Senate hails Tinubu over Nigeria’s exit from FATF grey list

The Senate on Tuesday commended President Bola Tinubu, the Nigerian Financial Intelligence Unit (NFIU), and other key institutions for their roles in ensuring Nigeria’s removal from the Financial Action Task Force (FATF) grey list — a move described as a major boost to the country’s financial integrity and global image.

The commendation followed a motion sponsored by Senator Emmanuel Udende under matters of urgent public importance, pursuant to Orders 41 and 51 of the Senate Standing Orders, 2023 (as amended).

Presenting the motion, Udende said Nigeria’s delisting reflected the nation’s significant progress in addressing deficiencies in its anti-money laundering and counter-terrorism financing frameworks, adding that it demonstrated the government’s commitment to global financial standards.

He recalled that Nigeria’s inclusion on the grey list had exposed it to “heightened international monitoring, scrutiny, and reputational risks,” which dampened investor confidence and restricted access to global financial markets.

The senator attributed the country’s success to extensive reforms and policy measures implemented by the Executive, the National Assembly, and relevant regulatory and enforcement agencies.

In its resolution, the Senate recognised the “invaluable leadership and contributions” of President Tinubu, the President of the Senate, the NFIU, the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission, the Central Bank of Nigeria, and other stakeholders whose joint efforts led to the milestone.

Lawmakers noted that Nigeria’s removal from the list had boosted investor confidence and reassured the international community of the country’s renewed commitment to transparency, accountability, and adherence to global financial standards.

They further observed that Nigerian financial institutions, previously weighed down by additional scrutiny and compliance costs, now enjoy smoother and faster cross-border transactions, which have improved trade and remittance inflows.

The Senate highlighted the long-term benefits of the delisting, including increased foreign direct investment in key sectors such as energy, technology, agriculture, and manufacturing, as well as a stronger naira, enhanced regulatory stability, and job creation.

Adopting the motion, the Senate resolved to commend the President and urged relevant financial and enforcement agencies to consolidate the gains by maintaining compliance with international standards to prevent future relisting.

It also mandated the Senate Committee on Anti-Corruption and Financial Crimes to sustain legislative oversight and policy reviews to strengthen the country’s financial governance.

Nigeria was first placed on the FATF grey list in 2021 due to weaknesses in its anti-money laundering and counter-terrorist financing regime.

The country’s removal was announced at the FATF October 2025 Plenary in Paris, France, following the successful implementation of a 19-point action plan developed in collaboration with the Inter-Governmental Action Group Against Money Laundering in West Africa and FATF.