The Nigeria Governors’ Forum (NGF) has lauded the country’s removal from the Financial Action Task Force (FATF) grey list, describing it as a major milestone in restoring global confidence in Nigeria’s financial system.
In a statement issued on Saturday, NGF spokesperson Yunusa Abdullahi quoted the forum’s Chairman and Kwara State Governor, AbdulRahman AbdulRazaq, as attributing the achievement to the collective efforts of President Bola Tinubu, the 36 state governors, and key national institutions.
“We are very pleased with this outcome and proud to see Nigeria formally welcomed back into the global transparency community,” AbdulRazaq said. “Nigeria handled this difficult situation with grace and integrity, and this positive result reflects renewed trust in our financial systems and leadership at both national and subnational levels.”
Abdullahi explained that the development followed years of rigorous evaluation of Nigeria’s financial and regulatory systems. He credited the successful delisting to the coordinated efforts of institutions including the Central Bank of Nigeria (CBN), Federal Ministry of Finance, Economic and Financial Crimes Commission (EFCC), and the Nigeria Financial Intelligence Unit (NFIU).
He recalled that Nigeria was previously placed on the FATF grey list due to identified weaknesses in its anti–money laundering and counter-terrorism financing framework. However, through legislative reforms, institutional restructuring, and stronger inter-agency collaboration, the country demonstrated sustained political will to comply with global standards.
Key reforms, Abdullahi noted, include the establishment of a beneficial ownership register, enhanced corporate transparency, and improved capacity of law enforcement and regulatory bodies to detect, analyse, and prosecute financial crimes.
He emphasized that the NGF, in collaboration with the NFIU, CBN, and Ministry of Finance, provided full cooperation to FATF inquiries throughout the review process.
“The NGF remains committed to maintaining the highest standards of financial integrity, transparency, and accountability in governance,” he added.
Similarly, the Chairman of the House Committee on Financial Crimes, Rep. Ginger Onwusibe, commended President Tinubu’s administration and relevant agencies for what he described as a “historic” national achievement.
Onwusibe praised the NFIU, EFCC, ICPC, FIRS, CBN, CAC, and the Federal Ministry of Justice for their dedication, describing Nigeria’s removal from the grey list as “a victory for integrity, resilience, and inter-agency collaboration.”
He added that the move would “restore global confidence in Nigeria’s financial system and affirm the nation’s ability to meet the highest international standards of transparency and accountability.”
