The Financial Action Task Force (FATF) has officially removed Nigeria from its grey list, citing significant progress in combating financial crimes and implementing sweeping policy reforms under the administration of President Bola Ahmed Tinubu.
FATF President Elisa de Anda Madrazo announced the development at the organization’s plenary session in Paris, France, on Thursday, where she commended Nigeria’s “strong political commitment” and enhanced institutional capacity to tackle money laundering, terrorist financing, and related financial crimes.
“Nigeria has demonstrated strong political commitment to fight financial crimes,” Madrazo said. “It is not only that we have seen a political commitment to exit the grey list, but we have also seen real change and concrete measures put in place.”
She noted that after over two years of sustained reforms, Nigeria had strengthened its ability to investigate and prosecute financial crimes, particularly in areas such as drug trafficking and terrorist financing.
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The FATF President also lauded the country’s improvements in beneficial ownership transparency, supervision of non-financial sectors, and government-wide inter-agency coordination, describing the reforms as a model of national collaboration.
Nigeria was among four African nations delisted at the plenary, alongside Mozambique, Burkina Faso, and South Africa.
The decision followed the successful implementation of an action plan coordinated by the Nigeria Interministerial Committee on Anti-Money Laundering/Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/PF), chaired by the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN).
The Minister of Finance, Wale Edun, and Minister of Interior, Olubunmi Ojo, serve as alternate chairs on the committee, both of whom attended the Paris plenary to represent Nigeria.
Speaking on behalf of the Nigerian delegation, Minister Wale Edun expressed appreciation to FATF and Nigeria’s international partners for their support throughout the review process.
“Nigeria is honoured to contribute its expertise and experience to the global fight against crimes that threaten our shared security and prosperity,” Edun said. “With the dedication of the men and women back home, we will continue to work towards a safer and more secure Nigeria.”
He also acknowledged the assistance of international partners including France, Germany, the United Kingdom, the United States, and the European Commission for their steadfast collaboration.
The FATF’s decision marks a major milestone in Nigeria’s financial governance reforms and is expected to bolster investor confidence, international partnerships, and global perception of Nigeria’s anti-corruption efforts.
