…FG pledges support to anti-money laundering/ counter-financing of terrorism
…NFIU lauds President Bola Ahmed Tinubu’s support
The Financial Action Task Force (FATF) has removed Nigeria from its grey list, it was announced on Friday by the Director/CEO Nigerian Financial Intelligence Unit (NFIU), Hajiya Hafsat Bakari.
FATF decision ratifying Nigeria’s removal was announced at its October 2025 Plenary in Paris, France, during which it deleted Nigeria from the list of jurisdictions under increased monitoring, commonly known as the grey
list.
“This milestone marks a historic moment in Nigeria’s fight against serious financial crimes. The delisting of Nigeria underscores the country’s commitment to global standards in combating money laundering, terrorist financing and proliferation financing”, the NFIU statement said.
Nigeria was placed on the FATF grey list in February 2023, following the identification of strategic deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
Over the past two years, Nigeria has worked resolutely to address these concerns through a 19-point Action Plan developed in collaboration with the FATF and its regional counterpart, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).
Through a strategic programme of legislative reforms, institutional strengthening and enhanced inter-agency coordination, Nigeria has demonstrated a sustained commitment to financial transparency and integrity.
Some of the key milestones achieved by the country include, enactment and enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022 and the Terrorism (Prevention and Prohibition) Act, 2022, operationalisation of the beneficial ownership register, improving corporate transparency and accountability and enhanced capacity of the intelligence, law enforcement and security agencies in detecting, analysing and prosecuting complex financial crimes amongst others.
It also recorded other milestones, which include, implementation of stronger supervisory and preventive measures by the public and
private sector authorities to prevent the abuses of Nigeria’s financial system to facilitate criminal activity, increased international cooperation and cross-border intelligence exchange with regional and global partners, and improved supervision of Designated Non-Financial Businesses and Professions
(DNFBPs).
Nigeria was represented at the Plenary by a High-Level Delegation which included the Attorney-General of the Federation and Minister of Justice, the
Minister of Finance and Coordinating Minister of the Economy, Minister of Interior and the Director/Chief Executive Officer of the NFIU.
Speaking on behalf of Nigeria, the Minister of Finance, Mr Wale Edun, reaffirmed Nigeria’s commitment to strong Anti-Money Laundering and Counter-Financing of Terrorism systems, noting, “…Nigeria’s ambition was never limited to simply completing the Action Plan and exiting the grey list. Our focus has been on driving reforms, enacting legislative enhancements and strengthening institutions to ensure Nigeria effectively counters money laundering and terrorist financing. For us, the Action Plan was not the ceiling, but the floor of our aspirations.”
He further noted that Nigeria’s commitment goes beyond compliance, as it reflects a national transformation agenda that prioritises transparency, integrity and accountability.
In his remark, Attorney-General of the Federation, Prince Fagbemi, expressed Nigeria’s gratitude to the FATF for extending an invitation to the country to join the Guest Jurisdictions
Initiative.
“This will enable the country, represented by the NFIU, to participate under its own flag in the meetings of the FATF for the next year and contribute to the global discussions on international AML/CFT/CPF standards and policies. The invitation to Nigeria from the FATF reflects international confidence in the country’s expertise and willingness to contribute to the global fight against illicit financial flows.
The Director/Chief Executive Officer of the NFIU, Ms Hafsat Abubakar Bakari, who has overseen Nigeria’s efforts to implement the reform roadmap, commended the collective effort that led to this achievement.
“Nigeria’s removal from the FATF grey list is a true test of our resilience, coordination and unwavering commitment to reform. It is a clear signal to the world that Nigeria can meet and exceed global standards in financial integrity.” She further stated that “This is not the end of our journey, but the beginning of a stronger, more transparent financial ecosystem.”
She thanked His Excellency, President Bola Ahmed Tinubu GCFR, for his leadership and strategic guidance and for ensuring that Nigeria’s reform process remained firmly on track.
She also thanked His Excellency, the Vice-President, who represented the President at the High-Level Meeting during the on-site visit of the FATF assessment team to Nigeria. She further expressed her gratitude to the Secretary to the Government of the Federation, members of the Federal Executive Council, members of the National Assembly, members of the Judiciary, as well as Heads of Agencies of the National Task Force and their dedicated staff, for their unwavering commitment in reaching this monumental milestone in the history of our nation.
She recognised the support of the Chief Executive Officers and officers of Agencies who are members of the Inter-Ministerial Committee on AML/CFT and other public sector agencies.
The NFIU CEO called on all stakeholders to sustain the efforts and ensure that Nigeria maintains its leading position in the global network and acts as a beacon for effective measures to protect and safeguard global prosperity and security.
During the Plenary, the FATF also approved the removal of Burkina Faso, Mozambique and South Africa from the grey list, marking an impressive day for improved financial sector integrity on the African continent.
