FATF: Nigeria welcomes delisting from ‘Grey List’, restates adherence to global financial transparency

*President Bola Ahmed Tinubu, GCFR, describes the development as a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu, GCFR, has welcomed Nigeria’s delisting from the Financial Action Task Force (FATF) grey list.

ConsumerConnect reports the FATF announced the delisting of the West African country at its Plenary Friday, October 24, 2025, in Paris, France.

The FATF is the world’s foremost standard-setting body for combating money laundering, terrorist financing and proliferation financing.

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Last Friday’s announcement formally removed Nigeria from the list of jurisdictions under increased monitoring, commonly referred to as the “grey list”.

In his remarks, President Tinubu described the development as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.”

In regard to its decision, the body noted Nigeria’s successful and timely completion of its FATF Action Plan.

It stated the country’s effort marked over two years of sustained measure, reform, and inter-agency coordination aimed at strengthening the country’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

It is recalled that the FATF, February 2023, had placed Nigeria on the grey list. The message from the global community was clear: the nation needed more vigorous enforcement, better coordination, and greater transparency.

Rather than treat this directive as a setback, Nigeria viewed it as a call to action.

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Therefore, under President Tinubu’s strategic leadership and in line with the economic transformation agenda of his administration, Nigeria has implemented far-reaching legal, institutional and operational reforms.

Role of NFIU, OAGF in delisting from Grey List

Mr. Bayo Onanuga, Special Adviser to the President on Information and Strategy, Friday, October 24, 2025, who disclosed this development stated that Nigeria attained the new status through the coordination of the Nigerian Financial Intelligence Unit (NFIU).

The statement noted the NFIU had worked in conjunction with the Attorney-General of the Federation (AGF) and Minister of Justice, the Minister of Finance, and the Coordinating Minister of the Economy and the Minister of Interior.

Onanuga said President Tinubu applauded the vital support from the Secretary to the Government of the Federation, the Minister of Aviation, the Minister for Budget and Economic Planning, the Minister for Defence, the Minister for Foreign Affairs, the Minister for Solid Minerals, the Minister of State for Finance, the National Security Adviser as well as the leadership of the National Assembly and the Judiciary, in the attainment of the laudable achievement.

The Presidential aide also noted President Tinubu commended Ms. Hafsat Abubakar Bakari, Director/Chief Executive Officer of the NFIU, and the staff for their diligence in ensuring the complete and timely implementation of the country’s Action Plan.

The Nigerian leader further said that the NFIU’s work had led to the recognition by the international community of the strides Nigeria has made in strengthening its measures to tackle serious crimes.

Tinubu asserted: “Without their dedication and sacrifice, today’s success could not have been achieved.

“I thank them for their efforts and urged other stakeholders to emulate their standards.”

Nigeria’s efforts at completing the Action Plan were complemented by the country’s close partnership with the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).

The statement indicated President Tinubu acknowledged the strong support of international partners, the Governments of France, Germany, the United Kingdom (UK), the United States (US), the United Nations (UN) and the European Commission, for their steadfast technical assistance during Nigeria’s reform process.

According to Tinubu, Nigeria’s removal from the FATF grey list is “not just a technical accomplishment, it is a strategic victory for our economy, and renewed vote of confidence in Nigeria’s financial governance.

He stated: “The exit from the FATF grey list marks the beginning of a new chapter in the nation’s financial reform agenda as Nigeria will sustain the already institutionalised reforms, deepen institutional collaboration and continue to build a financial system that Nigerians and the world can trust.”

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