Nigeria has now been officially removed from the Financial Action Task Force’s list of jurisdictions under increased monitoring due to financial risks, also known as the grey list.

Announcing the country’s exit from the grey list in a statement released on Friday, the director and chief executive officer of the Nigerian Financial Intelligence Unit, Hafsat Bakari, said Nigeria has enhanced the capacity of its intelligence and law enforcement agencies to detect, investigate, and prosecute financial crimes, while deepening international cooperation and intelligence sharing.

She said, “The NFIU is pleased to announce that the FATF, at its October 2025 Plenary in Paris, France, has officially removed Nigeria from the list of jurisdictions under increased monitoring, commonly known as the grey list.

Nigeria was removed from the grey list alongside Burkina Faso, Mozambique, and South Africa.

The decision was taken at the FATF October 2025 Plenary in Paris, France, following Nigeria’s successful implementation of a 19-point action plan aimed at strengthening its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.

Nigeria was placed on the grey list in February 2023 after the FATF identified strategic deficiencies in its AML/CFT systems.

Over the past two years, the Nigerian government has worked with the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa to address the identified gaps through legislative reforms, institutional strengthening, and enhanced inter-agency coordination.

Some of the key reforms cited by the FATF include the enactment and enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022; the operationalisation of the Beneficial Ownership Register; and improved supervision of designated non-financial businesses and professions.

“This milestone marks a historic moment in Nigeria’s fight against serious financial crimes. The delisting of Nigeria underscores the country’s commitment to global standards in combating money laundering, terrorist financing, and proliferation financing.

“Nigeria has demonstrated sustained commitment to financial transparency and integrity. Key milestones include the enactment and enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022; the operationalisation of the Beneficial Ownership Register, improving corporate transparency and accountability; implementation of stronger supervisory and preventive measures by public and private sector authorities to prevent abuse of Nigeria’s financial system; increased international cooperation and cross-border intelligence exchange with regional and global partners; and improved supervision of Designated Non-Financial Businesses and Professions,” she added.

Mrs Bakari noted that a high-level Nigerian delegation — including the attorney-general of the federation and minister of justice, the ministers of finance and interior, and the director of the NFIU — represented the country at the plenary.

Mrs Bakari, who led the implementation of the reform plan, described the delisting as “a true test of Nigeria’s resilience, coordination, and unwavering commitment to reform.”

She commended President Bola Tinubu for his leadership and thanked key government institutions, the National Assembly, the judiciary, and the private sector for their roles in achieving the milestone.

Ms Bakari urged all stakeholders to sustain the reform momentum to ensure Nigeria maintains compliance with global financial integrity standards.