President Bola Tinubu has hailed Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a major milestone in strengthening the country’s financial governance and boosting investor confidence.
The FATF — the international watchdog on money laundering and terrorist financing — officially delisted Nigeria during its October 2025 Plenary held in Paris, France, after confirming the nation’s full implementation of a 19-point action plan to enhance its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
In a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu described the development as “not just a technical accomplishment but a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”
From Grey List to Global Recognition
Nigeria was placed on the FATF grey list in February 2023, following concerns about weak enforcement mechanisms, poor inter-agency coordination, and a lack of transparency in financial transactions.
Upon assuming office, President Tinubu directed relevant agencies to treat the grey-listing as “a call to action,” mandating comprehensive reforms across the nation’s financial intelligence and law enforcement institutions.
Under his directive, the Nigerian Financial Intelligence Unit (NFIU) — working alongside the Offices of the Attorney-General and the Ministries of Finance, Justice, and Interior — implemented far-reaching legal and operational reforms to align Nigeria with global FATF standards.
NFIU Leads Reform Drive
The Director and Chief Executive Officer of the NFIU, Hafsat Bakari, confirmed the delisting in a statement on Friday, describing it as a testament to Nigeria’s “resilience, coordination, and unwavering commitment to reform.”
“The FATF has officially removed Nigeria from the list of jurisdictions under increased monitoring, commonly known as the grey list,” Bakari said.
“This marks a historic milestone in Nigeria’s fight against serious financial crimes and demonstrates our alignment with global best practices in combating money laundering and terrorist financing.”
She credited the achievement to several key reforms, including:
- The Money Laundering (Prevention and Prohibition) Act, 2022 and Terrorism (Prevention and Prohibition) Act, 2022
- The operationalisation of the Beneficial Ownership Register
- Enhanced supervision of non-financial businesses and professions
- Improved intelligence-sharing and inter-agency collaboration
- Increased capacity of law enforcement to investigate and prosecute financial crimes
Bakari commended President Tinubu, the National Assembly, the judiciary, and private sector stakeholders for their support, urging sustained efforts to maintain compliance with global standards.
Regional Progress and Economic Impact
At the same FATF plenary, South Africa, Mozambique, and Burkina Faso were also removed from the grey list after demonstrating similar progress in strengthening their financial systems.
Economic analysts say Nigeria’s delisting will have far-reaching benefits, including:
- Improved investor confidence
- Easier cross-border transactions
- Enhanced access to international capital markets
- Reduced compliance risk for Nigerian banks and businesses
President Tinubu said the move signals the start of a “new chapter” in Nigeria’s financial reform agenda.
“We will sustain these reforms, deepen collaboration, and continue to build a financial system Nigerians and the world can trust,” he said.