Nigerian lawmakers celebrate delisting of country from FATF grey list

The Senate on Tuesday commended President Bola Tinubu for his economic reforms and efforts that led to Nigeria’s removal from the Financial Action Task Force (FATF) grey list.

The upper chamber also applauded the coordinated efforts of the Nigerian Financial Intelligence Unit (NFIU), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Central Bank of Nigeria (CBN), and other relevant agencies for their roles in achieving the milestone.

The commendation followed a motion sponsored by Emmanuel Udende (APC, Benue North), during plenary and unanimously adopted by the senators.

Countries placed on the FATF grey list are considered to have deficiencies in combating money laundering, terrorist financing, and proliferation financing. Such listing undermines investor confidence, damages a country’s financial reputation, increases borrowing costs, and can even result in the loss of correspondent banking relationships.

Nigeria was placed on the FATF grey list in February 2023, a decision authorities described at the time as unfair. However, on 25 October, the global financial watchdog announced Nigeria’s removal from the list, a development the presidency described as a welcome relief for the nation.

The motion

While presenting the motion, Mr Udende said Nigeria’s delisting would ease financial restrictions on domestic institutions, stabilise the national economy, and safeguard the country’s financial independence.

He explained that the development enhances Nigeria’s global standing, strengthens diplomatic and economic relations, and reaffirms the country’s commitment to combating financial crimes.

The senator added that the move would promote long-term economic growth by reducing transaction costs, improving access to international credit lines, and enabling deeper integration of Nigeria’s financial sector into the global economy.

Mr Udende urged the Senate to call on relevant regulatory, financial, and law enforcement agencies to sustain compliance with international standards.

He also requested the Senate Committee on Anti-Corruption and Financial Crimes to maintain legislative oversight and policy review mechanisms that will further strengthen Nigeria’s financial governance framework.

Debate

The motion enjoyed unanimous support from lawmakers, who overwhelmingly endorsed it through a voice vote.

Sunday Karimi (APC, Kogi West) praised the EFCC for promoting transparency in Nigeria’s financial system in the past years and called on colleagues to support the motion.

Jimoh Ibrahim (APC, Ondo South), said the delisting clears Nigeria of suspicions of financing terrorism and money laundering.

Mr Ibrahim who is the Chairman of the Senate Committee on Inter-Parliamentary Affairs, added that Nigerians would now be able to make legitimate foreign investments and property purchases without facing undue scrutiny.

He commended the executive and legislative arms for their roles in achieving the milestone.

The Deputy Senate President, Barau Jibrin, also hailed the development, noting that it would enhance Nigeria’s global reputation and attract more foreign investments.

He applauded the EFCC, NFIU, and ICPC for their efforts and urged them to maintain the momentum.

In his remarks, the Senate President, Godswill Akpabio, commended President Tinubu and the National Assembly for their contributions to the achievement.

He then put the motion to a vote, and it was overwhelmingly adopted by the senators.