NFIU Credits AML/CFT Strategic Reforms behind Nigeria’s Nears Exit from FATF Greylist
Nigerian Financial Intelligence Unit (NFIU) has credited a series of strategic reforms under the national Anti-Money Laundering, Counter-Financing of Terrorism, and Counter-Proliferation Financing (AML/CFT/CPF) framework, behind Nigeria’s significant strides toward exiting the Financial Action Task Force (FATF) greylist, marking a critical milestone in the country’s fight against money laundering, terrorist financing, and financial crimes.
In a statement, Chief Executive Officer of NFIU, Hafsat Bakari, commended the collective efforts of government agencies and stakeholders.
“Congratulations and a job well done as Nigeria comes closer to exiting the FATF grey list. The results achieved as part of the strategic reforms must be applauded,” Bakari said.
Bakari said the NFIU, serving as the Secretariat of the Inter-Ministerial Committee on AML/CFT/CPF, spearheaded the development of a comprehensive roadmap to address deficiencies highlighted in Nigeria’s 2021 mutual evaluation report. She explained that the roadmap was recently reviewed and endorsed at the FATF Plenary in Strasbourg, France, where it was acknowledged that Nigeria has completed the implementation of its Action Plan within the agreed deadline—a rare achievement among listed jurisdictions.
She highlighted the pivotal role of political leadership in this success: “The clear focus and leadership of His Excellency, President Bola Ahmed Tinubu GCFR, provided an enabling environment for the reform processes. His dynamic leadership, alongside the support of the Federal Executive Council and the National Assembly, has been a critical success factor.”
She also emphasized the crucial contributions of the Judiciary, which has demonstrated the effectiveness of Nigeria’s legal framework in combating financial crimes.
She added that the Attorney-General of the Federation and Minister of Justice, Minister of Finance and Coordinating Minister of the Economy, and the Minister of Interior, who led the Inter-Ministerial Committee, were credited for providing strategic direction.
“The commitment of these key officials, along with support from the National Security Adviser and various ministers, has been instrumental in driving the reforms forward,” Bakari said.
A broad coalition of agencies formed the backbone of the national effort, including the Central Bank of Nigeria, Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), Nigeria Customs Service, Nigeria Police Force, and many others. Their coordinated efforts have strengthened Nigeria’s defenses against illicit financial activities.
Despite the progress, Bakari cautioned that key steps remain before Nigeria can officially exit the greylist.
“A critical upcoming milestone is the onsite assessment by the FATF in the next few weeks. This assessment is an opportunity to demonstrate Nigeria’s highest political commitment to sustaining the reform programme and to showcase the impressive results achieved by both public and private sectors in preventing, detecting, and disrupting serious crimes,” she added.
She reiterated the NFIU’s dedication to the ongoing fight, adding “The NFIU remains committed to supporting and working with all stakeholders in strengthening our collective defenses against money laundering, terrorist financing, and other serious crimes.”
