President Bola Tinubu has welcomed the removal of Nigeria from the Financial Action Task Force (FATF) grey list, describing it as a “major milestone” in the nation’s ongoing economic reform and anti-corruption drive.
The FATF, the global standard-setting body for combating money laundering, terrorist financing, and proliferation financing, announced Nigeria’s delisting on Friday during its plenary session in Paris, France.
The development formally removes Nigeria from the list of countries under increased monitoring — commonly known as the “grey list” — which the nation had been placed on since February 2023.
President Tinubu, in a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, said the decision reflects international recognition of Nigeria’s sustained efforts to strengthen its financial integrity and regulatory institutions.
“This is a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility,” President Tinubu said.
He noted that the country’s exit from the list followed over two years of coordinated reforms led by the Nigerian Financial Intelligence Unit (NFIU), working alongside the Attorney-General of the Federation, the Minister of Finance, and other key government institutions.
Under his administration, Tinubu said, Nigeria implemented far-reaching legal, institutional, and operational changes designed to improve compliance with international anti-money laundering and counter-terrorism financing standards.
The President commended the Director/Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their “dedication and diligence” in ensuring full implementation of Nigeria’s FATF Action Plan.
He also lauded the collaboration of several ministries and agencies — including the Ministry of Interior, the National Security Adviser’s Office, and the National Assembly — as well as the support of international partners such as France, Germany, the United Kingdom, the United States, and the European Commission.
“Nigeria’s removal from the FATF grey list is not just a technical accomplishment; it is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance,” President Tinubu stated.
He pledged that Nigeria will continue to sustain institutional reforms, deepen inter-agency collaboration, and strengthen the country’s financial systems to maintain global confidence and support economic growth.