President Bola Tinubu has hailed Nigeria’s removal from the Financial Action Task Force (FATF) “grey list” as a landmark moment for the country’s economy and financial governance, describing it as “a strategic victory” and “a renewed vote of confidence” in Nigeria’s reform efforts.
The global anti-money laundering and counter-terrorism financing watchdog announced Nigeria’s delisting at its October 2025 plenary in Paris after confirming the country had fully implemented a 19-point action plan to strengthen its legal and institutional framework.
“This is not just a technical accomplishment but a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance,” Tinubu said in a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga.
Nigeria was placed on the FATF’s grey list in February 2023 due to weak enforcement, poor inter-agency coordination, and opaque financial systems. The designation subjected the country to increased monitoring and raised concerns among investors and global financial institutions.
According to Tinubu, his administration treated the grey listing as a “call to action,” mandating urgent reforms across key financial and security agencies. Under his directive, the Nigerian Financial Intelligence Unit (NFIU), in partnership with the Ministries of Finance, Justice, and Interior, and the Office of the Attorney-General, led a coordinated response to meet FATF standards.
The NFIU Director and Chief Executive Officer, Hafsat Bakari, confirmed the delisting, calling it “a true test of Nigeria’s resilience, coordination, and unwavering commitment to reform.”
“The FATF has officially removed Nigeria from the list of jurisdictions under increased monitoring,” she said. “This milestone marks a historic moment in our fight against serious financial crimes and underscores our commitment to global standards in combating money laundering, terrorist financing, and proliferation financing.”
Bakari outlined several reforms that helped secure the delisting — including the enforcement of the Money Laundering (Prevention and Prohibition) Act and the Terrorism (Prevention and Prohibition) Act of 2022, the creation of a Beneficial Ownership Register, and stronger oversight of non-financial businesses and professions.
She added that Nigeria had enhanced the capacity of its intelligence and law enforcement agencies to detect, investigate, and prosecute financial crimes while deepening cross-border cooperation.
Tinubu praised Bakari and her team for their “diligent and timely implementation” of Nigeria’s commitments and lauded the collaboration between the National Assembly, judiciary, and private sector.
At the same FATF plenary, South Africa, Mozambique, and Burkina Faso were also removed from the grey list after making significant progress in tightening their financial systems.
Analysts say Nigeria’s delisting will ease cross-border transactions, attract capital inflows, and bolster investor confidence.
Tinubu said the achievement was only the beginning of a deeper financial reform agenda.
“We will sustain the institutionalised reforms, deepen collaboration, and continue to build a financial system that Nigerians and the world can trust,” he said.
