The Chartered Institute of Directors Nigeria (CIoD) has lauded the President Bola Tinubu administration for its decisive leadership in steering the nation out of the grey list category of the Financial Action Task Force (FATF).
The President of CIoD, Mr Adetunji Oyebanji, said this in a statement made available to the News Agency of Nigeria (NAN) on Monday in Lagos. Oyebanji said the development would significantly boost Nigeria’s global reputation. NAN reports that in February 2023, the force had placed the country on the grey list.
The FATF is the world’s leading body for setting standards against money laundering, terrorist financing, and proliferation financing. Oyetunji, however, noted that the delisting the country from that category would enhance investor confidence, and alleviate the international business burden associated with the high-risk classification.
“It also creates new opportunities for growth, income generation, and wealth creation, particularly by improving Nigeria’s access to international financial systems.
“The recent delisting, therefore, underscores the Federal Government’s commitment to strengthening governance, transparency, and institutional capacity,” he said. The CIoD president listed the broader economic and social implications of the development to include significant reduction of cost deadweight.
According to Oyebanji, Nigeria’s improved compliance status would lower the cost of cross-border financial transactions and reduce the risk premium imposed on Nigerian businesses, banks and other entities.
He said greater efforts were required to ensure not to repeat mistakes of the past that got the country there in the first place hence. He called for sustained reforms and institutional discipline that made the delisting from the FATF Grey List possible.
“As a foremost governance institute, it is our firm belief that the application of good governance practices will consolidate these gains and translate them into measurable socio-economic benefits and impact,” he said.
Oyebanji proposed enhance corporate governance and transparency, sustained international corporation, state governments’ involvement, private sector’s participation and intensified awareness on the development.
He also encouraged the adoption, deployment and effectively implementation of the Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Financing frameworks within their jurisdictions.
“The CIoD Nigeria reaffirms its unwavering commitment to promoting ethical leadership, transparency, and good corporate governance as essential pillars for building a resilient and competitive Nigerian economy.
“This milestone serves as a clarion call for all stakeholders in the public, private and social sectors to align institutional practices with global standards and uphold the ideals of accountability, integrity, and responsible governance.
“Continuous engagement among key actors is essential to consolidate these gains and entrench Nigeria’s position as a credible and respected member of the international community,” he said.
