The Senate as a body has formally commended President Bola Ahmed Tinubu, Senate President Godswill Akpabio, and key regulatory agencies for Nigeria’s successful removal from the Financial Action Task Force’s (FATF) grey list, viewing it as a milestone in restoring international confidence in the country’s financial system.
In its resolution, the Senate noted that the delisting reflects improvements in anti-money laundering (AML) and counter-terrorist finance (CFT) frameworks, enhanced interagency coordination, and increased compliance with global standards. Senator Emmanuel Udende (APC, Benue North East), who sponsored the motion, emphasized that Nigeria’s previous inclusion on the grey list had exposed it to reputational risks and constrained capital inflows.
The Senate urged relevant institutions — including the EFCC, ICPC, NFIU, CBN, and other financial oversight bodies — to sustain these reforms and guard against backsliding. It also directed its Anti-Corruption and Financial Crimes Committee to intensify oversight to preserve gains in financial governance.
Analysts believe that the delisting could open doors to easier cross-border transactions, lower risk premiums, and renewed investor confidence in Nigeria’s markets. The decision comes just as the country seeks to strengthen economic recovery and attract foreign capital.
