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The President of the Financial Action Task Force (FATF), Elisa de Anda Madrazo, has congratulated Nigeria for being removed from the grey list.
She said Nigeria has demonstrated strong political will and inter-agency collaboration in combating financial crimes over the last two years under President Bola Tinubu, since the country was placed on the grey list.
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She spoke today at the FATF’s plenary in Paris, France, and also announced the removal of three other African countries —Mozambique, Burkina Faso, and South Africa —from the grey list.
She said, “Nigeria has demonstrated strong political commitment to fight financial crimes. However, let me be clear: it is not only that we have seen a political commitment to exit the grey list… It is because we have seen the change and the political measures put in place.
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“In Nigeria, we have seen that political commitment that has translated to the change we have seen on the ground. After sustained efforts of just over two years, Nigeria has demonstrated a stronger capacity – this is fundamental – to investigate and prosecute. This is crucially helping Nigeria to focus resources to fight crimes that harm its community the most, such as drug trafficking and terrorist financing.”
She commended Nigeria for implementing “government-wide policy reforms, stronger inter-agency coordination and cooperation.”
She added, “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 said that the action plan and the political commitment led the plenary to agree that Nigeria has fully addressed the action plan and exited the grey list.
She urged Nigeria to continue its good work for the benefit of the Nigerian people.
She stated that the presence of three Nigerian ministers at the week-long events demonstrated the country’s commitment to combating financial crimes and other illicit flows.
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, Lateef Fagbemi (SAN), with the Minister of Finance, Wale Edun, and Minister of Interior, Olubunmi Ojo, as alternate chairs.
In a speech read on behalf of Nigeria, Mr Edun said Nigeria was honoured to be allowed to contribute its expertise and experience to the global fight against serious crimes that threatened the shared security and prosperity of the world.
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He said Nigeria was grateful to international partners, including the governments of France, Germany, the United Kingdom, and the United States of America, as well as the European Commission, for their steadfast support throughout the process.
“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 minister added.
Bayo Onanuga
Special Adviser to the President,
(Information & Strategy)
October 24, 2025
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