The Presidency has committed to removing Nigeria from the Financial Action Task Force (FATF) Grey List before the May 2025 deadline. This assurance was given by Chief of Staff to the President, Femi Gbajabiamila, during a visit to the Nigerian Financial Intelligence Unit (NFIU) in Abuja on Tuesday, August 27.
Gbajabiamila addressed a request from NFIU Director and CEO, Hafsat Bakari, who sought high-level intervention to meet the FATF action plan implementation deadline. He pledged the federal government’s determination to address the deficiencies that led to Nigeria’s inclusion on the list.
On February 24, 2023, Nigeria was placed on the FATF Grey List due to concerns over rising capital inflows and issues in combating money laundering, terrorism, and arms financing. The FATF is an international organization that evaluates jurisdictions based on their anti-money laundering and counter-terrorism financing standards.
Gbajabiamila praised the NFIU for making progress, noting that 30% of the action plan has been implemented. However, he emphasized the need for faster action to complete the remaining tasks. “We have nine months left to exit the Grey List, and being on that list is not what we want for our country,” he said. “We will do everything necessary because May 2025 is approaching fast. We need to ensure we meet all requirements without delay.”
He assured the NFIU of continued support and collaboration to protect Nigeria’s financial system from threats such as terrorism financing and money laundering. “I understand the workings of NFIU from my time as Speaker of the House of Representatives and will continue to support the agency’s efforts,” Gbajabiamila added.
NFIU CEO Hafsat Bakari highlighted the agency’s achievements, including connecting over 45 agencies to its intelligence-sharing platform and collaborating with 18 state internal revenue services to enhance domestic revenue mobilization. She also noted ongoing efforts to address FATF-related challenges and the need for continuous upgrades to combat evolving financial crimes.
Gbajabiamila’s visit also included meetings with the Nigeria Extractive Industries Transparency Initiative (NEITI) and the National Council on Climate Change (NATCCC) as part of his engagements with agencies under the State House.
