The Senate has praised President Bola Ahmed Tinubu, the Nigerian Financial Intelligence Unit, NFIU, and other key institutions for their pivotal roles in ensuring Nigeria’s removal from the Financial Action Task Force, FATF, Grey List, describing it as a significant milestone for the country’s financial integrity and international standing.
The commendation came after a motion was moved by Senator Emmanuel Udende under matters of urgent public importance, in accordance with Orders 41 and 51 of the Senate Standing Orders, 2023 (as amended).
Introducing the motion, Udende said Nigeria’s delisting from the FATF Grey List reflects the country’s remarkable progress in addressing strategic deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism, AML/CFT, framework and demonstrates its strong commitment to global financial integrity standards.
He recalled that Nigeria’s earlier inclusion on the list had subjected the nation to heightened international monitoring, scrutiny, and reputational risks, which adversely affected investor confidence and limited access to global financial markets.
Udende attributed the country’s delisting to the successful implementation of extensive reforms and policy measures by the Executive Arm of Government, the National Assembly, and several regulatory and enforcement agencies.
In its resolution, the Senate acknowledged what it called the invaluable leadership and contributions of President Tinubu, the President of the Senate, the NFIU, the Economic and Financial Crimes Commission, EFCC, the Independent Corrupt Practices and Other Related Offences Commission, ICPC, the Central Bank of Nigeria, CBN, and other relevant stakeholders whose coordinated actions culminated in this significant national achievement.
Lawmakers welcomed the delisting as a development that has boosted investor confidence and reassured the international community of Nigeria’s renewed commitment to transparency, accountability, and global financial standards.
“Nigeria’s financial and regulatory systems have regained international credibility and compliance with FATF recommendations, enhancing the country’s reputation as a safe and attractive destination for foreign investment,” the lawmakers observed.
According to the motion, Nigerian financial institutions previously burdened by additional scrutiny, high compliance costs, and delayed transactions will now experience smoother and faster cross-border operations, improving trade facilitation and remittance inflows.
The motion further outlined the long-term economic benefits of Nigeria’s delisting, including transformative impacts on the economy through sustained foreign direct investment across key sectors such as energy, technology, agriculture, and manufacturing, alongside a stronger naira, improved regulatory stability, and expanded job opportunities.
By adopting the motion, the Senate resolved to commend the President and called on financial and enforcement agencies to uphold continuous compliance with international best practices to prevent any regression.
Additionally, the Senate directed its Committee on Anti-Corruption and Financial Crimes to maintain legislative oversight and periodic policy reviews to further reinforce Nigeria’s financial governance framework.
Nigeria was first added to the FATF Grey List in 2021 due to weaknesses in its anti-money laundering and counter-terrorism financing systems. The country’s removal was formally announced at the FATF October 2025 Plenary in Paris, France, following the successful completion of a 19-point action plan designed to strengthen its AML/CFT regime.
Over the past two years, Nigeria has collaborated closely with the Inter-Governmental Action Group Against Money Laundering in West Africa, GIABA, and the FATF to close identified gaps through comprehensive legislative and institutional reforms.
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