The Financial Action Task Force (FATF) has delisted Nigeria from its “grey” list of countries with deficiencies in anti-money laundering and counter-terrorist financing frameworks.
FATF made this disclosure at the end of a plenary held on Friday in Paris, France.
The “grey list” is a designation for countries under increased monitoring due to strategic deficiencies in anti-money laundering and counter-terrorist financing frameworks. Nigeria was added to the list in February 2023, alongside South Africa.
The delisting followed Nigeria’s successful completion of FATF’s Action Plan, which involved over two years of sustained reforms, inter-agency coordination, and institutional strengthening.
The Nigerian delegation to the plenary included high-level officials such as Lateef Fagbemi, the Attorney-General of the Federation and Minister of Justice, Wale Edun, Minister of Finance and Coordinating Minister of the Economy; Olubunmi Tunji-Ojo, Minister of Interior; and Hafsat Bakari, Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU).
President Bola Tinubu, in a statement issued on Friday by his Special Adviser on Information and Strategy, Bayo Onanuga, described the removal as the beginning of a new chapter in the nation’s financial reform agenda.
“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,” Tinubu said.
The President commended the NFIU for ensuring the complete and timely implementation of the country’s action plan.
Tinubu praised the accomplishment as a renewed vote of confidence in Nigeria’s financial governance.
The removal from the grey list carries significant implications, as it will improve investors’ confidence as being on the grey list often deters foreign investment due to heightened compliance risks.
It will also lower transaction costs as international financial institutions typically impose stricter scrutiny on grey-listed countries.
