NFIU commends EU removes Nigeria from high-risk list

By Abubakar Yunusa

The Nigerian Financial Intelligence Unit has welcomed the European Union’s decision to remove Nigeria from its list of high-risk third countries, describing it as a major boost to the credibility of the nation’s financial system.

The Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, said the development marked a landmark achievement and an external validation of Nigeria’s sustained reforms in anti-money laundering, counter-terrorism financing and counter-proliferation financing frameworks.

Bakari said the EU’s decision showed that consistent reforms, effective coordination and strong national ownership could deliver concrete international outcomes.

She explained that Nigeria’s official removal was contained in the European Commission Delegated Regulation (EU) C (2025) 8460, adopted on December 4, 2025, and scheduled to take effect on January 29, 2026.

The delisting followed Nigeria’s earlier exit from the Financial Action Task Force grey list after the country addressed identified strategic deficiencies in its AML and CFT regimes.

According to the NFIU, the most immediate benefit of the EU decision is the removal of Enhanced Due Diligence requirements on financial transactions between Nigeria and European countries.

Before now, Nigerian-linked transactions were subjected to stringent and time-consuming scrutiny by European financial institutions, often resulting in delays and higher compliance costs.

With the new regulation, the NFIU said Nigerian businesses and financial institutions would enjoy smoother cross-border transactions, faster international wire transfers and more efficient trade payments.

The agency added that the development would improve Nigeria’s attractiveness to European investors and strengthen the country’s competitiveness in global trade, particularly in exports to Europe.

Bakari attributed the success to strong political will under President Bola Ahmed Tinubu, as well as sustained collaboration among the National Assembly, law enforcement agencies, the judiciary and the private sector.

She said the NFIU played a central coordinating role, particularly in improving the quality and use of financial intelligence by investigative and prosecutorial authorities.

The European Commission, according to the NFIU, acknowledged that Nigeria had closed critical technical and operational gaps in its financial monitoring and supervisory systems.

However, the agency cautioned against complacency, stressing that the delisting also comes with greater responsibility to sustain global best practices.

Nigeria was removed from the list alongside other African countries, including South Africa, Tanzania, Burkina Faso, Mali and Mozambique.

Bakari reaffirmed the NFIU’s commitment to continuous engagement with international partners such as the Egmont Group and GIABA to safeguard the long-term resilience of Nigeria’s financial system.