The Acting Chairman of the Federal Character Commission, Kayode Oladele, has hailed Nigeria’s invitation to participate in the Financial Action Task Force Style Regional Bodies Jurisdictions Guest Initiative for one year.

In a statement on Monday, Oladele, who was a former Chairman of the House of Representatives Committee on Financial Crimes, said the invitation enables Nigeria to participate at an international level on matters relating to anti-money laundering and counter-financing of terrorism.

Prior to the invitation, Oladele said Nigeria would have participated in FATF discussions as part of the Inter-Governmental Action Group Against Money Laundering in West Africa delegation.

It is instructive to note that guest jurisdictions are not permitted to vote or engage in decision-making.

 Oladele also commended President Bola Tinubu for creating the environment to operate effectively and resolve several of the grey areas that had previously impacted Nigeria’s global financial system rating.

He said, “I have been part of Nigeria’s efforts to join the FATF for several years. We initially applied to join the global body in 2014, but the process was stalled due to what was perceived as a lack of political will to implement key reforms.”

Oladele recalled the legislative push during his tenure as Chairman of the House Committee on Financial Crimes, highlighting the collaborative efforts with Senator Chukwuka Utazi in the Senate, which led to the passage of foundational legislation, including the Nigerian Financial Intelligence Unit Act, the Mutual Legal Assistance in Criminal Matters Act, and the Proceeds of Crime Act.

Oladele noted that these laws were preconditions for FATF membership and helped position Nigeria on the pathway to full integration into the global AML/CFT framework.

“Nigeria has demonstrated political will and legislative commitment to fighting corruption and promoting international best practices. Unfortunately, in subsequent years, the FATF identified several compliance gaps that reversed many earlier gains and slowed Nigeria’s progress. Meanwhile, several peer countries that applied alongside Nigeria have already been admitted as members,” he added.