President Bola Ahmed Tinubu has hailed Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing the development as a significant milestone in the nation’s ongoing economic reform and governance agenda.
The announcement, made on Friday during the FATF Plenary in Paris, France, formally removed Nigeria from the list of jurisdictions under increased monitoring — commonly known as the “grey list.”
In a statement issued by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, President Tinubu said the decision represents a “major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility.”
The FATF, the world’s foremost standard-setting body for combating money laundering, terrorist financing, and proliferation financing, had placed Nigeria on its grey list in February 2023, calling for stronger enforcement, better coordination, and greater transparency in financial oversight.
President Tinubu noted that rather than seeing the grey listing as a setback, Nigeria viewed it as a call to action. Under his administration’s leadership, the country implemented sweeping legal, institutional, and operational reforms aimed at fortifying its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
The President credited the achievement to the coordinated efforts of the Nigerian Financial Intelligence Unit (NFIU), working closely with the offices of the Attorney-General of the Federation, the Minister of Finance and Coordinating Minister of the Economy, and the Minister of Interior, among others.
He also lauded the contributions of the Secretary to the Government of the Federation, several cabinet ministers, the National Security Adviser, and the leadership of the National Assembly and Judiciary for their support in achieving the delisting.
President Tinubu commended the Director/Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their “diligence and professionalism,” noting that their work earned Nigeria recognition for strengthening its capacity to combat financial crimes.
“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,” the President said.
He also acknowledged the vital roles played by key institutions, including the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices Commission (ICPC), Department of State Services (DSS), National Counter-Terrorism Centre (NCTC), and the Nigeria Police Force, among others.
President Tinubu expressed appreciation to international partners such as the Governments of France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission for their steadfast technical assistance throughout Nigeria’s reform process.
Describing the delisting as more than a technical success, the President said it was a “strategic victory” for Nigeria’s economy and a “renewed vote of confidence in the nation’s financial governance.”
“The exit from the FATF grey list marks the beginning of a new chapter in Nigeria’s financial reform agenda. We will sustain institutional reforms, deepen collaboration, and continue to build a financial system that Nigerians and the world can trust,” President Tinubu affirmed.