The Nigerian Financial Intelligence Unit (NFIU) has announced that the Financial Action Task Force (FATF), at its October 2025 Plenary in Paris, France, has officially removed Nigeria from the list of jurisdictions under increased monitoring, commonly known as the grey list.
By Chimezie Godfrey
The Nigerian Financial Intelligence Unit (NFIU) has announced that the Financial Action Task Force (FATF), at its October 2025 Plenary in Paris, France, has officially removed Nigeria from the list of jurisdictions under increased monitoring, commonly known as the grey list.
This development marks a historic milestone in Nigeria’s sustained fight against money laundering, terrorist financing and other forms of financial crimes. The delisting affirms Nigeria’s strong commitment to global financial integrity and compliance with international Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) standards.
Nigeria was placed on the FATF grey list in February 2023 following the identification of strategic deficiencies in its AML/CFT framework.
Over the past two years, Nigeria has worked resolutely to address these concerns through a 19-point Action Plan developed in collaboration with the FATF and its regional counterpart, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).
Through a combination of legislative reforms, institutional strengthening, and enhanced inter-agency coordination, Nigeria has demonstrated sustained political will to achieve full compliance.
Key Milestones Achieved:”Enactment and enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022 and the Terrorism (Prevention and Prohibition) Act, 2022.
”Operationalisation of the Beneficial Ownership Register, improving corporate transparency and accountability.
”Enhanced capacity of intelligence, law enforcement and regulatory agencies in detecting, analysing, and prosecuting complex financial crimes.
”Implementation of stronger supervisory and preventive measures to protect the financial system from abuse.
”Increased international cooperation and cross-border intelligence sharing with regional and global partners.
”Improved supervision of Designated Non-Financial Businesses and Professions (DNFBPs).”
Nigeria was represented at the Plenary by a High-Level Delegation comprising the Honourable Attorney-General of the Federation and Minister of Justice, the Honourable Minister of Finance and Coordinating Minister of the Economy, the Honourable Minister of Interior, and the Director/Chief Executive Officer of the NFIU.
Speaking on behalf of Nigeria, the Minister of Finance, Mr. Wale Edun, reaffirmed the country’s resolve to sustain its reforms.
“Nigeria’s ambition was never limited to simply completing the Action Plan and exiting the grey list. Our focus has been on driving reforms, enacting legislative enhancements and strengthening institutions to ensure Nigeria effectively counters money laundering and terrorist financing. For us, the Action Plan was not the ceiling, but the floor of our aspirations,” he stated.
Mr. Edun further noted that Nigeria’s commitment goes beyond compliance, reflecting a national transformation agenda that prioritises transparency, integrity, and accountability.
The Attorney-General of the Federation, Prince Lateef Fagbemi (SAN), expressed Nigeria’s gratitude to the FATF for inviting the country to join the Guest Jurisdictions Initiative. The initiative allows Nigeria, represented by the NFIU, to participate under its own flag in FATF meetings for one year and contribute to global AML/CFT/CPF policy discussions.
According to him, this invitation reflects international confidence in Nigeria’s expertise and commitment to the global fight against illicit financial flows.
The Director/Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, who has led Nigeria’s reform implementation, commended the collective national effort that made the delisting possible.
“Nigeria’s removal from the FATF grey list is a true test of our resilience, coordination and unwavering commitment to reform. It is a clear signal to the world that Nigeria can meet and exceed global standards in financial integrity,” she said.
She added: “This is not the end of our journey, but the beginning of a stronger, more transparent financial ecosystem.
Bakari also expressed gratitude to President Bola Ahmed Tinubu, GCFR, for his leadership and strategic guidance, as well as to the Vice-President, who represented the President during the FATF assessment team’s high-level onsite visit.
She extended appreciation to the Secretary to the Government of the Federation, Federal Executive Council members, National Assembly, Judiciary, and Heads of Agencies on the National Task Force for their commitment to this national milestone.
She equally recognised the contributions of the private sector and non-profit organisations whose cooperation and compliance helped safeguard Nigeria’s financial system.
Nigeria’s success, achieved through a whole-of-society approach, has strengthened the country’s technical compliance and operational effectiveness, ensuring its place as a credible player in the global financial system.
Bakari called on all stakeholders to sustain the reform momentum and ensure Nigeria maintains its leading position as a beacon of financial transparency, integrity, and security.
During the same Plenary, the FATF also removed Burkina Faso, Mozambique, and South Africa from the grey list — a collective milestone for Africa’s financial governance. The NFIU congratulated these countries and expressed readiness to deepen continental cooperation in combating financial crimes.
Nigeria Exits FATF Grey List, Reinforces Financial Integrity Credentials
