President Bola Tinubu has celebrated Nigeria’s removal from the Financial Action Task Force (FATF) “grey list,” calling it a significant achievement for the nation’s economy and financial credibility. He described the development as “a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”
The FATF — the global body responsible for combating money laundering and terrorist financing — announced Nigeria’s delisting during its October 2025 plenary session in Paris, France. The decision followed Nigeria’s successful implementation of a 19-point action plan designed to strengthen its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu said the milestone reflected his administration’s firm commitment to restoring transparency, integrity, and trust in Nigeria’s financial system.
“Nigeria’s removal from the grey list is not just a technical milestone but a strategic victory,” Tinubu stated. “It reinforces our standing as a reliable and responsible member of the global financial community.”
Nigeria had been placed on the FATF grey list in February 2023 due to weak enforcement measures, poor inter-agency coordination, and opaque financial practices. President Tinubu said his government approached the listing as a call to action, driving comprehensive structural and legal reforms across key institutions.
Under his directive, the Nigerian Financial Intelligence Unit (NFIU), in collaboration with the Ministries of Finance, Justice, and Interior, as well as the Office of the Attorney-General, led the national effort to meet FATF standards.
Tinubu commended NFIU Director and CEO, Hafsat Bakari, for steering the process to a successful conclusion. “Her team’s diligence and timely execution of Nigeria’s commitments have earned the country global recognition for strengthening its defenses against financial crimes,” he said.
Confirming the FATF decision, Bakari described it as “a true test of Nigeria’s resilience, coordination, and determination to reform.”
“The FATF has officially removed Nigeria from the list of jurisdictions under increased monitoring, commonly known as the grey list,” she announced. “This marks a defining moment in Nigeria’s fight against serious financial crimes and underscores our adherence to international standards.”
She cited key reforms that contributed to the delisting, including the enforcement of the Money Laundering (Prevention and Prohibition) Act 2022, the Terrorism (Prevention and Prohibition) Act 2022, and the operationalization of the Beneficial Ownership Register. These measures, she noted, enhanced oversight of non-financial sectors and strengthened law enforcement capabilities in investigating and prosecuting financial crimes.
Bakari also thanked President Tinubu, the National Assembly, the judiciary, and private sector partners for their support, urging continued vigilance to sustain global compliance.
At the same session, the FATF also removed South Africa, Mozambique, and Burkina Faso from the grey list, citing notable progress in financial governance and anti-corruption reforms.
Analysts predict that Nigeria’s delisting will improve cross-border financial transactions, attract more foreign investment, and bolster confidence in the country’s financial system.
President Tinubu said the decision marked “a new chapter in Nigeria’s financial reform journey,” pledging to “deepen institutional reforms, strengthen collaboration, and build a financial system Nigerians — and the world — can trust.”
