Nigeria has received international commendation for significant strides made in strengthening its financial system and tackling illicit financial flows, following positive assessments by the Financial Action Task Force (FATF).
This progress comes as part of Nigeria’s ongoing engagement under the FATF’s International Cooperation Review Group (ICRG) process.
According to a media statement released by the Nigerian Financial Intelligence Unit (NFIU), the country has made “substantial progress” in implementing its FATF Action Plan—an achievement that has paved the way for an on-site assessment by the FATF Africa Joint Group.
This next phase will verify that Nigeria’s reforms are not only in place but are sustainable and politically supported.
The NFIU, which serves as the national coordinator of the FATF ICRG process, lauded the collective efforts of government bodies, regulators, law enforcement, the judiciary, and the private sector in helping Nigeria move closer to exiting the FATF “grey list.”
Particular praise was directed at President Bola Ahmed Tinubu GCFR and key members of the Federal Executive Council—including the Attorney-General of the Federation, the Ministers of Finance, Economy, and Interior—whose leadership has accelerated reform implementation.
The NFIU emphasized that these efforts have significantly boosted Nigeria’s ability to detect, investigate, and prosecute complex cases of money laundering and terrorism financing.
Among the major improvements highlighted were enhanced beneficial ownership transparency, making it more difficult for criminals to hide behind anonymous corporate structures.
Updated national risk assessments, providing a clearer picture of the country’s vulnerabilities.
Stronger risk-based supervision across both financial and designated non-financial sectors.
“These reforms demonstrate Nigeria’s firm commitment not just to exiting the grey list, but to embedding a robust and resilient AML/CFT system that protects the integrity of our financial sector,” the NFIU stated.
The agency encouraged all stakeholders to maintain momentum ahead of the critical on-site evaluation, underlining that the sustainability of reforms will be key to passing FATF’s final scrutiny.
In a show of regional solidarity, Nigeria also extended congratulations to South Africa, Mozambique, and Burkina Faso, which have achieved similar milestones in their respective FATF action plans.
The NFIU pledged continued coordination in line with global AML/CFT/CPF standards and urged all partners to stay committed to reforms that not only protect the financial system but also restore investor confidence and international credibility.
For more information, the public is encouraged to contact the NFIU via email at info@nfiu.gov.ng or visit the official website at www.nfiu.gov.ng
Victoria Ibanga