GOOD GOVERNANCE TEAM APPLAUDS NIGERIA’S REMOVAL FROM FATF GREY LIST

By Tunde Salman

— Describes it as a milestone for economic renewal, financial integrity, and global confidence

The Good Governance Team (GGTNigeria), a civil society platform dedicated to promoting transparency, accountability, and governance reform, has commended the Federal Republic of Nigeria for its recent removal from the Financial Action Task Force (FATF) Grey List, describing the milestone as a major victory for economic renewal and financial integrity.

In a statement issued in Abuja on Tuesday, 28th October 2025, the group congratulated the Nigerian government, relevant regulatory institutions, and civil society partners for the collective effort that led to this achievement.

“This development is a remarkable testament to Nigeria’s determination to strengthen its financial systems, restore international confidence, and uphold the values of transparency and accountability,” the statement read.

GGTNigeria noted that Nigeria’s delisting followed a comprehensive evaluation of the country’s compliance with global Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) standards, confirming that significant progress had been made in addressing earlier deficiencies.

The group commended the coordinated reforms of key agencies such as the Central Bank of Nigeria (CBN), Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), and Independent Corrupt Practices and Other Related Offences Commission (ICPC), alongside advocacy and monitoring contributions from anti-corruption civil society organisations (CSOs).

“Through legislative improvements, enforcement actions, and policy alignment with international standards, Nigeria has demonstrated renewed commitment to combating illicit financial flows, terrorist financing, and corruption,” the group added.

Boost for Investor Confidence and Economic Growth

According to GGTNigeria, Nigeria’s removal from the FATF Grey List will strengthen investor confidence, improve the flow of foreign direct investment (FDI), and enhance the country’s access to global credit and trade facilities.

“This decision sends a strong signal to the international financial community that Nigeria’s financial system is credible, stable, and aligned with best global practices,” the statement said. “It will ease compliance burdens on domestic businesses, lower transaction costs, and unlock new trade and investment opportunities.”

The group added that the delisting also enhances Nigeria’s diplomatic and economic reputation as a reform-driven economy and a responsible global actor.

Call for Sustained Reforms

While celebrating the achievement, GGTNigeria cautioned against complacency and urged the government to consolidate the progress made.

“Sustaining the gains from this delisting will require continued political will, institutional discipline, and inter-agency cooperation,” said Tunde Salman, Convener of GGTNigeria. “Nigeria must deepen reforms on beneficial ownership disclosures, strengthen financial crime prosecutions, and enhance the capacity of regulatory and judicial institutions to prevent future lapses.”

GGTNigeria further encouraged the Federal Government to support the NFIU, EFCC, ICPC, and other anti-corruption agencies through improved funding and operational resources, while fostering stronger collaboration with professional bodies such as the Nigerian Bar Association (NBA), Institute of Chartered Accountants of Nigeria (ICAN), Nigerian Institute of Estate Valuers, and civil society actors to uphold ethical compliance and statutory reporting obligations.

“Nigeria’s removal from the FATF Grey List is not just a win; it is a responsibility to entrench integrity, accountability, and transparency as permanent pillars of national development,” the statement concluded.

Date: Tuesday, 28th October 2025