The United Kingdom High Commissioner to Nigeria, Richard Montgomery, and the Nigeria Network of NGOs have commended Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing it as a major stride toward improved financial integrity, transparency, and global credibility.
The FATF, at its October 2025 plenary in Paris, officially delisted Nigeria after the country successfully fulfilled a 19-point Action Plan to strengthen its Anti-Money Laundering and Countering the Financing of Terrorism framework.
Nigeria had been placed on the list in February 2023 for deficiencies in its financial oversight systems but has since undertaken wide-ranging reforms, including new legislation, institutional strengthening, and enhanced inter-agency collaboration.
In a statement, the Director and CEO of the Nigerian Financial Intelligence Unit, Hafsat Bakari, confirmed that Nigeria has upgraded its intelligence and enforcement capabilities to better detect and prosecute financial crimes while deepening international cooperation.
Reacting on X, the UK High Commissioner hailed the move as “brilliant news,” noting that the development would boost investor confidence and open new opportunities for trade and investment.
Similarly, the Nigeria Network of NGOs described the delisting as a “critical inflection point” that reflects the success of government–civil society collaboration and the country’s renewed commitment to global financial standards.
Executive Director Oyebisi Oluseyi highlighted that civil society groups have long engaged in FATF-related reforms through conferences, workshops, and partnerships with regulatory agencies, ensuring that compliance measures remain proportionate and effective.
He noted that removing nonprofit organisations from the list of designated non-financial businesses was a key reform that reduced unnecessary compliance burdens.
According to Oluseyi, exiting the FATF grey list will ease international transactions, encourage capital inflows, and strengthen remittances critical to poverty reduction and development.
However, he cautioned that the challenge ahead lies in making sure the reforms achieved during FATF monitoring are institutionalised to prevent Nigeria from ever returning to the grey list.
Advertisement
