Nigeria has officially been removed from the list of jurisdictions under increased monitoring, also known as the grey list, by the Financial Action Task Force (FATF). This decision was made at the FATF’s October 2025 Plenary in Paris, France, marking a significant milestone in Nigeria’s efforts to combat serious financial crimes.
The Nigerian Financial Intelligence Unit (NFIU) announced the country’s exit from the grey list, highlighting its commitment to global standards in combating money laundering, terrorist financing, and proliferation financing. Nigeria was initially placed on the grey list in February 2023 due to identified strategic deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
Over the past two years, Nigeria has worked diligently to address these concerns through a 19-point action plan developed in collaboration with the FATF and its regional counterpart, the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA). Key reforms include the enactment and enforcement of the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022. Additionally, Nigeria has operationalized the Beneficial Ownership Register, improved corporate transparency and accountability, and enhanced the capacity of its intelligence, law enforcement, and security agencies to detect and prosecute complex financial crimes.
The implementation of stronger supervisory and preventive measures by public and private sector authorities has also prevented the abuse of Nigeria’s financial system for criminal activity. Furthermore, the country has increased international cooperation and cross-border intelligence exchange with regional and global partners, as well as improved supervision of Designated Non-Financial Businesses and Professions (DNFBPs).
Speaking on behalf of Nigeria, Minister of Finance Wale Edun reaffirmed the country’s commitment to strong Anti-Money Laundering and Counter-Financing of Terrorism systems. He emphasized that Nigeria’s ambition goes beyond simply exiting the grey list, focusing on driving reforms, enacting legislative enhancements, and strengthening institutions to effectively counter money laundering and terrorist financing.
The Director/Chief Executive Officer of the NFIU, Ms. Hafsat Bakari, commended the collective effort that led to this achievement, thanking President Bola Ahmed Tinubu for his leadership and strategic guidance. Nigeria’s removal from the FATF grey list is a significant accomplishment, demonstrating the country’s resilience, coordination, and commitment to reform. This development is expected to boost Nigeria’s reputation and confidence in its financial system, signaling to the world that the country can meet and exceed global standards in financial integrity.