The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede on Wednesday, June 25, 2025, charged reporting entities in Nigeria’s financial system to develop and operate solid, uncompromisable structures and systems capable of sustaining the gains of Nigeria’s delisting from the Financial Action Task Force, FATF’s, Grey List.
Speaking at the opening ceremony of the Preparatory Retreat for FATF Onsite Visit at the Nigerian Army Conference Centre and Suites, Abuja, Olukoyede emphasized that the absence of sustainable structures has been Nigeria’s undoing in the fight against money laundering, terrorist financing, and proliferation financing.
“Our problem as a nation is absence of structures and systems that can stand on their own without being compromised. We need such an architecture to sustain the gains of getting Nigeria out of the infamous List,” he said.
He stressed that the ultimate goal of the Commission is not just to exit the Grey List, but to institutionalize credible anti-money laundering and counter-terrorist financing (AML/CFT) mechanisms that promote economic growth and restore confidence in Nigeria’s financial ecosystem.
“Our goal actually is not just to get Nigeria out of the Grey List but to put in place time-tested, credible and enduring AML/CFT framework that will engineer economic growth, bolster investors’ confidence and protect our national and international image,” he said.
Commending the efforts of the Nigeria Financial Intelligence Unit, NFIU, Special Control Unit Against Money Laundering, SCUML, and other stakeholders, Olukoyede applauded the collective strides that have brought Nigeria to the verge of an all-important FATF onsite assessment. He expressed optimism that Nigeria would emerge stronger and better from the exercise.
“I’m optimistic that we are truly on course. Let me commend the diligence and resourcefulness of every agency involved in getting an impregnable AML/CFT framework in place. We will all come out of the FATF onsite visit stronger and better and our nation will regain its place in the comity of nations,” he said.
Earlier in her opening remarks, Director/Chief Executive Officer of the Nigeria Financial Intelligence Unit, NFIU, Hafsat Bakari, said Nigeria’s progress was made possible through collaboration and determination across agencies.
“It has been a difficult journey but with our collective perseverance, collaboration and the cooperation we have received from all of you, we are nearing the culmination of this process. The decision of the FATF earlier this month to approve an onsite visit for Nigeria was based on their determination that we have completed all the 19 items on our action plan,” she said, adding that the completion of such an ambitious program within the timeline calls for commendation.
Bakari also outlined the major accomplishments that have positioned Nigeria for the visit.
“First and foremost, we have completed a comprehensive reform of the legal basis of our national framework and we are now largely compliant with 36 of 40 recommendations of the FATF. Through the national risk assessment, the sectoral risk assessment and the various typologies studies, we now have a thorough understanding of our MLTF/PF risk environment,” she said.
The Chairman of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, Musa Adamu Aliyu, in his goodwill message, urged participants to engage actively in the retreat to ensure that Nigeria’s exit from the Grey List becomes permanent and fully sustained.
Representing the National Security Adviser, Mallam Nuhu Ribadu, Major General Adamu Garba Laka, described the upcoming visit as a critical opportunity for Nigeria to showcase the strides it has made.
“This gathering calls for a decisive moment for Nigeria. The upcoming visit is more than a technical evaluation but an opportunity to demonstrate how far we have come in strengthening our national framework,” he said.
Speaking on behalf of the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, Director of Public Prosecution, Mohammed Abubakar Babadoko, said the retreat was timely and that it is important for law enforcement and prosecutorial stakeholders to understand their obligations under the ICRG action plan.
“The success of this visit will not only determine our country’s status on the FATF’s List, but it will also significantly boost investor confidence, financial stability and our international reputation,” he said.
The retreat also featured remarks from heads and representatives of key institutions including the Corporate Affairs Commission, Nigerian Civil Aviation Authority, Nigeria Police Force, National Drug Law Enforcement Agency, Defence Intelligence Agency, Department of State Services, Nigeria Security and Civil Defence Corps and Nigeria Customs Service, among others.
