BREAKING: FG Intensifies Efforts To Remove Nigeria From FATF Grey List

NaijaOnPoint Nigeriareports that the Federal Government has intensified efforts to remove the country from the Financial Action Task Force (FATF) Grey List by the end of May in a determined push to restore investor confidence and strengthen Nigeria’s financial credibility.

 

This Nigeria news platform understands that Minister of Interior, Dr Olubunmi Tunji-Ojo, made this known during a recent meeting in Abuja with the United Kingdom’s Minister of State for Home Affairs, David Hanson.

 

He revealed that he and the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi SAN, are jointly chairing a committee working in collaboration with the Nigeria Financial Intelligence Unit (NFIU) to fast-track Nigeria’s transition to the FATF “White List.”

 

 

Nigeria was moved from the FATF’s “Black List” to the “Grey List” in February 2023, marking some progress in addressing international financial compliance concerns.

 

According to Dr Tunji-Ojo, the administration of President Bola Tinubu is taking significant steps to strengthen the nation’s anti-money laundering and counter-terrorism financing frameworks.

 

He stated: “When you look at the challenges we are having especially in battling terrorism and insecurity, you will know that a lot of these has to do with fraud and illicit funding. So, it is in our own interest as a country to make sure that we bring fraud to its knees.”

 

He continued: “Let me also say this, you will realize the efforts that Nigeria has been making with regards to the FATF; you know we were on the Black List, but at the moment, we are on the Grey List. I am the co-chair of the committee with the Attorney General of the Federation and Minister of Justice. I can tell you we are working very well with the NFIU and making sure that we exit the Grey List and we will get to the White List by the end of May.”

 

The minister highlighted the economic importance of financial transparency: “So, it means we are pretty serious about this and because it is key to economic recovery. You know Nigeria is a country of 230 million people it is a country of huge potentials and it is not just about population. Population must come with productivity and productivity is a function of investment and management. For people to invest in your country, people must have confidence in the economy. So when the level of fraud is high, nobody wants to come and risk investment.”

 

Dr Tunji-Ojo noted that the current administration is determined to reshape Nigeria’s global economic image: “This particular government is trying to create within the era of renewed hope, the biggest economy not just in Africa but one that is competitive within the economy of the world. We sincerely are taking this very seriously and the NFIU is doing massively well in this regard and there is a firm instruction from the President for us to exit the Grey List.

 

“So, we are working technically round the clock and in the areas of collaboration trans-border, regional, inter-regional, intra-regional whichever, we are open to it because as I said our values are shared and our focus is the same and we just need to align our thoughts and harmonize our strategies towards making sure that we are able to solve this problem.”

 

He further acknowledged the impact of Nigeria’s current reputation on its economic outlook: “We are aware of the perception and the reputation out there and we know how it has affected investments and economic growth and we know how it has affected even the per capita income in Nigeria, which is, the population today is increasing faster than the economy in terms of growth. So, it means that we have to do something different and in doing something different, it means that we must put in more efforts in making sure we solve this problem.”

 

Concluding, Dr Tunji-Ojo assured that this administration is committed to change: “I want to assure you, this is not business as usual. This particular government is about business unusual and it is about doing things not in the same way. It is about doing things in a renewed and a reformed way. If you renew the past that has led us to nowhere then you have renewed hopelessness. We didn’t promise that.”