The Nigerian Financial Intelligence Unit (NFIU) has described Nigeria’s removal from the Financial Action Task Force (FATF) Grey List and the European Union’s intention to delist the country from its high-risk third countries register as a major boost to confidence in the nation’s financial system.
The agency also commended government institutions, the private sector and civil society organisations for their roles in recording these achievements.
In a statement issued on Sunday in Abuja, the Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, said the decisions by the FATF and the European Union demonstrated the credibility and depth of Nigeria’s reforms in the fight against illicit finance, noting that the progress reflected a coordinated effort across government and society.
“Nigeria’s exit from the FATF Grey List and the European Union’s high-risk third country list reflects the strength of our collective resolve and the effectiveness of sustained, coordinated reforms. This milestone underscores our commitment to upholding global standards on anti-money laundering, counter-terrorism financing and counter-proliferation financing, while reinforcing international confidence in Nigeria’s financial system,” Ms. Bakari said.
She attributed the achievement to what she described as a “whole-of-government and whole-of-society approach” to building stronger safeguards against financial crimes, extending appreciation to Ministries, Departments and Agencies, the Legislature, the Judiciary, the private sector and non-profit organisations whose joint actions contributed to the outcome.
Ms. Bakari said the success was guided by the leadership of President Bola Ahmed Tinubu, noting that his administration’s commitment to building a safe and prosperous Nigeria provided the political backing needed to sustain reforms across key sectors.
According to the NFIU, strategic oversight was delivered through the Inter-Ministerial Committee on AML/CFT/CPF, led by the Attorney-General of the Federation and Minister of Justice, alongside the Minister of Finance and Coordinating Minister for the Economy, the Minister of Interior and the Minister of State for Finance. The committee, the statement said, ensured policy coherence and maintained momentum throughout the reform process.
The NFIU also credited the Ministers of Aviation, Budget and Economic Planning, Defence, Industry, Trade and Investment, and Solid Minerals Development for supporting regulatory measures that strengthened compliance frameworks across priority areas of the economy.
National security coordination was strengthened under the leadership of the National Security Adviser, particularly in addressing terrorism and terrorism financing through closer collaboration among security agencies. The statement noted that these efforts improved information sharing and risk management related to financial flows linked to security threats.
Financial sector oversight was reinforced by regulators including the Central Bank of Nigeria, the Securities and Exchange Commission, the National Insurance Commission and the Special Control Unit Against Money Laundering of the Economic and Financial Crimes Commission. Their work, the NFIU said, focused on improving risk-based supervision, tightening market entry controls, enhancing suspicious transaction reporting and applying targeted financial sanctions.
On corporate transparency, the NFIU pointed to the role of the Corporate Affairs Commission, the Nigeria Export Processing Zones Authority and the Oil and Gas Free Zones Authority in deploying systems aligned with international best practice to improve access to beneficial ownership information and strengthen regulatory monitoring.
Law enforcement agencies, including the Nigeria Police Force, the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission, the Department of State Services, the Defence Intelligence Agency, the National Drug Law Enforcement Agency and the Code of Conduct Bureau, were acknowledged for strengthening investigations and prosecutions of high-risk predicate offences.
At the nation’s borders and ports of entry, the Nigeria Customs Service, the Nigeria Immigration Service, the Federal Airports Authority of Nigeria and the Nigeria Civil Aviation Authority were recognised for their role in detecting cross-border cash smuggling and the illicit movement of high-value goods, with prosecutorial support from the EFCC.
The statement also referenced efforts within the non-profit sector, where safeguards were strengthened through the work of SCUML and its domestic and international partners to reduce vulnerabilities to terrorist abuse.
Further stressing the importance of sustained collaboration, Ms. Bakari said, “The successful delisting of Nigeria from the FATF Grey List and the EU AML/CFT list is a clear signal that our reforms are deep, credible and sustainable. It reflects years of disciplined implementation across government, law enforcement, the judiciary and the private sector.”
She noted that the Federal Ministry of Justice played a key role in securing convictions, facilitating mutual legal assistance and enabling the recovery and repatriation of illicit assets, while the Federal High Court was commended for timely adjudication and the application of proportionate sanctions to deter financial crimes.
Legislative support from the leadership of the National Assembly and relevant committees provided what the NFIU described as the legal foundation necessary to sustain reforms, particularly in the areas of anti-corruption, financial crimes and judicial oversight.
The NFIU said the contribution of compliance officers across financial institutions, designated non-financial businesses and professions, and virtual asset service providers remained central to the effectiveness of Nigeria’s AML/CFT/CPF framework.
Looking ahead, Ms. Bakari said the agency would continue to deepen cooperation and intelligence-led supervision as Nigeria prepares for its next mutual evaluation. “This achievement belongs to Nigeria and its partners. The NFIU remains steadfast in its resolve to deepen cooperation, enhance intelligence-led supervision and ensure that Nigeria continues to meet and exceed global AML/CFT/CPF expectations,” she said.
The NFIU concluded that the country’s recent progress marked a significant step in strengthening the integrity of the financial system and restoring international confidence in Nigeria’s regulatory and enforcement architecture.
