President Bola Tinubu has hailed Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a landmark achievement for the nation’s economy, global reputation, and financial governance.
The FATF — the world’s leading body on combating money laundering and terrorist financing — announced Nigeria’s delisting during its October 2025 Plenary in Paris, France, following the country’s successful implementation of a 19-point action plan to strengthen its Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) framework.
In a statement released by Bayo Onanuga, Tinubu’s Special Adviser on Information and Strategy, the President described the move as “not just a technical accomplishment but a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”
Nigeria had been placed on the FATF grey list in February 2023 due to weak enforcement, inadequate inter-agency coordination, and opaque financial practices. Tinubu said his administration took the listing as a call to action, directing key agencies to undertake comprehensive reforms to restore confidence in Nigeria’s financial systems.
Under his leadership, the Nigerian Financial Intelligence Unit (NFIU) — in collaboration with the Offices of the Attorney-General, and the Ministries of Finance, Justice, and Interior — spearheaded sweeping legal, institutional, and operational reforms to meet FATF standards.
Tinubu commended Hafsat Bakari, Director and Chief Executive Officer of the NFIU, and her team for their “diligent and timely implementation” of the country’s commitments, which earned international recognition for tackling serious financial crimes.
Confirming the delisting, Bakari described it as “a true test of Nigeria’s resilience, coordination, and unwavering commitment to reform.” She stated:
“The FATF has officially removed Nigeria from the list of jurisdictions under increased monitoring, commonly known as the grey list. This marks a historic milestone in Nigeria’s fight against financial crimes and reaffirms our commitment to global standards in combating money laundering, terrorist financing, and proliferation financing.”
She highlighted several reforms that paved the way for the FATF’s decision, including:
- The Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022;
- The operationalisation of the Beneficial Ownership Register; and
- Stronger supervision of designated non-financial businesses and professions (DNFBPs).
Bakari added that Nigeria has also improved its intelligence and law enforcement capacity to detect, investigate, and prosecute financial crimes, while expanding international cooperation and cross-border intelligence sharing.
She praised the leadership of President Tinubu, as well as the National Assembly, judiciary, and private sector stakeholders, urging all parties to sustain the reform momentum to ensure continued compliance with global standards.
The FATF plenary also announced the removal of South Africa, Mozambique, and Burkina Faso from the grey list after similar improvements in their financial integrity frameworks.
Financial analysts say Nigeria’s delisting will boost investor confidence, facilitate cross-border transactions, and attract greater capital inflows into the country’s financial sector.
Welcoming the development, President Tinubu reaffirmed his administration’s commitment to sustaining reforms:
“This milestone marks the beginning of a new chapter in Nigeria’s financial reform journey. We will strengthen our institutions, deepen collaboration, and continue to build a financial system that Nigerians and the world can trust.”
