GREY LIST EXIT: FATF PRESIDENT CONGRATULATES NIGERIA, PRAISES TINUBU ADMINISTRATION FOR POLITICAL WILL

Paris, France | October 25, 2025

President of the Financial Action Task Force (FATF), Elisa de Anda Madrazo, has congratulated Nigeria on its successful removal from the FATF grey list, commending President Bola Tinubu’s administration for demonstrating strong political will and effective inter-agency collaboration in combating financial crimes.

Madrazo made the announcement at the FATF plenary session in Paris, where she also revealed that three other African countries — Mozambique, Burkina Faso, and South Africa — have exited the grey list alongside Nigeria.
According to a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, Madrazo said Nigeria’s removal from the grey list was the result of sustained reforms and significant political commitment over the past two years.

“Nigeria has demonstrated strong political commitment to fight financial crimes,” Madrazo said. “However, let me be clear: it is not only that we have seen political commitment to exit the grey list… It is because we have seen change and the political measures put in place.”
She further noted that Nigeria had strengthened its institutional capacity to investigate and prosecute financial crimes, emphasizing that such improvements have enabled the country to better direct resources toward combating drug trafficking and terrorist financing.

“After sustained efforts of just over two years, Nigeria has demonstrated a stronger capacity — this is fundamental — to investigate and prosecute,” she said. “This is crucially helping Nigeria to focus resources to fight crimes that harm its community the most.”
Madrazo also commended Nigeria for implementing “government-wide policy reforms” and enhancing “inter-agency coordination and cooperation.” She highlighted significant progress in transparency, particularly in beneficial ownership disclosure and the supervision of non-financial sectors such as real estate.

“We have seen an important enhancement in the transparency of the beneficial ownership structure. On the supervisory side, we have seen stronger supervision in the non-financial sectors, particularly in real estate agencies,” she added.
Madrazo said that Nigeria had fully addressed its FATF action plan, prompting the plenary to agree on its removal from the grey list. She urged the country to sustain its momentum and continue strengthening its anti-money laundering and counter-terrorism financing frameworks for the benefit of its citizens.
She also noted the participation of three Nigerian ministers at the plenary — a testament, she said, to Nigeria’s strong commitment to global anti-financial crime efforts.

The Nigeria Interministerial Committee on Anti-Money Laundering/Countering the Financing of Terrorism/Proliferation Financing (AML/CFT/PF) is chaired by the Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN), with Minister of Finance, Wale Edun, and Minister of Interior, Olubunmi Ojo, serving as alternate chairs.

Speaking on behalf of Nigeria, Minister of Finance, Wale Edun, expressed appreciation to the FATF and Nigeria’s international partners — including the governments of France, Germany, the United Kingdom, and the United States, as well as the European Commission — for their support throughout the reform process.
“Nigeria is honoured to contribute its expertise and experience to the global fight against serious crimes that threaten our shared security and prosperity,” Edun said. “With the resolve and dedication of the men and women back home, we will continue to work towards a safer and more secure Nigeria.”

The FATF grey list exit marks a major milestone for Nigeria, signaling renewed investor confidence and reinforcing the government’s commitment to transparency, accountability, and financial integrity.