President Bola Tinubu has hailed Nigeria’s removal from the Financial Action Task Force (FATF) “grey list” as a major milestone for the nation’s economy and financial governance.
The FATF — the global body that monitors money laundering and terrorist financing — announced Nigeria’s delisting during its October 2025 Plenary held in Paris, France, on Friday. The decision followed Nigeria’s full compliance with a 19-point action plan designed to strengthen 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, Tinubu described the development as “not merely a technical accomplishment but a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”
Nigeria had been placed on the grey list in February 2023 due to weak enforcement, poor inter-agency coordination, and a lack of transparency in financial practices. According to Tinubu, his administration viewed the designation as a call to action rather than a setback, directing key agencies to undertake wide-ranging reforms.
Acting under the President’s directive, the Nigerian Financial Intelligence Unit (NFIU), working with the Offices of the Attorney-General and the Ministers of Finance, Justice, and Interior, spearheaded comprehensive legal, institutional, and operational reforms to meet FATF requirements.
Tinubu commended NFIU Director and CEO, Hafsat Bakari, and her team for their “diligent and timely implementation” of the country’s commitments, earning Nigeria global recognition in the fight against financial crimes.
Confirming the delisting, Bakari described it as “a true test of Nigeria’s resilience, coordination, and unwavering commitment to reform.” She noted that the FATF’s decision marked a historic milestone in Nigeria’s efforts to combat money laundering, terrorist financing, and proliferation financing.
Bakari highlighted several key reforms that contributed to Nigeria’s removal from the list, including the enactment and enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022, the Terrorism (Prevention and Prohibition) Act, 2022, the operationalisation of the Beneficial Ownership Register, and tighter oversight of non-financial businesses and professions.
She added that Nigeria had significantly improved the capacity of its intelligence and law enforcement agencies to detect, investigate, and prosecute financial crimes while strengthening international cooperation and intelligence sharing.
Bakari also commended President Tinubu’s leadership, alongside the National Assembly, judiciary, and private sector partners, urging continued reform efforts to sustain compliance with global standards.
At the same plenary, the FATF also removed South Africa, Mozambique, and Burkina Faso from its grey list after noting major improvements in their financial integrity systems.
Experts believe Nigeria’s exit from the watchlist will boost investor confidence, facilitate cross-border transactions, and attract more capital inflows.
Tinubu welcomed the move as the start of a new chapter in Nigeria’s financial reform journey, reaffirming his administration’s commitment to maintaining high governance standards.
“We will sustain these institutional reforms, deepen collaboration, and continue building a financial system that Nigerians — and the world — can trust,” he said.
