NEITI: Exit from FATF grey list will boost Nigeria’s international credibility

The Nigeria Extractive Industries Transparency Initiative (NEITI) says the country’s delisting from the Financial Action Task Force’s (FATF) grey list of nations under enhanced scrutiny will boost the nation’s international credibility.

In a statement issued on Monday, Orji Ogbonnaya Orji, the executive secretary, hailed the achievement as “a strong vote of confidence in Nigeria’s reforms to combat corruption, improve financial transparency, and strengthen accountability systems across all sectors of the economy”.

Orji said Nigeria’s removal from the list was the result of evident progress in strengthening the country’s anti-money laundering and counter-terrorist financing (AML/CFT) framework, improving regulatory supervision, and maintaining consistent collaboration among major national stakeholders.

According to the executive secretary, one of the positive impacts of the delisting on Nigeria’s economy, governance, and investment climate is to “boost international credibility and investor confidence”.

“Nigeria’s exit sends a clear signal that our financial system is increasingly compliant with global transparency and integrity standards, making the country more attractive for foreign investment and international partnerships,” he said.

Orji said Nigeria stands to gain from lower risk assessments, smoother cross-border transactions, and enhanced access to global financing and correspondent banking services.

“With the stigma of high-risk status removed, the private sector, especially the extractive industries, will benefit from increased investor interest, smoother trade flows, and greater confidence in Nigeria’s financial governance,” he said.

NEITI noted that, beyond its impact on financial markets, the delisting signifies stronger institutional reforms in Nigeria and greater efficiency among key anti-corruption and regulatory bodies, including the BPP, CCB, CBN, the Federal Ministry of Justice, law enforcement agencies, development partners, and diplomatic missions.

‘IT REINFORCES NEITI’S WORK ON ACCOUNTABILITY’

“The FATF delisting is not just a regulatory success—it is a governance success. It strengthens Nigeria’s standing in the international transparency community and reinforces NEITI’s work to ensure openness, accountability, and integrity in the extractive industry,” Orji said.

He further recognised the crucial role played by the inter-governmental action group Against Money Laundering in West Africa (GIABA) in advancing Nigeria’s reform efforts. 

Orji stressed that Nigeria’s removal from the FATF grey list represents more than a national milestone, describing it as a collective regional success made possible through collaboration, mutual accountability, and reform initiatives driven by WABOT and GIABA.

He reaffirmed the agency’s resolve to collaborate with the anti-corruption community and development partners to sustain progress, prevent policy setbacks, and strengthen ongoing reforms to keep Nigeria permanently off the grey list.

The NEITI boss also commended the country’s anti-corruption and financial oversight agencies for their role in achieving the milestone.

He emphasised the importance of the existing memoranda of understanding between NEITI and agencies such as the Economic and Financial Crime Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), and Independent Corrupt Practices & 
Other Related Offences Commission (ICPC).

Orji noted that they serve as vital channels for data and information exchange in monitoring money laundering and illicit financial flows.

The executive secretary also recognised the “outstanding” contributions of the 24 member agencies within the inter-agency task team (IATT), which NEITI chairs with support from the technical unit on governance and anti-corruption reforms (TUGAR).

Orji, who also serves as the co-chair of the West African Beneficial Ownership Transparency Forum (WABOT), described Nigeria’s delisting from the FATF grey list as a significant affirmation of West Africa’s renewed dedication to transparency and financial integrity.

He said WABOT has stepped up initiatives to strengthen beneficial ownership reforms, encourage peer learning, and establish unified standards across West Africa to tackle illicit financial flows.

The NEITI boss said Nigeria’s leadership role in the forum has fostered stronger policy alignment, better disclosure practices, and improved cross-border collaboration on transparency, effectively addressing major FATF concerns regarding the ownership of legal entities and arrangements.

He said the advancement is bolstering trust in Nigeria’s reform efforts and motivating broader regional adoption of beneficial ownership as a key tool to combat corruption and strengthen AML/CFT initiatives.

Orji also praised the media and civil society organisations for their vigilance, advocacy, public awareness efforts, and “naming and shaming” campaigns that have reinforced public accountability and deterred corruption.