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Nigeria has made significant strides in meeting the Financial Action Task Force’s (FATF) requirements, having successfully completed 30% of its Action Plan. This progress is crucial in the country’s efforts to exit the FATF grey-list by May 2025, as confirmed by a recent statement from the Nigerian Financial Intelligence Unit (NFIU).
The FATF grey-listing in February 2023 highlighted critical shortcomings in Nigeria’s ability to effectively combat money laundering and terrorism financing. Since then, Nigeria has been actively addressing these gaps, with a comprehensive Action Plan in place to strengthen financial oversight and compliance.
In a recent statement, the Presidency reiterated its strong commitment to achieving full compliance with FATF’s recommendations, underscoring that the government is determined to meet the May 2025 deadline. This reassurance is aimed at both domestic and international stakeholders, demonstrating Nigeria’s resolve to tackle financial crime and enhance its global standing.
As part of its ongoing efforts, an inter-agency team, led by Hafsat Abubakar Bakari, the CEO of the NFIU, recently met with the FATF’s International Cooperation Review Group (ICRG) in Brussels on September 3, 2024. The meeting was a key step in presenting Nigeria’s fourth tri-annual progress report, outlining the country’s achievements since the previous review.
The Nigerian delegation to Brussels included representatives from vital institutions responsible for financial oversight and enforcement. These institutions comprised the Central Bank of Nigeria (CBN), Department of State Services (DSS), Economic and Financial Crimes Commission (EFCC), Federal Ministry of Justice, Independent Corrupt Practices Commission (ICPC), National Insurance Commission (NAICOM), Nigeria Customs Service (NCS), Nigeria Export Processing Zones Authority (NEPZA), Special Control Unit Against Money Laundering (SCUML), and the Securities and Exchange Commission (SEC).
The delegation presented evidence of Nigeria’s compliance with the FATF’s recommendations, showcasing measures taken to improve the country’s anti-money laundering (AML) and counter-terrorism financing (CTF) frameworks. These updates are part of the series of commitments Nigeria has made to the FATF as it works to secure its removal from the grey-list.
Exiting the grey-list is essential not only for Nigeria’s financial integrity but also for restoring its global reputation as a secure and compliant financial jurisdiction. Achieving this goal would likely enhance investor confidence, stimulate economic growth, and reinforce Nigeria’s position in the international financial system.
As the May 2025 deadline approaches, the country remains focused on completing the remaining 70% of its FATF Action Plan. The recent meeting in Brussels reflects Nigeria’s ongoing dedication to financial reform, with the Presidency and relevant agencies working together to achieve full compliance.
The government’s concerted efforts send a strong signal that Nigeria is on track to emerge as a stronger and more resilient player in the global financial arena.
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