By Chidinma Obiakor
The Chairman of the House of Representatives Committee on Financial Crimes, Hon. Ginger Obinna Onwusibe, has applauded the Federal Government and key institutions over Nigeria’s historic exit from the Financial Action Task Force (FATF) grey list, describing it as a “national victory for integrity, resilience, and inter-agency collaboration.”
In a statement issued on Saturday, Onwusibe said Nigeria’s removal from the FATF grey list represents a major milestone in the nation’s financial reform journey, restoring global confidence in its financial system and reaffirming its capacity to meet international standards in anti-money laundering and counter-terrorism financing.
He commended the Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Federal Inland Revenue Service (FIRS), Central Bank of Nigeria (CBN), Corporate Affairs Commission (CAC), the Federal Ministry of Justice, and other law enforcement and regulatory agencies for their “dedication, perseverance, and synergy” throughout the reform process.
“This achievement is the product of years of hard work and collaboration among our institutions. It restores global confidence in Nigeria’s financial system and shows that our country can meet the highest international standards of transparency and accountability,” Onwusibe said.
He also praised the National Assembly’s role in enacting key legislative reforms that paved the way for the delisting. He cited the passage and amendment of the Money Laundering (Prevention and Prohibition) Act, Terrorism (Prevention and Prohibition) Act, and Proceeds of Crime (Recovery and Management) Act—laws that collectively strengthened Nigeria’s legal and institutional capacity to fight financial crimes, terrorism financing, and illicit financial flows.
Onwusibe recalled that his committee, through robust oversight of both the NFIU and EFCC, contributed to ensuring compliance with international recommendations.
“Our committee has consistently provided strong legislative oversight to support anti-financial crime institutions in meeting their mandates. The success we celebrate today reflects not just government action but the collective determination of all stakeholders,” he noted.
While congratulating President Bola Ahmed Tinubu and the implementing agencies, the lawmaker urged them to sustain the momentum to ensure Nigeria never returns to the grey list. He assured that the House Committee on Financial Crimes remains committed to providing continued legislative backing and oversight to consolidate the progress achieved.
Onwusibe also called for enhanced capacity-building, improved data-sharing among financial institutions, and stronger enforcement of compliance standards across the public and private sectors.
“The FATF delisting should not be seen as an end in itself but as a renewed call to sustain reforms that promote transparency, accountability, and financial integrity in both governance and business,” he added.
Nigeria was first placed on the FATF grey list in February 2021 after the global watchdog identified strategic deficiencies in its systems for combating money laundering and terrorism financing. The grey list designates jurisdictions under increased monitoring for inadequate implementation of FATF recommendations.
Following its inclusion, Nigeria embarked on a far-reaching reform process involving legislative amendments, institutional strengthening, and inter-agency coordination. The latest FATF plenary report acknowledged Nigeria’s significant progress and announced its removal from the list — a move widely viewed as a boost for investor confidence and a validation of Nigeria’s financial credibility.
Established in 1989 by the G7 nations, the FATF is an intergovernmental body that develops and promotes global standards to combat money laundering, terrorist financing, and the proliferation of weapons of mass destruction.
Onwusibe reaffirmed that Nigeria’s renewed global standing should inspire sustained institutional collaboration, stressing that “maintaining FATF compliance is not just about international perception but about securing the nation’s financial future and protecting the economy from illicit activities.”
