Nigeria has been delisted from the Financial Action Task Force (FATF) grey list, a move announced by the Paris-based organization on Friday, enhancing prospects for foreign remittances and investments. Presidential spokesperson Bayo Onanuga stated that President Bola Tinubu hailed the delisting as a “major milestone” for Nigeria’s economic reform, institutional integrity, and global credibility.
Since February 2023, when Nigeria was placed on the grey list for deficiencies in combating money laundering and terrorist financing, agencies like the Nigerian Financial Intelligence Unit (NFIU), the Attorney General’s office, and the EFCC worked for a year to meet FATF criteria. New laws were passed, existing ones amended, and regulations strengthened to ensure compliance.
Tinubu praised the NFIU, led by Director Hafsat Abubakar Bakari, and other agencies, including the Central Bank, DSS, EFCC, NDLEA, and others, for their role in completing the FATF Action Plan. The effort involved collaboration with international partners like France, Germany, the UK, the US, the UN, and the EU. The delisting marks a new chapter in Nigeria’s financial reform agenda, reinforcing trust in its financial system.
