starting line.
Uzoka-Anite said, “We have already been invited to join the FATF Guest Jurisdictions Initiative, which means Nigeria will participate under its own flag in FATF meetings for the next year – a recognition of our growing credibility in global financial governance.
“But our work continues. We must sustain these reforms and build on this momentum. We must continue strengthening our institutions, enhancing transparency, and ensuring that Nigeria’s financial system remains a force for legitimate economic growth, not illicit activity.
“President Tinubu’s vision of a $1 trillion economy is now more achievable than ever. With restored global credibility, Nigeria can attract the foreign investment we need to develop our infrastructure, create jobs, and lift millions out of poverty.
“Our capital markets can become the engine that powers this transformation – but only if we maintain the integrity and transparency that we’ve worked so hard to establish.”
According to her, this is a moment for every Nigerian to feel proud.
She added, “We have shown the world that Nigeria can reform, that we can meet international standards, and that we can deliver on our commitments.”
Meanwhile, Senate’s commendation followed a motion sponsored by Senator Emmanuel Udende (Benue North-East), titled, “Motion on the Need to Commend the Executive, the President of the Senate, the Nigerian Financial Intelligence Unit (NFIU), and Other Stakeholders for Their Efforts in the Removal of Nigeria’s Name from the Financial Action Task Force (FATF) Grey List.”
The motion was brought under Matters of Urgent Public Importance.
Udende stated the FATF’s recent announcement marked Nigeria’s full compliance with global Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) standards, signalling the country’s renewed credibility within the global financial community.
He recalled that Nigeria’s earlier inclusion on the FATF Grey List had subjected the country to increased international scrutiny, reduced investor confidence, and limited access to global financial markets, which negatively affected trade and investment inflows.
Udende said Nigeria’s removal from the list was the result of far-reaching reforms and policy actions implemented by the executive, National Assembly, and several regulatory and enforcement agencies, including the NFIU, Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and Central Bank of Nigeria (CBN).
He added that the delisting reflected Tinubu’s commitment to fiscal transparency, accountability, and compliance with international best practices in financial governance.
“The coordinated reforms undertaken by the government have not only restored Nigeria’s reputation but also enhanced investor confidence and reduced transaction costs for Nigerian financial institutions operating internationally,” Udende said.
Senators who contributed to the debate unanimously commended the administration for what they described as a “strategic victory” that would yield lasting economic and diplomatic dividends for the country.
The senate expressed delight that Nigeria’s delisting had boosted investor confidence, improved access to global finance, and reassured international partners of the country’s dedication to fighting financial crimes.
Lawmakers stated that Nigerian banks and businesses, previously burdened by heavy compliance checks and delayed transactions, now enjoyed smoother, faster, and more cost-efficient international operations.
The upper chamber further observed that the development had repositioned Nigeria as a credible and attractive destination for foreign direct investment, particularly in key growth sectors, such as energy, technology, agriculture, and manufacturing.
“The delisting will deepen our economic competitiveness, strengthen the naira, and create jobs through renewed investment inflows,” the senate stated.
In adopting the motion, Senate resolved to formally commend Tinubu, the Senate President, NFIU, EFCC, ICPC, CBN, and other relevant agencies for their collaborative efforts in achieving the milestone.
It also urged all financial and regulatory institutions to sustain compliance with global standards to prevent any future relapse that could undermine Nigeria’s credibility.
Senate mandated its Committee on Anti-Corruption and Financial Crimes to intensify legislative oversight and ensure continuous policy review to consolidate the progress made.
Furthermore, lawmakers encouraged continuous collaboration between the public and private sectors to uphold transparency, accountability, and integrity in Nigeria’s financial management system.
They emphasised that the removal from the FATF Grey List was not only a triumph of government policy but also a testament to effective inter-agency coordination and Nigeria’s growing maturity in global financial governance.
Senate said, “The challenge now is to maintain this momentum and ensure that Nigeria never again finds itself under international monitoring for financial system deficiencies.”
Ndubuisi Francis and Sunday Aborisade
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