The National Forum of Former Legislators has commended President Bola Ahmed Tinubu over the delisting of Nigeria from FATF Grey list.

The group, in a statement signed by the National Coordinator, Hon. Nnana Igbokwe noted the recent signing into law of two major Executive Bills – The Investment and Securities Act, 2025, and the Nigerian Insurance Industry Reform Act, 2025 greatly enhanced the Country’s technical compliance rating by the world’s global money laundering watchdog FAFT (Financial Action Taskforce).

These significant pieces of legislation ushered in major reforms in the capital market and insurance sector. “This is in addition to other legislations passed by the National Assembly (NASS).

We commend Hon Femi Gbajabiamila who held sway as the Speaker of the 9th Assembly (2019-2023) and ensured the passage of critical Bills such as the Companies and Allied Matters ACT 2020, Money Laundering Prevention and Prohibition ACT 2022, Terrorism Prevention and Prohibition ACT 2022, Proceeds of Crime Act 2022, and the Data Protection ACT 2023.

“It is worthy to note that these bills form the critical mass of the technical compliance clearance secured by the Country. They also commended the president for demonstrating courage to remove the oil subsidy and eliminating the age long fraud associated with it.

“Of importance also is the political will to drive home the financial autonomy of local government,” the group noted.

The group also commended the judiciary “For their decisive stand in reflecting the policy position and direction of government, and the will of the people through her well-considered judgments on the financial autonomy of local governments, and also affirming the Legal Status of both the NFIU, ICPC and EFCC.”