After nearly two years of global scrutiny, Nigeria has been officially removed from the Financial Action Task Force (FATF) grey list — a category for countries under increased monitoring for weaknesses in financial crime controls.
The decision was announced during the FATF October 2025 Plenary in Paris, France, where the international watchdog acknowledged Nigeria’s significant progress in strengthening its anti-money laundering and counter-terrorism financing (AML/CFT) framework.
Nigeria was first placed on the grey list in February 2023 following the identification of “strategic deficiencies” in its systems for tackling illicit financial flows.
However, following the implementation of a 19-point Action Plan developed with FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), the country was delisted from the watchlist.
The reforms included new laws, institutional restructuring, and improved coordination among enforcement and regulatory agencies.
Speaking on the development, the Minister of Finance, Mr. Wale Edun, said Nigeria’s efforts went beyond meeting FATF’s minimum requirements.
“Nigeria’s ambition was never limited to simply completing the Action Plan and exiting the grey list,” Edun said.
“Our focus has been on driving reforms, enacting legislative enhancements, and strengthening institutions to ensure Nigeria effectively counters money laundering and terrorist financing. For us, the Action Plan was not the ceiling but the floor of our aspirations.”
He added that the reforms reflect a broader national commitment to transparency, accountability, and integrity in governance.
The Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, described the FATF decision as a “vote of confidence” in Nigeria’s financial integrity reforms.
He disclosed that the FATF had also invited Nigeria to participate in its Guest Jurisdictions Initiative, which allows the country—represented by the Nigerian Financial Intelligence Unit (NFIU)—to attend FATF meetings under its flag for one year.
Fagbemi said the move provides Nigeria an opportunity to contribute to global policy discussions on anti-money laundering and terrorism financing strategies.
In her reaction, the Director and Chief Executive Officer of the NFIU, Ms. Hafsat Abubakar Bakari, hailed the delisting as the result of “a coordinated national effort.”
“Nigeria’s removal from the FATF grey list is a testament to our resilience, coordination, and unwavering commitment to reform,” she said. “It signals to the world that Nigeria can meet and exceed global standards in financial integrity.”
Bakari credited President Bola Tinubu, Vice President Kashim Shettima, the National Assembly, judiciary, private sector, and civil society for their roles in achieving the milestone.
“This is not the end of our journey, but the beginning of a stronger, more transparent financial ecosystem,” she added, urging stakeholders to sustain the momentum.
During the same plenary session, FATF also removed Burkina Faso, Mozambique, and South Africa from the grey list — a move analysts say reflects growing progress in financial transparency across Africa.
Nigeria’s removal is expected to boost investor confidence, enhance foreign transactions, and strengthen the country’s image in global financial markets.
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