President Bola Tinubu has enthusiastically celebrated Nigeria’s official removal from the Financial Action Task Force (FATF) “grey list,” labeling it a pivotal milestone that significantly bolsters the nation’s economic standing and reinforces its commitment to financial integrity. In his view, this development represents “a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance,” signaling a brighter future for the country on the global stage.
The announcement of Nigeria’s delisting was made during the FATF’s October 2025 plenary session, convened in Paris, France. The FATF, recognized worldwide as the premier intergovernmental body tasked with combating money laundering and terrorist financing, confirmed that Nigeria had successfully completed a comprehensive 19-point action plan. This plan was designed to fortify the country’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime, addressing longstanding vulnerabilities that had previously drawn international scrutiny.
In a detailed statement issued through his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu underscored the broader implications of this achievement. He emphasized that it was far more than a mere bureaucratic checkbox; rather, it demonstrated his administration’s unwavering resolve to rebuild trust and transparency within Nigeria’s financial architecture. “Nigeria’s removal from the grey list is not just a technical accomplishment but a strategic victory,” the president declared. “It reaffirms our position as a trusted player in the global financial community,” he added, highlighting how such recognition could open doors to enhanced international partnerships and economic opportunities.
To provide context, Nigeria was initially added to the FATF grey list in February 2023. The designation stemmed from several critical shortcomings, including inadequate enforcement mechanisms, fragmented inter-agency coordination, and a lack of transparency in financial practices. Rather than viewing this as a setback, President Tinubu’s government embraced it as a catalyst for profound change. Upon assuming office, he issued direct instructions to relevant institutions, mandating the implementation of extensive structural and legal reforms to align with international best practices.
Central to this effort was a collaborative push led by the Nigerian Financial Intelligence Unit (NFIU), working in close tandem with the Ministries of Finance, Justice, and Interior, alongside the Office of the Attorney-General of the Federation. This multi-agency approach ensured a unified national strategy, pooling resources and expertise to tackle the FATF’s requirements head-on. The president specifically commended Hafsat Bakari, the Director and Chief Executive Officer of the NFIU, for her exemplary leadership throughout the process. “Her team’s diligent and timely implementation of Nigeria’s commitments earned the country international recognition for tackling serious financial crimes,” Tinubu stated, acknowledging the tireless efforts that turned potential obstacles into triumphs.
Bakari herself echoed these sentiments in her own public statement, framing the delisting as a testament to Nigeria’s enduring resilience and dedication to reform. “The FATF has officially removed Nigeria from the list of jurisdictions under increased monitoring, commonly known as the grey list,” she announced. “This milestone marks a historic moment in Nigeria’s fight against serious financial crimes and underscores our commitment to global standards,” she continued, expressing pride in the collective achievements.
Delving deeper into the reforms that paved the way for this success, Bakari outlined several key initiatives. Among them was the rigorous enforcement of the Money Laundering (Prevention and Prohibition) Act of 2022 and the Terrorism (Prevention and Prohibition) Act of 2022. These legislative frameworks provided the legal backbone for more robust action against illicit financial flows. Additionally, the operationalization of the Beneficial Ownership Register emerged as a game-changer, enhancing transparency by requiring the disclosure of ultimate beneficial owners in corporate entities, thereby reducing opportunities for anonymity in suspicious transactions.
Further enhancements included strengthened regulatory oversight of designated non-financial businesses and professions—such as real estate agents, lawyers, and accountants—who are often vulnerable to exploitation for money laundering purposes. The reforms also empowered intelligence and law enforcement agencies with improved tools and capacities to investigate, prosecute, and ultimately deter financial crimes. These measures collectively addressed the deficiencies that had landed Nigeria on the grey list, demonstrating a holistic and sustained commitment to improvement.
