Nigeria Targets Grey List Removal with Anti-Money Laundering Reforms
By Gloria Sarauniya Usman
ABUJA, NIGERIA January, 2025-
The Nigerian government, in collaboration with the National Information Technology Development Agency (NITDA) and the Nigerian Financial Intelligence Unit (NFIU), has launched a major initiative to remove the country from the Financial Action Task Force (FATF) Grey List by May 2025.
This move follows a directive from President Bola Ahmed Tinubu, mandating the development of an Anti-Money Laundering/Counter-Financial Terrorism (AML/CFT) and Counter-Proliferation Financing (CPF) Data Management Framework in partnership with NITDA.
Speaking at the inaugural technical session held at NITDA headquarters in Abuja, Director General Kashifu Inuwa emphasized that the project represents a significant step toward addressing deficiencies that led to Nigeria's inclusion on the Grey List in 2013. These issues include gaps in combating money laundering, terrorism financing, and arms proliferation.
Inuwa highlighted that the platform will enhance Nigeria's global reputation by improving financial compliance and tracking illicit financial flows. "This system will strengthen law enforcement, improve national security, and attract investments by addressing economic crimes," he stated.
NFIU CEO, Barrister Hafsat Abubakar Bakari, described the project as a "game changer," noting its potential to sustain compliance and prevent future re-listing. She stressed the importance of using real-time, credible data to boost both domestic and international confidence in Nigeria's financial systems.
Chairman of the House Committee on ICT and Cyber Security, Hon. Adedeji Olajide, assured the project of full legislative support. He expressed optimism that the initiative would position Nigeria as a leader in financial intelligence and AML/CFT practices, in alignment with the President’s vision of leveraging technology for national development.
The AML/CFT/CPF Data Management Framework aims to ensure FATF compliance, restore international confidence, and establish Nigeria as a global leader in financial intelligence. This project underscores Nigeria’s commitment to combating financial crimes and improving its global standing in the financial ecosystem.
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