Good News: FATF removes Nigeria from global money laundering watchlist

The Financial Action Task Force (FATF) has officially removed Nigeria from its grey list of countries with strategic deficiencies in anti-money laundering and counter-terrorist financing measures.

The decision was announced on Friday at the conclusion of the FATF’s plenary meeting in Paris.

Nigeria was among four African countries — alongside South Africa, Mozambique, and Burkina Faso — that were delisted following what the FATF described as significant progress in strengthening their financial regulatory systems and enforcement frameworks.

According to the FATF, Nigeria demonstrated improved inter-agency coordination, while South Africa enhanced its capacity to detect money laundering and terrorist financing activities. Mozambique was recognized for strengthening intelligence sharing, and Burkina Faso was commended for tightening oversight of financial institutions and gatekeepers.

Nigeria had been placed on the FATF grey list in 2023. Since then, the country has implemented a series of reforms under a 19-point action plan developed in collaboration with FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA).

A high-level Nigerian delegation — including Lateef Fagbemi, Minister of Justice and Attorney-General of the Federation; Wale Edun, Minister of Finance and Coordinating Minister of the Economy; Olubunmi Tunji-Ojo, Minister of Interior; and Hafsat Bakari, CEO of the Nigerian Financial Intelligence Unit (NFIU) — attended the announcement in Paris.

In a statement following the announcement, the NFIU said Nigeria’s removal from the grey list was the result of two years of consistent reform and collaboration across government agencies.

President Bola Tinubu welcomed the development, describing it as a milestone in Nigeria’s financial reform journey.

“The exit from the FATF grey list marks the beginning of a new chapter in the nation’s financial reform agenda,” Tinubu said in a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga. “Nigeria will sustain institutional reforms, deepen inter-agency collaboration, and continue to build a financial system that Nigerians and the world can trust.”

The president also commended the NFIU for ensuring the complete and timely implementation of the FATF action plan, calling the achievement a renewed vote of confidence in Nigeria’s financial governance.