In her remarks, Bakari extended gratitude to a wide array of contributors, including President Tinubu’s steadfast leadership, the supportive role of the National Assembly in passing necessary legislation, the judiciary’s cooperation in upholding the rule of law, and the private sector’s active participation in compliance efforts. She stressed the importance of ongoing vigilance, urging all stakeholders to “maintain the reform momentum to preserve global compliance” and prevent any regression that could jeopardize this hard-won status.
Interestingly, Nigeria was not alone in this positive outcome. At the same plenary session, the FATF also announced the removal of South Africa, Mozambique, and Burkina Faso from the grey list. Each of these nations was cited for substantial progress in bolstering their financial integrity systems, reflecting a broader regional trend toward stronger governance in Africa. This simultaneous delisting of multiple countries underscores the FATF’s rigorous yet fair evaluation process and highlights the potential for collective advancement when governments prioritize anti-financial crime measures.
Economic analysts and experts have been quick to weigh in on the implications for Nigeria. The exit from the grey list is anticipated to streamline cross-border transactions by reducing the due diligence burdens that international banks and financial institutions previously imposed on Nigerian dealings. This, in turn, is expected to facilitate smoother trade and remittances, which are vital lifelines for the Nigerian economy. Moreover, the delisting serves as a powerful signal to foreign investors, alleviating concerns over reputational risks and encouraging inflows of capital into sectors ranging from oil and gas to technology and manufacturing. Overall, it is projected to enhance confidence in Nigeria’s financial sector, both domestically and abroad, potentially contributing to currency stability, job creation, and sustained growth.
President Tinubu, ever forward-looking, described the FATF decision as “the beginning of a new chapter in Nigeria’s financial reform agenda.” He pledged his administration’s continued dedication to “sustain institutional reforms, deepen collaboration, and continue to build a financial system that Nigerians and the world can trust.” This commitment extends beyond mere compliance; it envisions a proactive stance where Nigeria not only meets but exceeds global standards, positioning itself as a leader in financial governance within the African continent and beyond.
The journey to this point has been marked by challenges, including the need to overhaul outdated systems amid economic pressures and resource constraints. Yet, the successful delisting illustrates what can be achieved through determined leadership, inter-agency synergy, and a shared national purpose. For ordinary Nigerians, this translates to tangible benefits: a more secure financial environment that deters corruption, protects savings, and fosters legitimate business growth. It also aligns with broader goals of economic diversification and resilience, as outlined in the administration’s renewal agenda.
In the international arena, Nigeria’s reinstatement to good standing with the FATF enhances its voice in global forums on financial regulation. It paves the way for deeper engagement with bodies like the World Bank, International Monetary Fund, and regional economic communities, potentially unlocking technical assistance, funding, and policy support. As the world grapples with evolving threats such as cryptocurrency-related crimes and cyber-enabled money laundering, Nigeria’s demonstrated reforms position it to contribute meaningfully to these discussions.
Looking ahead, sustaining this momentum will require ongoing investment in capacity building, technology adoption, and public awareness campaigns to ensure that AML/CFT principles are embedded in everyday financial practices. Private sector entities, in particular, must continue to prioritize compliance training and risk assessments. Government agencies, meanwhile, should focus on data sharing, real-time monitoring, and swift judicial processes to maintain the efficacy of the system.
President Tinubu’s administration has set an ambitious tone, but the true test lies in longevity. By institutionalizing these changes—through regular audits, performance metrics, and independent oversight—the gains can be preserved for future generations. This delisting is not an endpoint but a foundation upon which to build a more transparent, inclusive, and prosperous Nigeria.
In summary, Nigeria’s removal from the FATF grey list in October 2025 stands as a resounding affirmation of progress under President Tinubu’s leadership. It reflects meticulous planning, effective execution, and a collective will to uphold financial integrity. As the nation basks in this achievement, the focus now shifts to leveraging it for accelerated development, ensuring that the “strategic victory” translates into lasting economic vitality and global respect. With continued dedication from all quarters, Nigeria is well-poised to navigate the complexities of the modern financial landscape with confidence and credibility.
