The Nigeria Governors’ Forum (NGF) has expressed delight over the removal of Nigeria from the grey list of the Financial Action Task Force (FATF), marking a significant milestone in the nation’s ongoing commitment to financial transparency and integrity.
This achievement follows years of rigorous assessments, reforms, and international engagement aimed at strengthening Nigeria’s anti-money laundering (AML) and counter-financing of terrorism (CFT) frameworks.
NGF’s Director of Media and Strategic Communications, Yunusa Tanko-Abdullahi, in a statement, quoted the forum’s Chairman, AbdulRahman AbdulRazaq, attributing the development to the collective effort and political will demonstrated by Nigeria’s President Bola Ahmed Tinubu, governors of the thirty-six (36) states of the federation and key national institutions, including the Federal Ministry of Finance, Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), and the Nigeria Financial Intelligence Unit (NFIU).
Recall that in 2023, Nigeria was placed on the FATF grey list after the global watchdog identified deficiencies in the country’s AML/CFT regime.
Since then, Nigeria has undertaken sweeping reforms to strengthen its compliance framework through legislative improvements, institutional restructuring, and enhanced inter-agency coordination.
Key milestones achieved include:
- Operationalisation of the Beneficial Ownership Register, ensuring greater corporate transparency and accountability.
- Strengthening law enforcement and regulatory agencies, enhancing their capacity to detect, analyse, and prosecute complex financial crimes.
- Improved collaboration between federal and sub-national institutions, ensuring unified national efforts in promoting financial integrity.
Speaking on the development, the Chairman of the Nigeria Governors’ Forum, AbdulRahman AbdulRazaq, said, “We are very pleased with this outcome and proud to see Nigeria formally welcomed back into the global transparency community.”
According to him, Nigeria has handled this difficult situation with enormous grace and integrity, and this green light attests to the trust and confidence in our financial systems and our leaders, both at the national and sub-national levels.
Throughout the process, the NFIU, CBN, NGF, and the Federal Ministry of Finance provided unwavering support to FATF’s review mission, ensuring full cooperation and transparency in all engagements.
The Nigeria Governors’ Forum reaffirms its commitment to upholding the highest ethical financial standards in governance and to fostering a culture of transparency, accountability, and integrity across all levels of government.