Senate Commends Tinubu, Anti-Corruption Agencies Over Nigeria’s Removal From FATF Grey List

The Senate has commended President Bola Ahmed Tinubu and Nigeria’s anti-corruption agencies for their roles in ensuring the country’s removal from the Financial Action Task Force (FATF) Grey List — a move that underscores Nigeria’s remarkable progress in combating money laundering and enhancing financial integrity.

The commendation followed a motion sponsored by Senator Emmanuel Udende, representing Benue Northeast and Chairman, Senate Committee on Anti-Corruption Agencies, under matters of urgent public importance pursuant to Orders 41 and 51 of the Senate Standing Rules, 2023 (as amended).

In his lead debate, Senator Udende explained that Nigeria’s earlier inclusion on the FATF Grey List exposed the nation to heightened international scrutiny and reputational risks, which negatively impacted investor confidence and limited access to global financial markets.

He credited the delisting to the effective leadership of President Bola Ahmed Tinubu, the Senate, and the coordinated efforts of key agencies, including the Nigerian Financial Intelligence Unit (NFIU), the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Central Bank of Nigeria (CBN), and other stakeholders.

According to him, the achievement has boosted investor confidence and reassured the international community of Nigeria’s renewed commitment to transparency, accountability, and adherence to global financial standards.

He noted that Nigeria’s financial and regulatory systems have now regained international credibility, improving compliance with FATF recommendations and strengthening the nation’s economy and currency.

Several lawmakers applauded the progress, noting that Nigerian financial institutions, previously burdened by excessive compliance requirements and delayed transactions, now enjoy smoother and more efficient cross-border operations, thereby improving trade facilitation and remittance inflows.

Senator Sunday Karimi (Kogi West) remarked that Nigeria’s global reputation has significantly improved, restoring confidence among investors, multilateral partners, and credit rating agencies while paving the way for enhanced international cooperation.

Senator Tahir Mungonu (Borno North) observed that the improved financial image will enhance regulatory stability, reduce investment risks, and strengthen the naira through greater competitiveness and job creation.

He added that Nigeria’s strengthened financial integrity will deepen institutional reforms to combat money laundering, terrorist financing, and illicit financial flows while reinforcing good governance and public-private collaboration.

Deputy Senate President Barau Jibrin emphasized that delisting reduces the risk of future international sanctions and guarantees economic stability, financial independence, and improved diplomatic relations.

The Senate, therefore, commended President Tinubu, the NFIU, EFCC, ICPC, CBN, and other agencies for their coordinated efforts and urged them to sustain compliance with global anti-money laundering standards to prevent a relapse.

In a remark, President of the Senate Godswill Akpabio, directed the Senate Committee on Anti-Corruption and Financial Crimes to maintain effective oversight and policy reforms to strengthen Nigeria’s financial governance and uphold transparency, accountability, and good governance across all sectors.

Itodo James, Edited By Grace Namiji