Professor Franklin Ngwu, director of the Lagos Business School Public Sector Initiative, warned that Nigeria’s recent removal from the Financial Action Task Force (FATF) grey list does not guarantee the country will avoid being relisted in the future. Speaking on Arise Television, Ngwu emphasized that deep, lasting reforms are needed to prevent a relapse.
Nigeria was placed on the FATF grey list because of deficiencies in its anti‑money‑laundering and counter‑terrorist‑financing frameworks. Although corrective measures have been taken, leading to its removal, Ngwu noted that the nation’s recent performance on money laundering and corruption has been subpar. He pointed out that Nigeria’s history of struggling with these issues was the reason for its initial inclusion on the list.
The FATF grey list comprises jurisdictions with strategic weaknesses in anti‑money‑laundering and counter‑terrorist‑financing regimes, posing risks to the international financial system. Ngwu’s comments underscore the importance of sustained efforts to strengthen Nigeria’s financial regulatory framework and combat corruption. While the delisting is a significant step forward, it must be built upon with robust measures to prevent money laundering and terrorist financing.
In summary, the FATF’s decision to delist Nigeria is welcome but serves as a reminder of the need for continued vigilance and reform. As the country moves forward, prioritizing effective anti‑money‑laundering and counter‑terrorist‑financing measures will be essential to maintain its position in the global financial community and avoid a future relapse.
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