NIGERIA EXITS FATF GREY LIST, PRESIDENT TINUBU CELEBRATES STRATEGIC VICTORY

Nigeria has been formally delisted from the Financial Action Task Force (FATF) grey list, a move welcomed by President Bola Ahmed Tinubu as a significant achievement for the country’s economic reforms and global standing. The FATF announced the decision at its Plenary in Paris, France, on October 24, 2025, removing Nigeria from the list of jurisdictions under increased monitoring. In a statement, Special Adviser to the President Bayo Onanuga said that President Tinubu described the development as a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.

The FATF is the world’s foremost standard-setting body for combating money laundering, terrorist financing and proliferation financing. The delisting follows Nigeria’s successful and timely completion of its FATF Action Plan, marking over two years of sustained effort, reform and inter-agency coordination aimed at strengthening the country’s Anti-Money Laundering and Counter-Financing of Terrorism framework. Nigeria was placed on the grey list in February 2023, which the global community intended as a call for more vigorous enforcement, better coordination and greater transparency.

Under President Tinubu’s strategic leadership and in line with his administration’s economic transformation agenda, Nigeria implemented far-reaching legal, institutional and operational reforms. This was achieved through the coordination of the Nigerian Financial Intelligence Unit (NFIU), working with the Attorney-General of the Federation and Minister of Justice, the Minister of Finance, and the Coordinating Minister of the Economy and the Minister of Interior.

Onanuga stated that President Tinubu applauded the vital support from the Secretary to the Government of the Federation, the Minister of Aviation, the Minister for Budget and Economic Planning, the Minister for Defence, the Minister for Foreign Affairs, the Minister for Solid Minerals, the Minister of State for Finance, the National Security Adviser, the leadership of the National Assembly and the Judiciary. President Tinubu commended the Director/Chief Executive Officer of the NFIU, Ms Hafsat Abubakar Bakari, and the staff for their diligence in ensuring the complete and timely implementation of the country’s Action Plan.

He noted that the NFIU’s work has led to international recognition of Nigeria’s strides in strengthening measures to tackle serious crimes. “Without their dedication and sacrifice, today’s success could not have been achieved. I thank them for their efforts and urged other stakeholders to emulate their standards,” President Tinubu said.

Onanuga further noted that President Tinubu also commended all Ministries, Agencies, their heads and private sector representatives who contributed through the National Task Force on AML/CFT. These include the Governor of Central Bank of Nigeria, the Registrar-General of the Corporate Affairs Commission, the Chief of the Defence Staff, the Director-General of the Department of State Services, the Executive Chairman of the Economic and Financial Crimes Commission, the Chairman of the Independent Corrupt Practices Commission, the National Coordinator National Counter-Terrorism Centre, the Chairman National Drug Law Enforcement Agency, the Commissioner/Chief Executive Officer of the National Insurance Commission, the Comptroller-General of the Nigeria Customs Service, the Managing Director Nigeria Export Processing Zones Authority, the Inspector-General Nigeria Police Force, and the Director-General Securities and Exchange Commission, along with their dedicated staff.

Nigeria’s efforts were complemented by close partnership with the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa. President Tinubu acknowledged the strong support of international partners, including the Governments of France, Germany, the United Kingdom, the United States, the United Nations and the European Commission, for their steadfast technical assistance.

In the statement, President Tinubu emphasized that Nigeria’s removal from the FATF grey list is not just a technical accomplishment, but a strategic victory for the economy and a renewed vote of confidence in Nigeria’s financial governance. “The exit from the FATF grey list marks the beginning of a new chapter in the nation’s financial reform agenda as Nigeria will sustain the already institutionalised reforms, deepen institutional collaboration and continue to build a financial system that Nigerians and the world can trust,” he said.