Nigeria has taken a major step forward in strengthening its anti-money laundering and counter-terrorism financing regime, following international recognition of its significant progress in implementing the Financial Action Task Force (FATF) Action Plan.
By Chimezie Godfrey
Nigeria has taken a major step forward in strengthening its anti-money laundering and counter-terrorism financing regime, following international recognition of its significant progress in implementing the Financial Action Task Force (FATF) Action Plan.
The Nigerian Financial Intelligence Unit (NFIU) announced Friday that the country has successfully met substantial benchmarks under the FATF’s International Cooperation Review Group (ICRG) process. This development positions Nigeria for a key on-site evaluation by the FATF Africa Joint Group — the final stage before exiting the FATF’s grey list.
“This is a testament to Nigeria’s unwavering commitment to building a credible and resilient AML/CFT framework,” said Modibbo R. Tukur, Director/CEO of the NFIU. “We have made bold institutional reforms, strengthened legal frameworks, and enhanced cooperation between government, regulators, and the private sector.”
The NFIU, which serves as the national coordinator of the FATF ICRG process and the Secretariat of the Inter-Ministerial Committee on Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF), commended the leadership of President Bola Ahmed Tinubu for his decisive role.
“We particularly commend the leadership of President Bola Ahmed Tinubu GCFR, members of the Federal Executive Council, especially the Honourable Attorney-General of the Federation and Minister of Justice, the Minister of Finance and Coordinating Minister of the Economy, and the Minister of the Interior, for their dedication to fast-tracking the implementation of the Action Plan,” the NFIU said in an official statement.
Legal and institutional reforms under the Tinubu administration have led to improvements in areas such as national risk assessments, beneficial ownership transparency, and the adoption of risk-based supervision strategies across financial and designated non-financial sectors.
“This is not just about exiting the grey list,” noted Dr. Aminu Sule, a financial crimes policy analyst. “It’s about restoring investor confidence, improving Nigeria’s global financial standing, and protecting our economy from illicit financial flows.”
Key institutions including the judiciary, law enforcement agencies, financial regulators, and private sector bodies were also praised for their collaborative efforts in strengthening Nigeria’s capacity to investigate and prosecute complex money laundering and terrorism financing cases.
As Nigeria moves toward the critical on-site visit phase, the NFIU emphasized the need for sustained political will and institutional momentum.
“All stakeholders must continue to work in synergy to ensure reforms are not only implemented but internalized across the board,” the NFIU said. “This is the only way to ensure long-term resilience and international credibility.”
The agency also congratulated fellow African jurisdictions — South Africa, Mozambique, and Burkina Faso — for achieving similar milestones, calling for deeper regional cooperation within the FATF framework.
The FATF grey list includes countries that are actively working with the task force to address strategic deficiencies in their anti-money laundering and counter-terrorist financing frameworks. Exiting the list requires a country to demonstrate tangible, verifiable, and sustainable progress.
With the upcoming FATF on-site assessment looming, Nigeria’s policymakers and institutions are under the spotlight to consolidate gains and affirm the country’s readiness for full compliance.