The Economic and Financial Crimes Commission (EFCC) and Nigeria Financial Intelligence Unit (NFIU) have joined forces to strategize Nigeria’s exit from the Financial Action Task Force (FATF) Grey List. This collaboration was highlighted during a recent meeting between Hafsat Bakari, Director and CEO of NFIU, and Ola Olukoyede, Executive Chairman of EFCC.

Bakari emphasized the importance of building a strong partnership to address the FATF challenge and ensure Nigeria’s removal from the grey list. She outlined the intelligence-generating and sharing efforts of NFIU, emphasizing the unit’s commitment to enforcing compliance obligations and tackling corruption, insecurity, and terrorist financing.

Olukoyede echoed Bakari’s sentiments, pledging EFCC’s full support towards Nigeria’s exit from the grey list. He emphasized the need for preventive frameworks to combat economic and financial crimes, stating that prevention is more cost-effective than fighting corruption.

In February 2023, Nigeria was added to the FATF Grey List, requiring the implementation of a 19-item action plan by May 2025 to avoid being upgraded to the Black List. Olukoyede expressed confidence in the collective efforts of EFCC, NFIU, and other agencies to facilitate Nigeria’s removal from the grey list.

This collaboration signifies a united front in addressing financial crimes and ensuring Nigeria’s economic growth and development. By working together, these agencies aim to safeguard the nation’s integrity and reputation on the global stage.