Tinubu Lauds Nigeria’s Removal from Global Financial Watchlist

President Bola Tinubu has hailed the removal of Nigeria from the Financial Action Task Force (FATF) grey list.

In February 2023, Nigeria was placed on the grey list after the FATF identified strategic deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) systems.

However, over two years later, the FATF removed Nigeria from the list following the country’s successful implementation of a 19-point action plan aimed at strengthening its (AML/CFT) framework.

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

This was contained in a statement by the presidential spokesman, Bayo Onanuga.

Onanuga said Tinubu applauded the vital support from the Secretary to the Government of the Federation, the Minister of Aviation, the Minister for Budget and Economic Planning, the Minister for Defence, the Minister for Foreign Affairs, the Minister for Solid Minerals, the Minister of State for Finance, the National Security Adviser as well as the leadership of the National Assembly and the Judiciary, in the attainment of the laudable achievement.

According to the statement, the President commended the Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, and the staff for their diligence in ensuring the complete and timely implementation of the country’s Action Plan.

He noted that the NFIU’s work has led to the recognition by the international community of the strides Nigeria has made in strengthening its measures to tackle serious crimes.

“Without their dedication and sacrifice, today’s success could not have been achieved. I thank them for their efforts and urged other stakeholders to emulate their standards,” President Tinubu said.

Tinubu also commended all Ministries, Agencies, their heads and private sector representatives who contributed to the delisting through their active participation in the National Task Force on AML/CFT.

Among these are the Governor of Central Bank of Nigeria, the Registrar-General of the Corporate Affairs Commission, the Chief of the Defence Staff, the Director-General of the Department of State Services, the Executive Chairman of the Economic and Financial Crimes Commission, the Chairman of the Independent Corrupt Practices Commission, the National Coordinator National Counter-Terrorism Centre, the Chairman National Drug Law Enforcement Agency, the Commissioner/Chief Executive Officer of the National Insurance Commission, the Comptroller-General of the Nigeria Customs Service, the Managing Director Nigeria Export Processing Zones Authority, the Inspector-General of Police, and the Director-General Securities and Exchange Commission, as well as all their dedicated staff.