Nigeria has successfully implemented 30 per cent of the Action Plan required by the Financial Action Task Force (FATF) to exit the grey-list by 2025.
A statement from the Nigerian Financial Intelligence Unit (NFIU) on Wednesday said this progress indicates that the country remains on track to meet the final deadline of May 2025, a crucial milestone in its ongoing efforts to strengthen financial oversight and combat money laundering and terrorism financing.
The Presidency had recently stressed its unwavering commitment to this objective, reiterating that the administration is dedicated at the highest levels to ensuring that all necessary measures are in place to complete the Action Plan on time.
This public statement comes as Nigeria seeks to reassure both domestic and international stakeholders of its resolve to address the issues that led to its inclusion on the FATF grey-list in February 2023.
To further demonstrate its commitment, an inter-agency team led by Hafsat Abubakar Bakari, the Chief Executive Officer of the NFIU, met with the FATF’s International Cooperation Review Group (ICRG) in Brussels, Belgium, on September 3, 2024.
The meeting was a critical component of Nigeria’s efforts to provide updates and evidence of progress on the Action Plan.
The Nigerian delegation to Brussels was composed of representatives from key institutions involved in the country’s financial oversight and enforcement mechanisms including the Special Control Unit Against Money Laundering (SCUML)
EFCC is an enforcement agency for money laundering investigations and prosecutions as well as its department SCUML as a supervisor for the Designated Non Financial businesses and Professions (DNFBPs) sector
During the meeting, the team presented Nigeria’s fourth tri-annual progress report, which detailed the steps taken since the last review.
This report is part of a series of updates that Nigeria has committed to providing as it works towards full compliance with the FATF’s recommendations.
The FATF grey-listing in February 2023 was a significant wake-up call for Nigeria, highlighting deficiencies in the country’s ability to prevent and combat money laundering and terrorism financing.
Since then, the government has taken decisive actions to address these gaps, including the establishment of the inter-agency task force that now spearheads the implementation of the Action Plan.
The success of this initiative is critical not only for Nigeria’s financial integrity but also for its standing in the international community.
Removal from the FATF grey-list would enhance Nigeria’s reputation as a secure and compliant financial jurisdiction, which in turn could bolster investor confidence and foster economic growth.
As the May 2025 deadline approaches, all eyes will be on Nigeria to see if it can sustain the momentum and complete the remaining tasks in the Action Plan. The recent meeting in Brussels is a positive indicator, suggesting that the country is well-positioned to meet its commitments and ultimately, secure its removal from the grey-list.
The Presidency’s recent public statement, coupled with the proactive efforts of the inter-agency team, sends a clear message: Nigeria is serious about its financial reform agenda and is determined to emerge as a stronger, more resilient player in the global financial system.