NFIU: Nigeria to exit financial watchdog list by 2025

The Nigerian Financial Intelligence Unit has expressed optimism that Nigeria will exit the Financial Action Task Force’s grey list.

Due to shortcomings in tackling money laundering, terrorism financing, and arms financing, Nigeria was placed on the Financial Action Task Force’s (FATF) grey list on February 24, 2023.

On Friday, Sani Tukur, spokesperson for the Nigerian Financial Intelligence Unit (NFIU), revealed that Nigeria has made significant progress, completing 30% of the Action Plan devised to address the country’s listing on the Financial Action Task Force’s grey list.

Sani Tukur, spokesperson for the NFIU, announced on Friday that Nigeria has made substantial progress, completing 30% of the Action Plan aimed at addressing the country’s listing on the FATF grey list.

The statement read, “The Financial Action Task Force has approved Nigeria’s third progress report since the country was added to the list of jurisdictions under monitoring (the grey list) in February 2023. The approval was given at the FATF June 2024 plenary meeting hosted by Singapore.

“The plenary approved a further two upgrades in this round, and Nigeria has now completed 30 per cent of the Action Plan developed as part of the listing process. The country is on track to exit the grey list in early 2025.”

NFIU spokesperson Sani Tukur reported that Hafsat Bakari, the CEO of NFIU and Chair of GIABA’s Technical Commission, reiterated Nigeria’s commitment to implementing the Action Plan during the meeting and highlighted GIABA’s progress in strengthening its technical capacity.

“The Nigerian delegation to the plenary also included the Executive Chairman of the Economic and Financial Crimes Commission, the Director of the Special Control Unit against Money Laundering and the Chief of Staff to the CEO of the NFIU,” the statement added.