Nigeria is taking significant steps to remove itself from the Financial Action Task Force (FATF) grey list. An inter-agency delegation has been dispatched to Brussels, Belgium, to engage with the FATF’s International Cooperation Review Group. The team, led by Hafsat Abubakar Bakari, Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), presented Nigeria’s fourth triannual progress report since the country’s grey listing in February 2023.
According to a statement from NFIU spokesperson Sani Tukur, the delegation included representatives from several key agencies: the Central Bank of Nigeria, Department of State Services, Economic and Financial Crimes Commission, Federal Ministry of Justice, Independent Corrupt Practices Commission, National Insurance Commission, Nigeria Customs Service, Nigeria Export Processing Zones Authority, Special Control Unit Against Money Laundering, and the Securities and Exchange Commission.
The meeting highlighted Nigeria’s substantial progress in implementing its FATF Action Plan, with approximately 30% of the necessary measures already completed. The country is on track to meet the full compliance deadline of May 2025. The Presidency has recently reiterated its commitment to finalising the Action Plan, underscoring the administration’s resolve to implement all required measures for Nigeria’s exit from the grey list.
Nigeria was placed on the FATF grey list on February 24, 2023, due to concerns over rising capital inflows and deficiencies in addressing money laundering, terrorism financing, and arms trafficking.