NFIU: Nigeria’s exit from FATF, EU blacklists boosts confidence in financial system

The Nigerian Financial Intelligence Unit (NFIU) has hailed Nigeria’s removal from the Financial Action Task Force (FATF) Grey List and the European Union’s planned delisting of the country from its register of high-risk third countries as a significant boost to confidence in the nation’s financial system.

In a statement issued in Abuja, the Chief Executive Officer of the NFIU, Hafsat Bakari, said the decisions by the FATF and the EU underscore the credibility and depth of Nigeria’s reforms to combat illicit finance. She noted that the achievement reflects sustained, coordinated efforts across government, the private sector and civil society.

“Nigeria’s exit from the FATF Grey List and the EU’s high-risk third-country list reflects the strength of our collective resolve and the effectiveness of sustained reforms. This milestone reinforces international confidence in Nigeria’s financial system and our commitment to global standards on anti-money laundering, counter-terrorism financing and counter-proliferation financing,” Bakari said.

She attributed the progress to a whole-of-government and whole-of-society approach, commending Ministries, Departments and Agencies, the legislature, the judiciary, private sector operators and non-profit organisations for their contributions. Bakari also credited President Bola Tinubu’s leadership for providing the political backing required to sustain reforms across critical sectors.

According to the NFIU, strategic oversight was provided by the Inter-Ministerial Committee on AML/CFT/CPF, chaired by the Attorney-General of the Federation and Minister of Justice, with membership drawn from the Ministries of Finance, Interior and other key institutions. The committee ensured policy coherence and maintained momentum throughout the reform process.

Meanwhile, the Federal Ministry of Marine and Blue Economy and Abu Dhabi Ports Group have signed a landmark Memorandum of Understanding (MoU) to deepen cooperation in ports development, maritime logistics and digital transformation. The agreement was signed on the sidelines of the Abu Dhabi Sustainability Week and is expected to strengthen Nigeria–UAE trade and investment relations.

Minister of Marine and Blue Economy, Adegboyega Oyetola, led the Nigerian delegation, while the Chairman of Abu Dhabi Ports Group, Mohamed Hassan, represented the company. The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, was also present. NIMASA said the MoU forms part of broader bilateral trade and investment engagements between Nigeria and the UAE.

Separately, Senator Gbenga Daniel (Ogun East) said Nigeria is gradually recovering from the economic challenges triggered by fuel subsidy removal and naira devaluation. Speaking at the Annual Family Thanksgiving at Abraham Tabernacle, Sagamu, Ogun State, Daniel praised President Tinubu for what he described as bold economic reforms, including the flotation of the naira and efforts to tackle insecurity.

The former Ogun State governor urged Nigerians to be more measured in their criticism of political leaders, stressing that not all politicians are corrupt and noting that some continue to uphold the ideals of late nationalist leader, Obafemi Awolowo.