NFIU Applauds Exit From FATF Grey List and EU High-Risk Category
By Patience Ikpeme
The Nigerian Financial Intelligence Unit (NFIU) has expressed gratitude to the various stakeholders whose collaborative efforts led to Nigeria’s official exit from the Financial Action Task Force (FATF) Grey List.
This significant milestone, achieved in October 2025, is now followed by the impending removal of Nigeria from the European Union (EU) list of high-risk third countries, scheduled for the end of January 2026.
While the NFIU remains the primary agency driving compliance with international standards on Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation Financing (AML/CFT/CPF), the unit noted that these successes “reflect a whole-of-government and whole-of-society approach to building strong barriers to illicit finance.”
In a statement released on Sunday in Abuja, the Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, characterized the recent decisions by the FATF and the EU as “proof of the credibility of Nigeria’s reforms.”
“Nigeria’s exit from the FATF Grey List and the European Union’s high-risk third country list reflects the strength of our collective resolve and the effectiveness of sustained, coordinated reforms. This milestone underscores our commitment to upholding global standards on anti-money laundering, counter-terrorism financing and counter-proliferation financing, while reinforcing international confidence in Nigeria’s financial system,” Ms. Bakari said.
She further stated that “the success we have enjoyed would not have been possible without the guidance of His Excellency President Bola Ahmed Tinubu GCFR and his commitment to building a safe and prosperous Nigeria.”
The reform process benefited from the strategic leadership of the Inter-Ministerial Committee on AML/CFT/CPF. This body, comprising the Attorney-General of the Federation and Minister of Justice, alongside the Ministers of Finance, Interior, and State for Finance, provided the necessary oversight and policy coherence to maintain momentum.
Additional support came from a broad coalition of cabinet members, including the Ministers of Aviation, Budget and Economic Planning, Defence, Industry, Trade and Investment, and Solid Minerals Development. Their specific interventions helped establish a secure regulatory environment across the country’s most vital economic sectors.
Security-related risks were managed with greater precision under the Office of the National Security Adviser. This focus led to improved inter-agency collaboration, particularly in the areas of identifying and neutralizing terrorism financing networks.
On the regulatory front, the Central Bank of Nigeria, the Securities and Exchange Commission, the National Insurance Commission, and the Special Control Unit Against Money Laundering (SCUML) of the EFCC enforced stricter supervision. These bodies improved market entry controls and ensured that suspicious transaction reporting became more effective across both financial and non-financial sectors.
Transparency in the corporate sector saw a significant boost through the actions of the Corporate Affairs Commission, the Nigeria Export Processing Zones Authority, and the Oil and Gas Free Zones Authority. These agencies deployed modern systems to track beneficial ownership and align with international best practices.
The statement also recognized the contributions of law enforcement. The Nigeria Police Force, Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Department of State Services, Defence Intelligence Agency, National Drug Law Enforcement Agency, and the Code of Conduct Bureau were instrumental in the investigation and prosecution of high-risk financial crimes.
At the nation’s borders, the Nigeria Customs Service, Nigeria Immigration Service, and aviation authorities worked to detect the movement of illicit cash and high-value goods, supported by the investigative capacity of the EFCC.
Ms. Bakari pointed out that the impact of these changes is meant to be permanent. “The successful delisting of Nigeria from the FATF Grey List and the EU AML/CFT list is a clear signal that our reforms are deep, credible and sustainable. It reflects years of disciplined implementation across government, law enforcement, the judiciary and the private sector,” she added.
The legal weight of these reforms was provided by the National Assembly and the Judiciary. The leadership of the Senate and the House of Representatives ensured a solid legal foundation, while the Chief Judge and Justices of the Federal High Court were recognized for ensuring that sanctions remained proportionate and acted as a genuine deterrent.
The private sector and non-profit organizations were also named as central players. Compliance officers within financial institutions and non-financial businesses have been pivotal in the day-to-day effectiveness of the new framework.
Looking toward the future, the NFIU head noted that the work continues as the country prepares for its next Mutual Evaluation.
“This achievement belongs to Nigeria and its partners. The NFIU remains steadfast in its resolve to deepen cooperation, enhance intelligence-led supervision and ensure that Nigeria continues to meet and exceed global AML/CFT/CPF expectations,” she said.
