President Tinubu Celebrates Nigeria’s Delisting from FATF Grey List: A Milestone for Economic Reform and Global Credibility
Nigeria Delisted from FATF Grey List: A Major Milestone for Economic Reform
In a significant development for Nigeria’s economic landscape, President Bola Tinubu has celebrated the country’s removal from the Financial Action Task Force (FATF) grey list, calling it “a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility.” This announcement was made during the FATF plenary session held in Paris, France, where Nigeria was officially delisted from the list of jurisdictions under increased monitoring.
The FATF, the leading global body combating money laundering and terrorist financing, had placed Nigeria on the grey list in February 2023, signaling the need for enhanced enforcement and transparency. Rather than viewing this as a setback, Nigeria embraced it as a call to action. Under President Tinubu’s strategic leadership, the nation embarked on a rigorous two-year journey of reform, successfully completing its FATF Action Plan.
In a statement released by Bayo Onanuga, Special Adviser to the President on Information and Strategy, President Tinubu highlighted the collaborative efforts of various government agencies, including the Nigerian Financial Intelligence Unit (NFIU), the Attorney-General’s office, and the Ministry of Finance. These entities worked tirelessly to strengthen Nigeria’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
President Tinubu expressed gratitude to key stakeholders, including the Secretary to the Government of the Federation and various ministers, for their contributions to this achievement. He specifically commended Ms. Hafsat Abubakar Bakari, the Director/CEO of the NFIU, for her leadership and the diligent efforts of her team in implementing the Action Plan.
“This success could not have been achieved without their dedication and sacrifice,” President Tinubu remarked, urging other stakeholders to emulate their high standards. He also acknowledged the vital support from international partners, including the governments of France, Germany, the United Kingdom, and the United States, which played a crucial role in Nigeria’s reform process.
The President emphasized that Nigeria’s removal from the FATF grey list is not merely a technical accomplishment but a strategic victory for the nation’s economy. “This marks the beginning of a new chapter in our financial reform agenda,” he stated, pledging to sustain the reforms and deepen institutional collaboration.
As Nigeria steps into this new phase, the government aims to build a financial system that inspires trust among its citizens and the global community, reinforcing its commitment to economic integrity and reform.
