President Bola Ahmed Tinubu has welcomed Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing it as a major milestone in the country’s pursuit of economic reform, transparency, and global credibility.
The FATF, which sets international standards for combating money laundering and terrorist financing, announced Nigeria’s delisting at its plenary session in Paris, France, on Friday. The decision formally removes Nigeria from the group of countries under “increased monitoring,” signaling improved confidence in the nation’s financial system.
President Tinubu said the development reflects Nigeria’s “commitment to global financial transparency and institutional integrity.” The country’s removal followed the successful completion of its FATF Action Plan after over two years of sustained reform and inter-agency coordination to strengthen the Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
In February 2023, Nigeria was placed on the grey list, with FATF urging stronger enforcement and coordination. Rather than seeing it as a setback, the Tinubu administration treated it as an opportunity to push through sweeping legal and institutional reforms.
The President credited the achievement to the coordinated efforts of the Nigerian Financial Intelligence Unit (NFIU), the Ministry of Justice, the Ministry of Finance, and other government agencies. He praised NFIU Director/Chief Executive Officer, Ms. Hafsat Abubakar Bakari, for her leadership and diligence in implementing the Action Plan, noting that her team’s work earned international recognition for Nigeria’s progress.
Tinubu also commended the support of the Secretary to the Government of the Federation, the National Assembly, the Judiciary, and several key ministers, including those overseeing defence, finance, interior, and foreign affairs. He acknowledged the roles played by agencies such as the Central Bank of Nigeria, EFCC, ICPC, DSS, NDLEA, and the Nigeria Police Force in achieving the milestone.
The President further expressed appreciation to international partners including France, Germany, the UK, the US, the UN, and the European Commission for their technical assistance throughout the reform process.
Tinubu described the delisting as “not just a technical accomplishment, but a strategic victory for our economy,” adding that Nigeria will continue to strengthen its financial institutions to maintain global trust and attract investment.