The Senate commends President Tinubu and key agencies for securing Nigeria’s removal from the FATF Grey List, boosting global confidence in its economy.
Nigeria FATF Grey List removal — The Senate on Tuesday commended President Bola Ahmed Tinubu, the Nigerian Financial Intelligence Unit (NFIU), and other key institutions for their pivotal roles in ensuring Nigeria’s removal from the Financial Action Task Force (FATF) Grey List, describing it as a major victory for the nation’s financial integrity and international image.
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The motion, sponsored by Senator Emmanuel Udende, was raised under matters of urgent national importance pursuant to Orders 41 and 51 of the Senate Standing Orders (2023, as amended).
Udende explained that Nigeria’s delisting by FATF reflected the country’s remarkable progress in strengthening its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) systems and reaffirmed its commitment to global financial integrity standards.
He noted that being on the FATF Grey List had previously subjected Nigeria to “heightened international monitoring and reputational risks,” which undermined investor confidence and restricted access to global markets.
“This delisting demonstrates Nigeria’s strong commitment to transparency, accountability, and compliance with FATF recommendations,” Udende said.
In its resolution, the Senate applauded President Tinubu, the NFIU, the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Central Bank of Nigeria (CBN), and other agencies for what it described as “coordinated and decisive reform efforts.”
Lawmakers said the development had already improved investor confidence and restored Nigeria’s international credibility.
“Nigeria’s financial systems have regained global trust, making the country a more attractive destination for foreign investment,” the motion stated.
The Senate observed that Nigerian banks, previously hampered by costly compliance requirements and delayed transactions, now enjoy smoother cross-border operations and increased remittance inflows.
It also highlighted the broader economic impacts, including a stronger naira, increased foreign direct investment, and job creation in key sectors such as energy, agriculture, and technology.
Adopting the motion, the Senate urged financial and enforcement agencies to maintain compliance with international standards to avoid any relapse.
It also directed the Senate Committee on Anti-Corruption and Financial Crimes to continue oversight and policy reviews that would further strengthen Nigeria’s financial governance.
Nigeria was first placed on the FATF Grey List in 2021 over concerns about deficiencies in its AML/CFT systems. Its removal was officially confirmed at the FATF October 2025 Plenary in Paris, following the successful implementation of a 19-point action plan.
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The decision marks the culmination of two years of close collaboration between Nigeria, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), and FATF.
