CHUKWU DAVID reports on a motion by Senator Emmanuel Udende, which drew the attention of the Senate to different positive exploits made by President Bola Tinubu’s government, thereby prompting the Senate to applaud the President and the relevant agencies that achieved the feats

Recently, the Senate commended President Bola Tinubu, the Nigerian Financial Intelligence Unit (NFIU), and other key stakeholders for the key roles they played in securing Nigeria’s removal from the Financial Action Task Force (FATF) Grey List, describing the development as a landmark achievement for the nation’s financial system and international image.

The Senate made the commendation following a motion sponsored by the senator representing Benue North East Senatorial District on the platform of the ruling All Progressives Congress (APC), Emmanuel Udende. It was titled “Motion on the need to commend the executive, the President of the Senate, the Nigerian Financial Intelligence Unit (NFIU), and other stakeholders for their efforts in the removal of Nigeria’s name from the Financial Action Task Force (FATF) Grey List.’

Bringing the motion under Matters of Urgent Public Importance, Senator Udende noted that the FATF’s recent announcement marked Nigeria’s full compliance with global Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) standards, signaling the country’s renewed credibility within the global financial community. He recalled that Nigeria’s earlier inclusion on the FATF Grey List had subjected the nation to increased international scrutiny, reduced investor confidence and limited access to global financial markets, which negatively affected trade and investment inflows.

The lawmaker said Nigeria’s removal from the list was the result of far-reaching reforms and policy actions implemented by the executive, the National Assembly and several regulatory and enforcement agencies, including the NFIU, Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and Central Bank of Nigeria (CBN). He further highlighted that the delisting reflected President Tinubu’s commitment to fiscal transparency, accountability and compliance with international best practices in financial governance.

“The coordinated reforms undertaken by the government have not only restored Nigeria’s reputation but also enhanced investor confidence and reduced transaction costs for Nigerian financial institutions operating internationally,” Udende said. Senators who contributed to the debate, unanimously commended the administration of President Tinubu for what they described as a “strategic victory” that would yield lasting economic and diplomatic dividends for the country.

They also expressed delight that Nigeria’s delisting had boosted investor confidence, improved access to global finance and reassured international partners of the country’s dedication to fighting financial crimes. The lawmakers noted that Nigerian banks and businesses, previously burdened by heavy compliance checks and delayed transactions, now enjoy smoother, faster and more cost-efficient international operations.

They further observed that the development has repositioned Nigeria as a credible and attractive destination for foreign direct investment, particularly in key growth sectors such as energy, technology, agriculture and manufacturing. In adopting the motion, the Senate resolved to formally commend President Tinubu, the Senate President, the NFIU, EFCC, ICPC, CBN, and other relevant agencies for their collaborative efforts in achieving the milestone. It also urged all financial and regulatory institutions to sustain compliance with global standards to prevent any future relapse that could undermine Nigeria’s credibility.

Consequently, the Senate mandated its Committee on Anti-Corruption and Financial Crimes to intensify legislative oversight and ensure continuous policy review to consolidate the progress made, as well as encouraged continuous collaboration between the public and private sectors to uphold transparency, accountability and integrity in Nigeria’s financial management system.

They emphasized that Nigeria’s removal from the FATF Grey List was not only a triumph of government policy but also a testament to effective inter-agency coordination and Nigeria’s growing maturity in global financial governance. Similarly, a week earlier before the lawmakers passed the resolutions to hail President Tinubu and other agencies of the executive arm, the Senate had lauded the EFCC for its performance in the fight against economic and financial crimes, particularly the significant progress recorded in 2024.

The upper legislative chamber made the praise following the adoption of a motion sponsored by Udende, who while presenting the motion, said that the EFCC received 15,724 petitions in 2024, opened 12,928 case files, filed 5,008 cases in courts, and secured and recorded 4,111 convictions, the highest in any single year since the commission’s establishment in 2003.

He said that the Commission recovered substantial fund in local and foreign currencies, alongside various forfeited assets, contributing positively to Nigeria’s economic framework and international image. “Despite limited resources, personnel constraints, and the increasing complexity of financial crimes, the EFCC has remained committed to its statutory mandate.

Its work continues to inspire public confidence in the nation’s anticorruption efforts and strengthens Nigeria’s reputation globally,” the politician stated. Senator Onyekachi Nwebonyi (APCEbonyi North), who seconded the motion and commended the commission’s transformation under the current administration, said:

“This is the first time the EFCC is living up to the expectations of Nigerians without relying on media trials. They have recovered over N500 billion in 2024 alone. This is commendable.” He also applauded President Tinubu for appointing the right people to lead key anti-corruption institutions, describing the EFCC’s giant strides a revolution.

Also contributing, Senator Saliu Mustapha (APC-Kwara), however, raised concerns over the EFCC’s retention of a statutory percentage of recovered funds, questioning whether adequate legislative approval had been sought. “The EFCC is entitled to a percentage of recoveries under the law, but has this Chamber ever received any request or communication on this? We must improve oversight in this regard” he said. The President of the Senate, Godswill Akpabio, in his contribution, clarified that the law required the President to seek Senate approval for any such retention, not the EFCC.

He, therefore, mandating relevant committees to follow up on whether such requests had been made. Akpabio urged the EFCC to continue its work with transparency and accountability, while assuring that the National Assembly would continue to offer full legislative backing to sustain the war against corruption in Nigeria. Senate Leader Opeyemi Bamidele (APC-Ekiti) moved an additional motion to formally commend President Tinubu, for his support of the EFCC, including leadership appointments and budgetary provisions that enabled the agency’s success.