Nigeria’s Exit from FATF Grey List: A New Era of Financial Integrity –Rev. Ugolor

From:Femi Oyelola in Kaduna

Rev David Ugolor, Executive Director of Africa Network for Environment and Economic Justice (ANEEJ), has hails Nigeria’s removal from the Financial Action Task Force (FATF) grey list as a significant milestone in the country’s journey towards financial credibility and economic stability.

Ugolor notes that Nigeria’s removal from the grey list is a testament to the country’s commitment to combating money laundering, terrorist financing, and related financial crimes.

The FATF grey list identifies countries with deficiencies in their systems for combating these crimes, and Nigeria’s removal is a recognition of the country’s progress in strengthening its anti-money laundering and combating the financing of terrorism (AML/CFT) regime.

The Anti Corruption activist highlights the key reforms that contributed to Nigeria’s removal from the grey list, including the update of the Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism (Prevention and Prohibition) Act 2022 to align with FATF standards.

He also notes the improved transparency around beneficial ownership of companies, operational independence of the Nigerian Financial Intelligence Unit (NFIU), and enhanced coordination among enforcement agencies.

The ANEEJ Executive Director acknowledges the crucial role played by civil society organizations, including ANEEJ and the African Center, in promoting awareness, accountability, and sector-specific compliance.

These organizations supported national efforts to strengthen Nigeria’s AML/CFT framework through dialogue, risk assessments, and training workshops.

Ugolor notes that Nigeria’s removal from the FATF grey list has restored investor confidence, reduced compliance risk, and improved access to credit.

The country’s global standing within FATF and GIABA has also been reinstated, reaffirming its leadership role in promoting financial integrity across West Africa.

Ugolor emphasizes the need for sustained vigilance, institutionalizing routine compliance audits, and investing in digital tools to maintain the gains. He stresses the importance of transparency, independence of key institutions, and public access to beneficial ownership registers.

Ugolor concludes that Nigeria’s exit from the FATF grey list marks the beginning of a new chapter, requiring consolidated reforms, prevention of regression, and ensuring transparency and integrity become permanent features of Nigeria’s financial architecture.