The Senate on Tuesday commended President Bola Tinubu, the Nigerian Financial Intelligence Unit (NFIU), and other key agencies for their roles in securing Nigeria’s removal from the Financial Action Task Force (FATF) Grey List — a move hailed as a major boost to the country’s financial credibility and global reputation.
The commendation followed a motion sponsored by Senator Emmanuel Udende, who described the delisting as evidence of Nigeria’s significant progress in strengthening its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) systems.
Udende noted that Nigeria’s previous inclusion on the FATF Grey List had exposed the nation to “heightened international monitoring, scrutiny, and reputational risks,” which negatively impacted investor confidence and access to global financial markets.
He attributed the country’s removal from the list to extensive reforms implemented by the Executive, the National Assembly, and several regulatory and enforcement agencies.
In its resolution, the Senate praised the coordinated efforts of President Tinubu, the NFIU, the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Central Bank of Nigeria (CBN), and other stakeholders for achieving what lawmakers called “a significant national milestone.”
Lawmakers said the development had boosted investor confidence and reaffirmed Nigeria’s commitment to transparency, accountability, and international financial standards. “Nigeria’s financial and regulatory systems have regained international credibility,” the motion stated, adding that the delisting would make the country a more attractive destination for foreign investment.
The Senate further observed that Nigerian financial institutions — previously weighed down by high compliance costs and transaction delays — would now benefit from smoother, more efficient cross-border operations, facilitating trade and remittance inflows.
Udende’s motion also highlighted broader economic benefits, including stronger foreign direct investment across key sectors such as energy, technology, agriculture, and manufacturing, as well as improved regulatory stability, a more resilient naira, and job creation.
Adopting the motion, the Senate urged relevant agencies to sustain compliance with international standards to prevent future relisting. It also mandated the Committee on Anti-Corruption and Financial Crimes to maintain oversight and strengthen Nigeria’s financial governance through regular policy reviews.
Nigeria was first placed on the FATF Grey List in 2021 due to weaknesses in its AML/CFT framework. Its removal, announced at the FATF October 2025 Plenary in Paris, followed the successful implementation of a 19-point action plan developed in collaboration with the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) and FATF.
