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‎Nigeria Moves Closer to Exiting FATF Grey List as Reform Efforts Gain Global Recognition

Hafsat NFIU

‎Nigeria has recorded a major milestone in its efforts to combat money laundering, terrorism financing, and proliferation financing, as the Financial Action Task Force (FATF) has acknowledged the country’s successful completion of its Action Plan — a critical step toward exiting the organisation’s grey list.

‎By Chimezie Godfrey

‎Nigeria has recorded a major milestone in its efforts to combat money laundering, terrorism financing, and proliferation financing, as the Financial Action Task Force (FATF) has acknowledged the country’s successful completion of its Action Plan — a critical step toward exiting the organisation’s grey list.

‎This was confirmed during the FATF Plenary held in Strasbourg, France, where it was agreed that Nigeria has addressed the deficiencies identified in its 2021 mutual evaluation report within the set deadline.

‎“This is significant as relatively few listed jurisdictions have been able to achieve this feat,” said Hafsat Abubakar Bakari, Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), which serves as the Secretariat of the Inter-Ministerial Committee on AML/CFT/CPF. “We must congratulate ourselves and acknowledge the tireless efforts of all stakeholders who made this progress possible.”

‎The grey list includes countries under increased monitoring due to strategic deficiencies in their anti-money laundering and counter-financing of terrorism regimes. Nigeria was added to the list following its 2021 evaluation but has since embarked on sweeping reforms across its financial and security architecture.

‎Bakari credited the successful implementation of Nigeria’s Action Plan to the leadership of President Bola Ahmed Tinubu, GCFR. “His Excellency’s dynamic leadership, along with the support of the Federal Executive Council, National Assembly, and the Judiciary, created the enabling environment for this reform process,” she stated.

‎The reform was spearheaded by the Inter-Ministerial Committee, led by the Honourable Attorney-General of the Federation and Minister of Justice, the Honourable Minister of Finance and Coordinating Minister of the Economy, and the Minister of Interior. Their commitment, Bakari said, “gave strategic direction to the national efforts.”

‎She also acknowledged the unwavering support from the National Security Adviser and ministers overseeing Aviation, Budget and Economic Planning, Foreign Affairs, Industry, Trade and Investment, Solid Minerals Development, and State Finance.

‎Bakari further praised the heads and technical staff of the National Task Force, drawn from over 30 agencies and institutions, for their dedication. These include the Central Bank of Nigeria, Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigeria Customs Service, Nigeria Police Force, Department of State Services, National Drug Law Enforcement Agency, Nigeria Immigration Service, and the Securities and Exchange Commission, among others.

‎“Each of these institutions played a key role in building a robust and credible AML/CFT/CPF framework,” she added.

‎Despite the achievements, Nigeria’s full exit from the FATF grey list still hinges on a final onsite assessment by FATF evaluators in the coming weeks.

‎“This visit will be crucial. It offers Nigeria the opportunity to demonstrate, at the highest political and institutional levels, its unwavering commitment to sustaining these reforms,” said Bakari.

‎She assured that the NFIU will continue to support national efforts to strengthen the fight against financial crimes. “We are not letting up. The results we have achieved so far are just the beginning of a more secure, transparent, and globally respected financial system for Nigeria.”

‎The upcoming FATF assessment will be a litmus test for the reforms. If successful, Nigeria could soon join the ranks of jurisdictions that have exited the grey list — a move that would boost investor confidence, improve the country’s international financial standing, and unlock economic opportunities.