Tinubu Hails Nigeria’s Removal From FATF Grey List, Pledges Financial Reform Continuity
President Bola Ahmed Tinubu has described Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a significant milestone in the country’s economic reform and global credibility drive, reaffirming his administration’s commitment to deepening financial transparency and institutional accountability.
The FATF, the world’s leading body on standards against money laundering and terrorist financing, announced Nigeria’s delisting on Friday during its plenary session in Paris, France.
The decision officially removed Nigeria from the list of jurisdictions under increased monitoring—commonly called the “grey list”—following the country’s successful completion of the FATF Action Plan after more than two years of coordinated reform efforts.
In a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu said the development reflected Nigeria’s progress in strengthening its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) systems.
“This is a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility,” Tinubu said.
The President explained that after Nigeria was grey-listed in February 2023, the government viewed the decision not as a setback but as a “call to action.”
He said his administration responded by implementing wide-ranging legal, institutional, and operational reforms under a unified national strategy coordinated by the Nigerian Financial Intelligence Unit (NFIU).
The reforms, he said, involved collaboration among the Attorney-General of the Federation and Minister of Justice, the Minister of Finance and Coordinating Minister of the Economy, the Minister of Interior, and several other key ministries and agencies.
Tinubu acknowledged the support of the Secretary to the Government of the Federation, the Ministers of Aviation, Defence, Budget and Economic Planning, Foreign Affairs, Solid Minerals, and State for Finance, as well as the National Security Adviser, the leadership of the National Assembly, and the Judiciary.
He specifically commended the Director and Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, for what he called her “diligence and commitment” in ensuring the timely completion of the FATF Action Plan.
“Without their dedication and sacrifice, today’s success could not have been achieved. I thank them for their efforts and urge other stakeholders to emulate their standards,” the President said.
Tinubu also credited the collaboration with the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) and expressed appreciation to international partners, including France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission, for their technical assistance during Nigeria’s reform process.
According to him, Nigeria’s delisting is more than a procedural success, describing it as “a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”
“The exit from the FATF grey list marks the beginning of a new chapter in the nation’s financial reform agenda as Nigeria will sustain the already institutionalised reforms, deepen institutional collaboration and continue to build a financial system that Nigerians and the world can trust,” he added.
