By Jabiru Hassan
The Centre for Anti-Corruption and Open Leadership (CACOL) has applauded the Federal Government of Nigeria for successfully securing the country’s removal from the Financial Action Task Force (FATF) grey list.
In a statement signed by Tola Oresanwo, Director of Administration and Programmes, on behalf of CACOL Chairman Mr. Debo Adeniran, the organization described the achievement as a “significant milestone in restoring confidence in Nigeria’s financial system and strengthening its global economic reputation.”
Nigeria was placed on the FATF grey list in 2023 following identified weaknesses in its efforts to combat money laundering, terrorist financing, and related financial crimes. The FATF grey list typically includes countries whose anti-money laundering and counter-terrorist financing (AML/CFT) systems are considered inadequate or poorly enforced.
Adeniran commended the coordinated actions of key institutions such as the Central Bank of Nigeria (CBN), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU), among others, for their roles in ensuring compliance with international standards.
“The improved coordination, implementation of corrective measures, and strengthened regulatory oversight among these institutions were instrumental in achieving this positive outcome,” the statement read.
CACOL, however, urged the government to sustain the reforms that led to the delisting, warning that any decline in enforcement or oversight could undermine the country’s credibility and risk a return to the grey list.
The organization called for stronger institutional frameworks and continuous monitoring to ensure financial transparency and accountability.
“To safeguard this progress, the Federal Government must institutionalize inter-agency collaboration to monitor financial crime risks, strengthen compliance mechanisms through regular audits and capacity building, and promote transparency in both public and private financial transactions,” Adeniran advised.
He also emphasized that anti-corruption efforts must remain free from political interference to ensure their effectiveness and sustainability.
According to CACOL, Nigeria’s removal from the FATF grey list should not be viewed as an end but as a call for continued vigilance, reform, and integrity in managing the nation’s financial systems.
“This achievement should serve as a reminder that sustained reforms, integrity, and vigilance are indispensable to Nigeria’s economic progress and international reputation,” the statement concluded.
