Nigeria’s Exit from FATF Grey List a Turning Point for Economic Renewal – Good Governance Team.
By Raymond Enoch
The Good Governance Team (GGTNigeria) has described Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a historic milestone that signals the country’s renewed credibility in the global financial system and a major boost for investor confidence.
In a press statement signed by Tunde Salman Jimoh, Convener of GGTNigeria, the organisation commended the Federal Government and key anti-corruption and financial regulatory agencies for demonstrating strong political will and institutional commitment to strengthening transparency, accountability, and financial integrity.
According to the statement, Nigeria’s delisting by FATF reflects the nation’s substantial progress in implementing reforms that align with global anti-money laundering (AML) and counter-terrorist financing (CTF) standards. It noted that the development followed a comprehensive evaluation of Nigeria’s compliance status and confirmed that earlier deficiencies had been effectively addressed.
GGTNigeria praised the coordinated efforts of the Central Bank of Nigeria (CBN), Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and civil society organisations (CSOs) that have advocated and supported anti-corruption reforms over the years.
The statement highlighted that Nigeria’s exit from the grey list presents far-reaching economic and diplomatic benefits, including improved access to foreign direct investment (FDI), enhanced global reputation, and renewed confidence from international lenders and correspondent banks.
> “This achievement is a testament to Nigeria’s determination to build a credible, transparent, and globally trusted financial system. It signals to investors that the country is serious about reform and open for business,” the statement read.
GGTNigeria further emphasised that the delisting should not lead to complacency but serve as a call to deepen ongoing reforms. It urged the government to maintain strong inter-agency coordination, sustain enforcement momentum, and ensure transparency in beneficial ownership disclosures and prosecution of financial crimes.
> “Nigeria must consolidate the gains of this victory by ensuring that accountability and integrity remain the bedrock of national development,” Salman Jimoh stated.
The group also called on the Federal Government to provide enhanced funding and operational support to the NFIU and other anti-corruption agencies to enable them to effectively deliver on their mandates. It advised closer collaboration with professional and regulatory bodies such as the Nigerian Bar Association (NBA), Institute of Chartered Accountants of Nigeria (ICAN), Nigerian Institution of Estate Surveyors and Valuers (NIESV), and civil society organisations to strengthen ethical compliance and statutory reporting obligations.
Concluding, GGTNigeria reaffirmed its commitment to supporting policies and reforms that promote transparency, accountability, and good governance in Nigeria.
