Nearly two years after being placed under global scrutiny for weaknesses in its financial crime controls, Nigeria has been officially removed from the Financial Action Task Force (FATF) grey list.
The announcement came during the FATF October 2025 Plenary held in Paris, France, where the international watchdog delisted Nigeria from the list of jurisdictions under increased monitoring.
The country was originally placed on the grey list in February 2023 after FATF identified strategic deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
Nigeria’s removal follows the successful implementation of a 19-point Action Plan developed with FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), which included legislative reforms, institutional strengthening, and enhanced inter-agency coordination.
On the significance of the achievement, the Minister of Finance, Mr. Wale Edun, said Nigeria’s focus was not merely on exiting the grey list, but on overhauling its anti-financial crime systems.
“Nigeria’s ambition was never limited to simply completing the Action Plan and exiting the grey list. Our focus has been on driving reforms, enacting legislative enhancements and strengthening institutions to ensure Nigeria effectively counters money laundering and terrorist financing. For us, the Action Plan was not the ceiling, but the floor of our aspirations.”
He explained that the reforms are part of a broader national agenda prioritising transparency, integrity, and accountability, extending beyond mere compliance.
The Attorney-General of the Federation, Lateef Fagbemi, welcomed Nigeria’s inclusion in the FATF Guest Jurisdictions Initiative, describing it as a vote of confidence in the country’s financial integrity reforms.
He said the initiative would allow Nigeria, represented by the NFIU, to participate in FATF meetings under its own flag for one year and contribute to international discussions on AML/CFT policies.
Ms. Hafsat Abubakar Bakari, Director and Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), who oversaw the reform process, described the delisting as the result of a coordinated national effort.
“Nigeria’s removal from the FATF grey list is a true test of our resilience, coordination and unwavering commitment to reform. It is a clear signal to the world that Nigeria can meet and exceed global standards in financial integrity.”
She added that the achievement marks the beginning of a more robust and transparent financial system.
“This is not the end of our journey, but the beginning of a stronger, more transparent financial ecosystem.”
Ms. Bakari also acknowledged the leadership of President Bola Tinubu, the Vice-President, the Federal Executive Council, National Assembly, Judiciary, and other agencies, as well as private sector and non-profit organisations whose contributions were critical to Nigeria’s delisting.
She called on all stakeholders to sustain the reforms and ensure Nigeria continues to lead by example in financial transparency.
During the same plenary, FATF also removed Burkina Faso, Mozambique, and South Africa from the grey list, reflecting wider progress in financial integrity across the African continent.
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