…Says delisting boosts investor confidence, reaffirms Nigeria’s global credibility
The Senate has commended President Bola Ahmed Tinubu, Senate President Godswill Akpabio, and key anti-corruption and financial regulatory institutions for their pivotal roles in securing Nigeria’s removal from the Financial Action Task Force (FATF) Grey List.
In a resolution on Tuesday, the Upper Chamber hailed the coordinated efforts of the Nigerian Financial Intelligence Unit (NFIU), Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the Central Bank of Nigeria (CBN) in implementing critical reforms that restored global confidence in Nigeria’s financial system.
The Senate said the delisting has significantly boosted investor confidence and reassured the international community of Nigeria’s renewed commitment to transparency, accountability, and adherence to global financial standards.
The resolution followed a motion sponsored by Senator Emmanuel Udende (APC, Benue North), titled: “On the Need to Commend the Executive, the President of the Senate, the Nigerian Financial Intelligence Unit (NFIU), and Other Stakeholders for Their Efforts in the Removal of Nigeria’s Name from the FATF Grey List.”
Senator Udende, who came under Matters of Urgent Public Importance, said Nigeria’s delisting was a result of “remarkable progress in addressing strategic deficiencies in the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.”
He noted that Nigeria’s earlier inclusion on the FATF Grey List exposed the country to international scrutiny and reputational risks that limited access to global markets and discouraged foreign investment.
According to him, “This achievement reflects the government’s determination to strengthen financial integrity, attract investments, and enhance Nigeria’s standing among developing economies.”
The Senate urged all regulatory, financial, and law enforcement agencies to consolidate these gains by maintaining continuous compliance with international standards, improving institutional coordination, and preventing any relapse in Nigeria’s AML/CFT systems.
The chamber also mandated its Committee on Anti-Corruption and Financial Crimes to sustain legislative oversight and initiate policy reforms to fortify Nigeria’s financial governance framework.
Contributing to the motion, Senator Sunday Karimi (APC, Kogi West) commended the EFCC for introducing greater transparency into the country’s financial system, while Senator Jimoh Ibrahim (APC, Ondo South) said the delisting clears Nigeria from the stigma of being tagged as a haven for money laundering and terrorism financing.
He noted that Nigerians can now engage in international financial transactions without facing undue scrutiny.
Deputy Senate President, Senator Barau Jibrin (APC, Kano North), described the development as a major diplomatic victory that would enhance Nigeria’s reputation among the comity of nations and attract more foreign investment.
In his closing remarks, Senate President Godswill Akpabio praised the collaborative efforts of the Executive, Legislature, and relevant agencies for achieving the milestone, describing it as “a testament to Nigeria’s commitment to transparency and good governance.”
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