The Financial Action Task Force (FATF) has delisted Nigeria from its greylist of countries with deficiencies in anti-money laundering and counter-terrorist financing frameworks.
The global finance watchdog announced the decision at the end of a plenary meeting on Friday.
South Africa, Mozambique, and Burkina Faso were among the four African countries removed from the list.
The FATF said the countries’ governments stepped up efforts to combat money laundering and terrorist financing.
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The FATF said Nigeria had stronger inter-agency coordination, South Africa had sharpened tools to detect money laundering and terrorist financing.
The global finance watchdog said Mozambique had improved financial intelligence sharing, and Burkina Faso had enhanced oversight of financial institutions and gatekeepers.
The FATF evaluates jurisdictions based on their adherence to global anti-money laundering and counter terrorism financing standards.
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Nigeria was placed on the FATF greylist on in 2023.
A high-level delegation comprising Lateef Fagbemi, minister of justice and attorney-general; Wale Edun, minister of finance and coordinating minister of the economy; Olubunmi Tunji-Ojo, minister of interior; and Hafsat Bakari, CEO of the Nigerian Financial Intelligence Unit (NFIU) was present at the announcement of the country’s removal from the FTAF greylist in Paris.
In a statement after the announcement, the NFIU said it worked to address concerns over the past two years through a 19-point action plan developed in collaboration with the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), its regional counterpart.
President Bola Tinubu welcomed the development in a statement by Bayo Onanuga, his special adviser on information and strategy.
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“The exit from the FATF grey list marks the beginning of a new chapter in the nation’s financial reform agenda as Nigeria will sustain the already institutionalised reforms, deepen institutional collaboration and continue to build a financial system that Nigerians and the world can trust,” Tinubu said.
The president commended the NFIU for ensuring the complete and timely implementation of the country’s action plan.
Tinubu praised the accomplishment as a renewed vote of confidence in Nigeria’s financial governance.
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