Nigeria’s long journey toward financial credibility has reached a new milestone as the Financial Action Task Force (FATF) officially delisted the country from its Grey List following over two years of reform and inter-agency coordination under the administration of President Bola Ahmed Tinubu.

The FATF, the global watchdog responsible for combating money laundering, terrorist financing, and proliferation financing, announced Nigeria’s removal from the list during its plenary meeting held in Paris, France on Thursday, October 24, 2025.

This decision formally takes Nigeria off the list of countries under “increased monitoring,” a designation commonly referred to as the FATF Grey List, marking a significant leap in the nation’s financial governance reputation.

According to a statement from the State House (statehouse.gov.ng), President Tinubu described the delisting as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity, and global credibility.”

He said the development follows Nigeria’s successful completion of its FATF Action Plan, a rigorous process that spanned more than two years and required close collaboration between multiple ministries, agencies, and private sector stakeholders.

Turning a Challenge into Reform: Nigeria’s Path off the FATF Grey List

When Nigeria was placed on the FATF Grey List in February 2023, the global message was clear – the country needed stronger enforcement, better coordination, and more transparency in its financial systems. Rather than view this as a setback, President Tinubu said the government treated it as a call to action.

Under his administration’s Renewed Hope Agenda, and in line with the economic transformation blueprint, Nigeria launched a sweeping set of legal, institutional, and operational reforms. These reforms were spearheaded by the Nigerian Financial Intelligence Unit (NFIU), working closely with the Attorney-General of the Federation and Minister of Justice, the Minister of Finance and Coordinating Minister of the Economy, and the Minister of Interior.

The President commended the collective effort of these institutions, describing their synergy as “a model of inter-agency collaboration for national development.”

The FATF’s recognition means that Nigeria has now addressed all strategic deficiencies identified in its anti-money laundering and counter-financing of terrorism (AML/CFT) framework, earning praise from the international community.

Click here for more on FATF’s role – https://www.fatf-gafi.org

Tinubu Applauds NFIU and Key Partners

President Tinubu singled out the Director and Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, for her exceptional leadership and diligence in ensuring that Nigeria’s reform plan was completed on schedule.

“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,” the President said.

He also applauded the Secretary to the Government of the Federation, and the Ministers of Aviation, Budget and Economic Planning, Defence, Foreign Affairs, Solid Minerals, and State for Finance, for their roles in achieving the FATF Grey List removal.

In addition, Tinubu extended appreciation to Nigeria’s security and regulatory agencies, including the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Department of State Services (DSS), National Drug Law Enforcement Agency (NDLEA), Nigeria Customs Service (NCS), Corporate Affairs Commission (CAC), and the Securities and Exchange Commission (SEC), among others.

“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,” Tinubu said.

Global Collaboration and Institutional Reform

Nigeria’s reform efforts were closely monitored and supported by key international partners, including the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), the United Nations, the European Commission, and the governments of France, Germany, the United Kingdom, and the United States.

Tinubu acknowledged their technical assistance and diplomatic backing throughout the reform process, calling the FATF Grey List delisting “a shared success between Nigeria and its partners in the global financial community.”

According to FATF guidelines, countries under monitoring are expected to implement strict measures to curb illicit financial flows and improve accountability. Nigeria’s successful completion of the action plan demonstrates tangible progress in these areas, with FATF confirming that the country now meets global AML/CFT standards.

Implications for Nigeria’s Economy

Financial analysts say Nigeria’s removal from the FATF Grey List will have far-reaching positive effects. It enhances the country’s attractiveness to foreign investors, improves correspondent banking relationships, and boosts confidence in Nigeria’s regulatory environment.

An economic policy expert at the Nigerian Economic Summit Group (NESG) noted that the FATF Grey List exit will also reduce transaction costs for Nigerian banks and facilitate smoother international payments.

For more, see GMTNews Business Section ( https://gmtnewsng.com/business ).

President Tinubu emphasized that the delisting reflects his administration’s unwavering commitment to financial integrity and global transparency.

“The exit from the FATF Grey List marks the beginning of a new chapter in our financial reform agenda,” Tinubu said. “Nigeria will sustain the already institutionalized reforms, deepen collaboration among institutions, and continue to build a financial system that Nigerians – and the world – can trust.”

Commitment to Sustaining Reforms

The President reassured the global community that Nigeria will continue to implement strong compliance systems through the NFIU, CBN, EFCC, and other regulatory agencies. He said transparency, accountability, and good governance will remain central to his administration’s economic policy direction.

President Tinubu’s administration has consistently emphasized institutional strengthening as the foundation for sustainable development. By aligning Nigeria’s financial systems with global best practices, the government aims to prevent illicit capital flows, enhance tax transparency, and promote foreign direct investment.

A New Era of Confidence

Nigeria’s removal from the FATF Grey List represents not only a regulatory victory but also a reaffirmation of the country’s readiness to engage responsibly with the global financial community.

Observers note that the move comes at a time when Nigeria is implementing structural fiscal reforms, strengthening the naira, and attracting new investments through improved ease of doing business measures.

The FATF decision now places Nigeria alongside compliant jurisdictions that have demonstrated sustained commitment to combating money laundering and terrorist financing, further boosting its global reputation.

“This is not the end of the journey,” a senior official from the NFIU remarked. “It is the beginning of a new phase of vigilance, transparency, and stronger financial governance.”

The statement announcing Nigeria’s delisting from the FATF Grey List was issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, on October 24, 2025. https://gmtnewsng.com/