FG Moves to Pull Nigeria out of FATF Grey List by 2025
By Alabidun Shuaib AbdulRahman
The Federal Government has begun a new push to remove Nigeria from the Financial Action Task Force (FATF) Grey List by May 2025, a decade after the country was placed under international watch for weak anti-money laundering and counter-terrorism financing regimes.
The move, anchored by the National Information Technology Development Agency (NITDA) in partnership with the Nigerian Financial Intelligence Unit (NFIU), follows a presidential directive for the development of a data-driven Anti-Money Laundering, Counter Financing of Terrorism and Counter Proliferation of Firearms framework.
Speaking at the inaugural technical session in Abuja, NITDA’s Director-General, Kashifu Inuwa, said Nigeria’s placement on the Grey List in 2013 was the result of multiple lapses in regulating capital inflows, tracking illicit funds and tackling terrorism financing.
He noted that President Bola Tinubu’s resolve to fight corruption through innovation made technology the natural tool to restore confidence in the country’s financial system.
“The system we are building will help Nigeria comply with global standards, strengthen our ability to track illicit flows and dismantle criminal networks. It will also boost investor confidence and enhance our reputation in the international financial market,” Inuwa said.
On her part, the Chief Executive Officer of the NFIU, Hafsat Abubakar Bakari, described the project as a “game changer,” stressing that the deployment of technology would ensure Nigeria not only exits the Grey List but also avoids a relapse in subsequent evaluations.
She said credibility, real-time data and transparency were now non-negotiable for both domestic stakeholders and international partners.
Bakari added that the agency deliberately recommended NITDA to the President to lead the process, citing its record in promoting local technology.
“Mr President graciously approved because he believes in indigenous capacity. This is about building trust, sustainability and protecting Nigeria’s reputation,” she said.
The Chairman, House Committee on ICT and Cybersecurity, Adedeji Olajide, pledged legislative backing for the project, saying the initiative aligns with Tinubu’s technology-driven agenda.
He assured that the National Assembly would remove all bottlenecks that could hinder the process.
“Nigeria must take its rightful place as Africa’s giant in innovation and compliance. This initiative will strengthen our financial integrity and attract investment,” Olajide declared.
