President Bola Ahmed Tinubu has welcomed the removal of Nigeria from the Financial Action Task Force (FATF) grey list, describing it as a “major milestone” in the country’s drive for economic reform, institutional integrity, and international credibility.
The FATF announced Nigeria’s delisting at its Plenary held in Paris, France, on Friday. The global body, which sets international standards for combating money laundering, terrorist financing, and proliferation financing, confirmed that Nigeria had successfully completed its Action Plan and strengthened its Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.
Okay News reports that Nigeria was placed on the FATF grey list in February 2023, signaling concerns from the global community over enforcement, coordination, and transparency within the nation’s financial system. Rather than viewing this as a setback, Nigeria’s leadership considered it an opportunity for reform.
Under President Tinubu’s direction, the country implemented wide-ranging legal, institutional, and operational changes aimed at strengthening financial transparency. These reforms were coordinated by the Nigerian Financial Intelligence Unit (NFIU) in collaboration with the Attorney-General of the Federation and Minister of Justice, the Minister of Finance, the Coordinating Minister of the Economy, and the Minister of Interior.
President Tinubu praised the collective effort of key ministries and agencies involved in achieving this milestone. “This development marks a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility,” he said.
The President also expressed appreciation to the Secretary to the Government of the Federation, the Ministers of Aviation, Defence, Budget and Economic Planning, Foreign Affairs, Solid Minerals, as well as the National Security Adviser, and the leadership of the National Assembly and Judiciary for their roles in the achievement.
He commended the Director/Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, and her team for their dedication, describing their efforts as crucial to Nigeria’s success. “Without their dedication and sacrifice, today’s success could not have been achieved. I thank them for their efforts and urge other stakeholders to emulate their standards,” Tinubu stated.
The President also extended his appreciation to various agencies and stakeholders who contributed to Nigeria’s delisting, including the Central Bank of Nigeria, the Corporate Affairs Commission, the Economic and Financial Crimes Commission, the Independent Corrupt Practices Commission, the Nigeria Customs Service, the National Drug Law Enforcement Agency, the Nigeria Police Force, and others who participated actively through the National Task Force on AML/CFT.
He also acknowledged the strong technical and diplomatic support from international partners such as France, Germany, the United Kingdom, the United States, the United Nations, and the European Commission, alongside Nigeria’s collaboration with the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).
According to the President, Nigeria’s removal from the FATF grey list “is not just a technical accomplishment, it is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”
He assured Nigerians and the international community that his administration would continue to sustain reforms, deepen institutional collaboration, and strengthen the financial system to build trust and transparency.
“The exit from the FATF grey list marks the beginning of a new chapter in our nation’s financial reform agenda,” President Tinubu said. “Nigeria will sustain the already institutionalised reforms, deepen institutional collaboration and continue to build a financial system that Nigerians and the world can trust.”
The statement was issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, on October 24, 2025.
