The Senate, on Tuesday, praised President Bola Ahmed Tinubu, the Nigerian Financial Intelligence Unit (NFIU), and other key institutions for their efforts in securing Nigeria’s removal from the Financial Action Task Force (FATF) Grey List — a move described as a major boost to the nation’s financial integrity and global image.
The motion, sponsored by Senator Emmanuel Udende under matters of urgent public importance, commended the country’s progress in fixing deficiencies in its Anti-Money Laundering and Counter-Terrorism Financing framework. He noted that being removed from the FATF Grey List shows Nigeria’s strong commitment to international financial standards and transparency.
Udende recalled that Nigeria’s earlier inclusion on the list exposed the country to increased international scrutiny, damaged investor confidence, and restricted access to global financial markets. He credited the new milestone to the combined efforts of the Executive, National Assembly, and several regulatory and enforcement agencies.
In its resolution, the Senate acknowledged the leadership of President Tinubu, the Senate President, the NFIU, EFCC, ICPC, CBN, and other stakeholders whose coordinated actions made the achievement possible.
Lawmakers expressed satisfaction that Nigeria’s delisting has restored investor confidence and reaffirmed the country’s dedication to transparency, accountability, and global best practices. The motion added that the development has helped Nigerian financial institutions overcome the previous burdens of increased scrutiny, high compliance costs, and delayed transactions, allowing for smoother international trade and remittance operations.
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The Senate also noted that the removal would have lasting economic benefits — including stronger foreign direct investment in sectors like energy, technology, agriculture, and manufacturing — as well as a more stable naira and improved job creation.
Adopting the motion, the Senate urged the government and relevant agencies to maintain compliance with international standards to prevent Nigeria from slipping back onto the Grey List. It also directed the Committee on Anti-Corruption and Financial Crimes to continue legislative oversight and policy reviews to strengthen the nation’s financial governance.
Nigeria was first placed on the FATF Grey List in 2021 due to weaknesses in its anti-money laundering systems. The country’s removal, announced at the FATF October 2025 Plenary in Paris, followed the successful implementation of a 19-point action plan developed with support from the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) and FATF itself.
