In a determined effort to restore Nigeria’s global financial reputation, the Federal Government has pledged to remove the country from the Financial Action Task Force (FATF) Grey List by May 2025.
Femi Gbajabiamila, Chief of Staff to President Bola Tinubu, made this disclosure during a crucial visit to the Nigerian Financial Intelligence Unit (NFIU) office in Abuja. The FATF Grey List, which Nigeria was added to on February 24, 2023, signals concerns over inadequate measures to combat money laundering, terrorism financing, and arms proliferation—a status that could significantly impact the nation’s economy and international standing.
Nigeria’s placement on the Grey List came as a result of increased capital inflows combined with insufficient controls to address these financial crimes. The FATF, an international watchdog that promotes policies to secure the global financial system, mandates stringent Anti-Money Laundering, Counter Financing of Terrorism, and Proliferation (AML/CFT/P) standards.
Gbajabiamila, responding to a call for high-level intervention from NFIU Director and CEO, Hafsat Bakari, assured that the government is fully committed to meeting the FATF action plan before the looming deadline. Acknowledging that NFIU has already completed 30% of the required action plan, Gbajabiamila emphasized the urgency of finishing the remaining tasks swiftly. “We have nine months left to exit the Grey List, and being on that list is unacceptable for our country,” he stated.
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He further pledged that his office would maintain close collaboration with the NFIU to safeguard Nigeria’s financial system from threats such as money laundering, terrorism financing, and arms proliferation. “There is much to be done, and we are here to collaborate with you to ensure we reach our goals,” Gbajabiamila affirmed, highlighting his previous experience with NFIU as the Speaker of the House of Representatives and expressing satisfaction with the agency’s independence and progress.
The Chief of Staff also praised the NFIU for its role in enforcing the Supreme Court’s ruling on local government autonomy, further solidifying the agency’s importance in Nigeria’s financial landscape.
NFIU Director Hafsat Bakari outlined the agency’s achievements, including the connection of over 45 agencies to its intelligence-sharing platform and the integration of 18 state internal revenue services to enhance domestic revenue generation. She also detailed the NFIU’s ongoing efforts to implement a monetary network framework aimed at ensuring the effective use of resources in line with the Supreme Court’s judgment on local government fiscal autonomy.
