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The Nigerian Senate has hailed President Tinubu, over the country's successful removal from the Financial Action Task Force (FATF) grey list, marking a pivotal victory in the nation's fight against money laundering and terrorist financing. The delisting was officially announced during the FATF's October 2025 Plenary in Paris, France, following Nigeria's diligent execution of a comprehensive 19-point action plan. Placed on the grey list in February 2023 due to identified strategic deficiencies in its anti-money laundering and counter-terrorist financing (AML/CFT) regime initially flagged back in 2021, the move had imposed heightened international scrutiny, eroded investor confidence, and restricted access to global financial markets. On Tuesday, the Senate chamber erupted in praise during a motion sponsored by Senator Emmanuel Udende (APC, Benue North-East) under matters of urgent public importance. Udende described the achievement as a "remarkable progress in addressing strategic deficiencies in our AML/CFT framework and demonstrates [Nigeria's] strong commitment to global financial integrity standards." He credited the milestone to "the successful implementation of extensive reforms and policy measures by the Executive Arm of Government, the National Assembly, and several regulatory and enforcement agencies." The Senate specifically recognized the "invaluable leadership and contributions" of President Tinubu, Senate President Godswill Akpabio, the Nigerian Financial Intelligence Unit (NFIU), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Central Bank of Nigeria (CBN), and other stakeholders. Lawmakers emphasized the tangible economic ripple effects of the delisting. "The delisting has boosted investor confidence and reassured the international community of Nigeria’s renewed commitment to transparency, accountability, and global financial standards," Udende noted in the motion. Nigerian financial institutions, previously saddled with "additional scrutiny, high compliance costs, and delayed transactions," can now anticipate "smoother, faster, and more cost-efficient cross-border operations," facilitating improved trade and remittance inflows. Looking ahead, the Senate anticipates "transformative impacts on the economy through sustained foreign direct investment across key sectors such as energy, technology, agriculture, and manufacturing," alongside a bolstered naira, enhanced regulatory stability, and increased job opportunities. Udende highlighted how the exit restores Nigeria's "international credibility and compliance with FATF recommendations, enhancing the country’s reputation as a safe and attractive destination for foreign investment. "In resolutions, the upper chamber commended President Tinubu and urged financial and enforcement agencies to "consolidate the gains by maintaining continuous compliance with international standards to prevent relapse." Additionally, the Senate mandated its Committee on Anti-Corruption and Financial Crimes to intensify legislative oversight and policy reviews, ensuring sustained strengthening of Nigeria's financial governance. Nigeria's journey off the grey list underscores two years of collaborative reforms with the FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA). Experts view this as a critical step toward economic recovery, potentially reversing the reputational damage that had deterred billions in potential investments. Click to signup for FREE news updates, latest information and hottest gists everyday
