Nigeria will be removed from FATF Grey List before 2025 deadline -Gbajabiamila

By Kunle Sanni

The Nigerian Presidency has committed to taking decisive actions to ensure the country’s removal from the Financial Action Task Force (FATF) Grey List before the May 2025 deadline. This pledge was made by the Chief of Staff to the President, Femi Gbajabiamila, during a visit to the Nigerian Financial Intelligence Unit (NFIU) office in Abuja on Tuesday.

During the visit, Gbajabiamila responded to a request from NFIU’s Director and Chief Executive Officer, Hafsat Bakari, who called for high-level intervention to meet the FATF action plan implementation deadline. Gbajabiamila assured that the Federal Government is dedicated to addressing the deficiencies that led to Nigeria’s placement on the list.

Nigeria was added to the FATF Grey List on February 24, 2023, due to increased capital inflows and shortcomings in addressing money laundering, terrorism financing, and arms proliferation. The FATF, an independent intergovernmental organization, monitors and promotes policies to protect the global financial system by assessing jurisdictions based on their Anti-Money Laundering/Counter Financing of Terrorism and Proliferation (AML/CFT/P) standards.

While acknowledging the progress made by the NFIU, which has implemented 30% of the action plan, Gbajabiamila emphasized the need for accelerated efforts to complete the remaining tasks to ensure Nigeria’s timely removal from the Grey List.

“I firmly believe that no matter how much you achieve, one issue can undo everything. One rotten egg can spoil the whole basket. We have nine months left to exit the Grey List, and being on that list is bad enough — that is not what we want for our country,” Gbajabiamila stated. “Therefore, we will do everything necessary because May 2025 is around the corner. You must provide us with the information and the steps we need to take. We do not want a last-minute rush; this is a high priority.”

The Chief of Staff assured the NFIU management, which operates under the supervision of the State House, of continued collaboration to enable the organization to fulfill its role in protecting Nigeria’s financial system from threats such as terrorism financing, money laundering, arms proliferation, and other violent crimes.

“I understand the workings of NFIU from my time as the Speaker of the House of Representatives, and the discussions about its placement as a government agency,” he added. “I’m glad to see the agency’s independence, and we’ll continue to support it and promote inter-agency cooperation.”

Gbajabiamila also praised the agency for its commitment to implementing the recent Supreme Court ruling regarding local government autonomy.

Highlighting NFIU’s achievements, CEO Bakari noted that the agency has fostered inter-agency cooperation, connecting over 45 agencies to its intelligence-sharing platform. She also disclosed that 18 state internal revenue services have been integrated to boost domestic revenue mobilization in sub-national governments, while collaborations with federal agencies, including the Federal Inland Revenue Service (FIRS), Nigerian Communications Commission (NCC), National Information Technology Development Agency (NITDA), Oil and Gas Free Zones Authority, and other revenue bodies, have been established.

“One of our key projects is implementing a monetary network framework following the Supreme Court judgment on the fiscal autonomy of local governments,” Bakari said. “This would ensure that government resources effectively impact citizens.”

Addressing challenges related to FATF compliance, Bakari highlighted that the NFIU has deployed significant human and financial resources to rectify identified deficiencies. She also noted that the increasing use of technology by criminals, particularly in cybercrime and cryptocurrencies, requires continuous upgrades of hardware and software to combat these evolving threats.

“Capacity building is essential to stay ahead of the evolving methods and typologies of financial crime,” she added.

As part of his ongoing engagements with agencies under the State House, Gbajabiamila also visited the Nigeria Extractive Industries Transparency Initiative (NEITI) and the National Council on Climate Change (NATCCC).