President Bola Tinubu has welcomed Nigeria’s removal from the Financial Action Task Force (FATF) grey list.

‎The FATF announced Nigeria’s delisting at its plenary in Paris, France, on Friday.

‎Presidential spokesperson, Bayo Onanuga, disclosed this in a statement issued in Abuja.

‎The FATF is the world’s leading body for setting standards against money laundering, terrorist financing, and proliferation financing.

‎The decision officially removed Nigeria from the list of jurisdictions under increased monitoring, commonly known as the “grey list.”

‎Mr Tinubu described the development as “a major milestone in Nigeria’s journey towards economic reform, institutional integrity and global credibility.”

‎The delisting followed Nigeria’s successful completion of its FATF Action Plan.

‎It marked over two years of coordinated reforms to strengthen the nation’s Anti-Money Laundering and Counter-Financing of Terrorism (AML/CFT) framework.

‎Nigeria was placed on the grey list in February 2023, signalling the need for stronger enforcement, better coordination, and improved transparency.

‎Under Mr Tinubu’s leadership, and in line with his economic transformation agenda, Nigeria enacted far-reaching legal and institutional reforms.

‎The Nigerian Financial Intelligence Unit (NFIU) coordinated these efforts with the attorney-general, ministers of finance, justice, interior, and economy.

Mr Tinubu acknowledged the critical support of the secretary to the government of the federation and several ministers, including those of defence, aviation, and budget.

‎He also praised contributions from the ministers of foreign affairs, solid minerals, and state for finance, as well as the National Security Adviser, the National Assembly, and the judiciary.

‎The president commended NFIU director/CEO, Hafsat Bakari, and her team for ensuring the timely implementation of Nigeria’s Action Plan.

‎He stated that their diligence earned global recognition for Nigeria’s progress in combating financial crimes.

‎“Without their dedication and sacrifice, today’s success could not have been achieved.

“I thank them for their efforts and urge other stakeholders to emulate their standards,” Mr Tinubu said.

‎He further applauded all ministries, agencies, and private sector representatives who contributed through the National Task Force on AML/CFT.

‎According to the president, Nigeria’s removal from the FATF grey list is “not just a technical accomplishment, it is a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.

‎“The exit from the FATF grey list marks the beginning of a new chapter in the nation’s financial reform agenda.

‎“Nigeria will sustain the already institutionalised reforms, deepen institutional collaboration and continue to build a financial system that Nigerians and the world can trust.”

(NAN)