Follow Us on Google
From Juliana Taiwo-Obalonye, Abuja
President Bola Tinubu has welcomed Nigeria’s official removal from the Financial Action Task Force (FATF) grey list, a move perceived as a significant affirmation of the country’s commitment to global financial integrity.
M2According to a statement issued by Special Adviser to the President, Information and Strategy, Bayo Onanuga, the President noted that the announcement came on Friday at the FATF’s plenary session held in Paris, France, marking the formal end of increased international monitoring on Nigeria’s anti-money laundering and counter-terrorism financing frameworks.
President Tinubu described the delisting as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.” This milestone follows over two years of concerted efforts to implement a robust Action Plan addressing FATF’s concerns regarding the country’s financial systems.
Placed on the grey list in February 2023, Nigeria faced urgent calls from the global community for enhanced enforcement, better coordination across government bodies, and an increase in transparency. Instead of viewing the grey listing as a setback, the Tinubu administration took it as a prompt for urgent reform.
The statement noted that under President Tinubu’s leadership, the nation underwent extensive legal, institutional, and operational reforms led by the Nigerian Financial Intelligence Unit (NFIU) in close collaboration with key government ministries, including the Attorney-General’s office, Ministry of Finance, Ministry of Interior, and others. This collective action reached its fruition with successful and timely completion of all FATF requirements.
President Tinubu personally commended the dedication of Director/CEO of the NFIU, Hafsat Bakari, and her team, lauding their “diligence in ensuring the complete and timely implementation of the country’s Action Plan.”
He stressed that their work was pivotal in restoring international confidence, saying, “Without their dedication and sacrifice, today’s success could not have been achieved.”
Further, Tinubu applauded the support from a broad range of stakeholders across government ministries and agencies, National Assembly leadership, judiciary members, and private sector partners, all contributing actively through the National Task Force on Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT).
The President also acknowledged Nigeria’s fruitful cooperation with international partners, including the FATF itself, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), and global allies such as the Governments of France, the United Kingdom, Germany, the United States, the United Nations, and the European Commission, crediting them for their technical assistance during Nigeria’s reform process.
Highlighting the broader significance, President Tinubu noted, “Nigeria’s removal from the FATF grey list 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.”
He asserted that this development signals the beginning of a new phase in Nigeria’s financial reform agenda, promising to sustain institutional reforms, deepen collaboration among agencies, and continue building a trustworthy financial system both domestically and internationally.
This achievement heralds greater investor confidence and economic opportunities for Nigeria, reinforcing the administration’s resolve to maintain financial transparency and integrity on the global stage.
Other News
