GGTNigeria Commends Nigeria’s Removal from FATF Grey List, Describes It as Milestone for Economic Renewal

Folalumi Alaran in Abuja

The Good Governance Team (GGTNigeria) has applauded Nigeria’s removal from the Financial Action Task Force (FATF) grey list, describing it as a significant milestone in the country’s economic renewal and financial integrity.

In a statement signed by its Convener, Tunde Salman, the group congratulated the Federal Republic of Nigeria for what it termed a “remarkable testament” to the nation’s determination to strengthen its financial systems, restore international confidence, and uphold transparency and accountability.

According to GGTNigeria, the FATF’s announcement follows a comprehensive evaluation confirming Nigeria’s substantial progress in addressing previously identified deficiencies in its anti-money laundering (AML) and counter-terrorist financing (CTF) frameworks.

The group noted that the delisting underscores Nigeria’s strengthened institutional capacity and the coordinated reforms implemented across key agencies such as the Central Bank of Nigeria (CBN), the Nigerian Financial Intelligence Unit (NFIU), the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), with support from anti-corruption civil society organisations.

Through legislative improvements, enforcement actions, and policy alignment with global standards, GGTNigeria said, the country has demonstrated renewed commitment to combating illicit financial flows, terrorist financing, and corruption.

It added that the removal from the grey list will enhance Nigeria’s economic and diplomatic prospects by signalling to global investors that the nation’s financial system is credible and stable. The development, the group said, is expected to boost investor confidence, attract foreign direct investment (FDI), and improve access to trade financing and foreign exchange inflows.

“The decision strengthens Nigeria’s standing in the international financial system and reinforces its image as a reform-driven economy committed to the rule of law and accountability,” the statement read.

However, GGTNigeria cautioned against complacency, urging sustained reforms and continued political will to consolidate the gains achieved. The group called on government to deepen transparency in beneficial ownership disclosures, ensure effective prosecution of financial crimes, and maintain inter-agency collaboration to prevent future lapses.

It further advised that the Federal Government provide improved funding to the NFIU and other anti-corruption agencies to strengthen their operations, while working closely with professional bodies such as the Nigerian Bar Association (NBA), the Institute of Chartered Accountants of Nigeria (ICAN), the Nigerian Institution of Estate Surveyors and Valuers (NIESV), and civil society organisations to uphold professional ethics and statutory reporting obligations.

GGTNigeria described the FATF delisting as both a victory and a responsibility, emphasizing the need to ensure that transparency, integrity, and accountability remain the cornerstones of Nigeria’s national development.