Nigeria has been removed from the Financial Action Task Force (FATF) grey list, a move expected to boost investor confidence and strengthen President Bola Tinubu’s reform agenda, the presidency said on Friday.
The FATF, the global body that combats money laundering and terrorism financing, announced that Nigeria, along with South Africa, Mozambique, and Burkina Faso, had been delisted after demonstrating significant progress in tightening financial controls.
President Tinubu described the exit as “a landmark development” reflecting Nigeria’s commitment to transparency and institutional reform.
According to his media adviser, Bayo Onanuga, the delisting followed over two years of reforms and inter-agency coordination led by the Nigerian Financial Intelligence Unit (NFIU), the Attorney-General’s office, and the finance and interior ministries.
Tinubu commended NFIU chief Hafsat Abubakar Bakari and her team for their “dedication and professionalism,” saying the achievement would restore global confidence in Nigeria’s financial system.
Placed on the FATF grey list in February 2023 for weaknesses in its anti-money laundering framework, Nigeria’s removal signals renewed trust from international partners and reduced scrutiny on cross-border transactions.