The motion that sparked this celebratory session was thoughtfully sponsored by Senator Emmanuel Udende, representing Benue North East, a lawmaker known for his keen focus on governance reforms and economic stability. During the plenary, Udende articulated the profound significance of this milestone, emphasizing how it symbolized Nigeria's reinvigorated dedication to upholding transparency, accountability, and adherence to the highest global standards of financial integrity. For context, the FATF, an intergovernmental body established to set international benchmarks for combating financial crimes, had placed Nigeria on its Grey List in February 2023. This classification subjected the nation to heightened monitoring, imposing reputational damages, elevated transaction costs, and barriers to seamless integration into the global financial system. The Grey List is not a sanction per se but a signal to the world that a jurisdiction requires substantial improvements in its anti-money laundering (AML) and counter-terrorism financing (CTF) regimes.
Senator Udende's motion meticulously highlighted the collaborative symphony orchestrated among the Executive arm, led by President Tinubu; the Legislature, under the stewardship of Senate President Akpabio; and pivotal institutions including the Nigerian Financial Intelligence Unit (NFIU), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Central Bank of Nigeria (CBN). These entities, Udende noted, worked in tandem to address the 10 strategic deficiencies identified by the FATF in its 2021 Mutual Evaluation Report. These deficiencies spanned areas such as risk assessment, customer due diligence, suspicious transaction reporting, and the prosecution of money laundering cases.
The Senate's applause was not merely ceremonial; it reflected a deep understanding of the tangible benefits accruing from this delisting. Lawmakers pointed out that investor confidence, which had been eroded by the Grey List stigma, was already experiencing a resurgence. Foreign direct investments, often deterred by perceived risks of financial opacity, are now poised for an uptick as Nigeria sheds the label of a high-risk jurisdiction. Furthermore, remittance inflows—a lifeline for millions of Nigerian households, contributing over $20 billion annually to the economy—stand to benefit from reduced scrutiny and lower compliance burdens on diaspora banking channels. Financial institutions within Nigeria, previously burdened with exorbitant costs to meet enhanced due diligence requirements imposed by correspondent banks abroad, can now anticipate significant savings. These cost reductions could translate into more competitive banking services, lower fees for customers, and greater efficiency in cross-border transactions.
Delving deeper into the reforms that paved the way for this achievement, the motion praised the Executive's proactive measures under President Tinubu's administration. Since assuming office in May 2023, Tinubu has prioritized economic reforms, including the strengthening of anti-corruption mechanisms. The NFIU, for instance, has enhanced its intelligence-sharing capabilities, ensuring real-time monitoring of suspicious financial flows. The EFCC, under its dynamic leadership, has ramped up investigations and prosecutions, securing convictions in high-profile money laundering cases that demonstrated Nigeria's resolve. The ICPC has complemented these efforts by tackling corruption in public procurement and asset recovery, while the CBN has implemented robust regulatory frameworks, including the adoption of risk-based approaches to supervision and the integration of fintech innovations with AML/CTF compliance.
Senate President Godswill Akpabio, in his remarks, lauded the synergy between the arms of government, describing it as a model of cooperative federalism. "This delisting is not just a removal from a list; it is a testament to what Nigeria can achieve when we unite against common threats to our economic sovereignty," Akpabio stated. His leadership in steering legislative support for necessary bills, such as amendments to the Money Laundering (Prevention and Prohibition) Act and the Terrorism (Prevention and Prohibition) Act, was crucial in aligning domestic laws with FATF recommendations.
The deliberations in the Senate chamber were marked by bipartisan support, with senators from various geopolitical zones contributing insights. Some highlighted regional challenges, such as the proliferation of illicit funds in conflict-affected areas, and how the delisting would facilitate better international cooperation in intelligence and asset freezing. Others emphasized the role of public awareness campaigns in fostering a culture of compliance among citizens and businesses.
In its formal resolutions, the Senate adopted several forward-looking directives to safeguard this hard-won gain. First, it urged all relevant agencies—the NFIU, EFCC, ICPC, CBN, and others—to maintain unwavering vigilance and sustain full compliance with FATF standards. This includes regular updates to national risk assessments, capacity building for law enforcement, and the adoption of emerging technologies like artificial intelligence for transaction monitoring. The chamber warned against complacency, noting that relisting could undo years of progress and inflict severe economic repercussions.
Second, the Senate mandated its Committee on Anti-Corruption and Financial Crimes to intensify oversight functions. This committee, chaired by a seasoned lawmaker with expertise in financial regulations, is tasked with conducting periodic reviews of agency performances, proposing further legislative reforms, and engaging with international partners to benchmark best practices. Potential areas for enhancement include strengthening beneficial ownership registries to curb anonymous shell companies, enhancing virtual asset service provider regulations in light of cryptocurrency risks, and improving the effectiveness of targeted financial sanctions against terrorist entities.
This delisting arrives at a pivotal juncture for Nigeria's economy, which has been navigating challenges such as inflation, currency fluctuations, and post-pandemic recovery. By exiting the Grey List, Nigeria joins a cohort of nations that have successfully demonstrated political commitment and technical compliance, following in the footsteps of countries like Ghana and Pakistan, which achieved similar feats through sustained reforms. The FATF's decision was based on an on-site assessment conducted earlier in 2025, where assessors verified the implementation of action plans agreed upon in 2023.
Economists and financial analysts have projected that the delisting could unlock billions in foreign capital, ease access to international credit lines, and enhance Nigeria's credit rating. It also bolsters the country's position in global forums, such as the G20 and the United Nations, where financial integrity is a prerequisite for influential participation.
As the Senate adjourned the session amid applause, the mood was one of optimism tempered with resolve. Senator Udende, in closing, reiterated that this victory belongs to all Nigerians—from the policymakers in Abuja to the everyday citizens who demand accountability. "We have turned a page," he said. "Now, we must write a new chapter of enduring integrity."
