President Bola Tinubu has described Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a landmark achievement that strengthens confidence in the nation’s economy and financial institutions.
The FATF, the global watchdog on money laundering and terrorist financing, officially delisted Nigeria at its October 2025 Plenary held in Paris, France, after confirming the country’s full implementation of a 19-point action plan to improve its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) systems.
In a statement issued on Friday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President said the development “is not just a technical accomplishment but a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”
Nigeria was placed on the grey list in February 2023 following concerns over weak enforcement mechanisms, poor inter-agency coordination, and opaque financial practices. Tinubu said his administration viewed the listing as “a challenge to reform” rather than a setback, leading to far-reaching institutional changes.
Under his directive, the Nigerian Financial Intelligence Unit (NFIU), in collaboration with the Offices of the Attorney-General and the Ministers of Finance, Justice, and Interior, executed comprehensive legal, operational, and institutional reforms to align with FATF standards.
The President commended the Director and Chief Executive Officer of the NFIU, Hafsat Bakari, and her team for their “diligent and timely implementation” of Nigeria’s commitments, which earned the country international recognition for its anti-money laundering efforts.
Bakari, confirming the delisting, said the milestone “marks a historic moment in Nigeria’s fight against serious financial crimes and underscores our commitment to global standards in combating money laundering, terrorist financing, and proliferation financing.”
She highlighted key reforms that facilitated the delisting, including:
The enactment and enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022.
- The operationalisation of the Beneficial Ownership Register.
- Enhanced supervision of designated non-financial businesses and professions.
- Strengthened capacity for financial intelligence, investigation, and prosecution of financial crimes.
- Improved international cooperation and cross-border information sharing.
Bakari also commended President Tinubu for his leadership, as well as the National Assembly, judiciary, and private sector stakeholders, urging sustained commitment to reforms to maintain compliance with global standards.
At the same plenary, FATF also delisted South Africa, Mozambique, and Burkina Faso after acknowledging their progress in strengthening financial integrity systems.
Economic analysts say Nigeria’s exit from the FATF watchlist will ease cross-border financial transactions, attract foreign investment, and boost investor confidence in the country’s financial sector.
President Tinubu said the development marks a new chapter in Nigeria’s financial reform journey.
“We will sustain the institutionalised reforms, deepen collaboration, and continue to build a financial system that Nigerians and the world can trust,” he said.
