Hails

The Senate on Tuesday lauded President Bola Ahmed Tinubu, the Nigerian Financial Intelligence Unit, and other key institutions for their roles in securing Nigeria’s removal from the Financial Action Task Force Grey List, described as a major victory for the nation’s financial integrity and global reputation. The motion was sponsored by Senator Emmanuel Udende under matters of urgent public importance pursuant to Orders 41 and 51 of the Senate Standing Orders, 2023 (as amended). Moving the motion, Udende said Nigeria’s delisting by FATF reflects the country’s remarkable progress in addressing strategic deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework and demonstrates its strong commitment to global financial integrity standards. He recalled that Nigeria’s previous inclusion on the FATF Grey List had subjected the country to “heightened international monitoring, scrutiny, and reputational risks, which adversely affected investor confidence and limited access to global financial markets.” The senator credited the development 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.” In its resolution, the Senate recognised “the invaluable leadership and contributions of President Bola Ahmed Tinubu, the President of the Senate, the NFIU, the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission, the Central Bank of Nigeria, and other relevant stakeholders whose coordinated actions culminated in this significant national achievement.” Lawmakers expressed delight that the delisting has boosted investor confidence and reassured the international community of Nigeria’s renewed commitment to transparency, accountability, and global financial standards. “The delisting has boosted investor confidence and reassured the international community of Nigeria’s renewed commitment to transparency, accountability, and global financial standards. “Nigeria’s financial and regulatory systems have regained international credibility and compliance with FATF recommendations, enhancing the country’s reputation as a safe and attractive destination for foreign investment,” the motion noted. The Senate further observed that Nigerian financial institutions previously burdened by “additional scrutiny, high compliance costs, and delayed transactions” now enjoy smoother, faster, and more cost-efficient cross-border operations, improving trade facilitation and remittance inflows. The motion also highlighted the long-term benefits of Nigeria’s delisting, including “transformative impacts on the economy through sustained foreign direct investment across key sectors such as energy, technology, agriculture, and manufacturing,” as well as a stronger naira, greater regulatory stability, and job creation. Adopting the motion, the Senate resolved to commend the President and urged relevant financial and enforcement agencies to consolidate the gains by maintaining continuous compliance with international standards to prevent relapse. The lawmakers also mandated the Senate Committee on Anti-Corruption and Financial Crimes to sustain legislative oversight and policy reviews to further strengthen Nigeria’s financial governance. Nigeria was first placed on the FATF Grey List in 2021 following concerns about weaknesses in its anti-money laundering and counter-terrorist financing regime. The country’s removal from the FATF Grey List was officially announced at the FATF October 2025 Plenary in Paris, France. The decision followed the country’s successful implementation of a 19-point action plan aimed at strengthening its anti-money laundering and counter-terrorist financing framework. The global watchdog for financial crimes had in February 2023 placed Nigeria on its grey list after identifying strategic deficiencies in its AML/CFT systems. Over the past two years, Nigeria has worked closely with the Inter-Governmental Action Group Against Money Laundering in West Africa and the FATF to address the gaps through sweeping legislative and institutional reforms.