President Bola Tinubu has celebrated Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing it as a significant achievement in the country’s ongoing economic and institutional reforms.
In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, on Wednesday, October 24, Tinubu said the decision by the FATF during its plenary in Paris, France, represented a renewed global confidence in Nigeria’s financial governance.
“This 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,” the statement quoted the president as saying.
The FATF, the leading international body responsible for combating money laundering and terrorist financing, announced Nigeria’s delisting after confirming its full compliance with global financial standards.
Nigeria was added to the grey list in February 2023 due to weaknesses in enforcement, inter-agency coordination, and financial transparency.
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Onanuga said the administration saw the development as a call to action rather than a setback.
He explained that, under Tinubu’s directive, Nigeria successfully implemented the FATF Action Plan through comprehensive reforms led by the Nigerian Financial Intelligence Unit (NFIU) in collaboration with the Attorney-General’s Office, and the Ministries of Finance, Justice, and Interior.
Tinubu commended the NFIU Director/CEO, Hafsat Bakari, and her team for their “diligent and timely implementation” of Nigeria’s commitments.
He also praised the Central Bank of Nigeria, EFCC, ICPC, DSS, and other key agencies for their roles in achieving the milestone.
“The exit from the FATF grey list marks the beginning of a new chapter in the nation’s financial reform agenda.
“Nigeria will sustain the already institutionalised reforms, deepen institutional collaboration, and continue to build a financial system that Nigerians and the world can trust,” Tinubu stated.