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From Godwin Tsa, Abuja
Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, has said Nigeria is not merely preparing to participate in the 2027 Financial Action Task Force (FATF) Mutual Evaluation but is committed to achieving an outstanding performance.
Fagbemi stated this yesterday at the Federal Ministry of Justice’s Anti-Money Laundering, Countering Financing of Terrorism and Countering Proliferation Financing (AML/CFT/CPF) Stocktake Exercise held in Abuja.
The exercise was organised to assess Nigeria’s institutional preparedness ahead of the FATF evaluation and identify areas requiring further strengthening.
The AGF said Nigeria’s previous removal from the FATF grey list was not accidental but the product of institutional commitment, discipline and collaboration among relevant government agencies.
He described the achievement as a significant milestone but cautioned that it should be viewed as a foundation for further improvement rather than the end of the country’s obligations.
According to him, the real measure of success would be Nigeria’s ability to demonstrate practical effectiveness in combating illicit financial activities.
He challenged participating institutions to move beyond documentation and paper compliance by addressing key questions around the country’s capacity to detect illicit financial flows, recover stolen assets, prosecute offenders, dismantle criminal networks and sustain international cooperation.
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Fagbemi stressed that no single institution could successfully deliver a favourable FATF outcome alone, noting that the Ministry of Justice, the Nigerian Financial Intelligence Unit (NFIU), law enforcement agencies and regulatory bodies must work together through trust, coordination and accountability.
He urged participants at the stocktake exercise to approach the process with openness and professionalism, describing it not as an exercise designed to expose institutional weaknesses but as an opportunity to identify and correct gaps before the 2027 evaluation.
Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, said the effectiveness of Nigeria’s anti-money laundering framework depends not only on legislation but on the capacity and commitment of institutions responsible for enforcement.
Bakari acknowledged the role of the Ministry of Justice in providing the legal foundation for Nigeria’s AML/CFT framework through legislative reforms, mutual legal assistance, asset recovery initiatives and international cooperation.
She noted that financial intelligence alone could not achieve meaningful results unless it translated into effective investigations, successful prosecutions and public confidence in the justice system.
The NFIU chief executive commended the Ministry of Justice for its role in strengthening Nigeria’s position within the global anti-money laundering community, adding that the ministry would remain central to preparations for the 2027 FATF Mutual Evaluation.
The stocktake exercise brought together key institutions involved in Nigeria’s AML/CFT/CPF architecture to assess progress, improve coordination and ensure the country is adequately prepared for the forthcoming international review.
