Removal From FATF Grey List Has Boosted Investor Confidence – Senate
The Senate on Tuesday described as a positive development for Nigeria’s economy, the removal of the country from the grey list of the Financial Action Task Force (FATF).
The parliament was delightful to note that the removal has boosted investor confidence, enhanced Nigeria’s reputation in the global financial system.
It also noted that Nigerian financial institutions would now experience reduced compliance burdens and improved efficiency in cross-border transactions.
It was well asserted that the removal has restored credibility to the country’s regulatory environment.
These resolutions and. commendations on Tuesday followed the Senate debate at plenary, a motion titled: “Motion 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 Financial Action Task Force (FATF) Grey List”.
While debating the bill sponsored by Senator Emmanuel Udende (Benue North East), the Senate commended President Bola Ahmed Tinubu, Senate President Godswill Akpabio, the Nigerian Financial Intelligence Unit (NFIU), and other key stakeholders for their coordinated efforts that led to the country’s removal from FATF Grey List.
Senator Udende in the motion enthused that the FATF’s recent announcement delisting Nigeria from its Grey List — a development described as a testament to the country’s progress in strengthening its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
According to him, Nigeria’s previous inclusion on the FATF Grey List exposed the country to international scrutiny and reputational risk, dampening investor confidence and restricting access to global financial markets.
He said the delisting followed extensive reforms and coordinated policy actions by the Executive, the National Assembly, and regulatory and enforcement agencies such as the NFIU, EFCC, ICPC, and the Central Bank of Nigeria (CBN).
The motion further stated that the delisting would have long-term economic benefits, including attracting more foreign direct investment (FDI), strengthening the naira, and creating jobs across sectors such as energy, agriculture, and manufacturing.
The Senate resolved to: “Commend President Bola Ahmed Tinubu, Senate President Godswill Akpabio, the NFIU, EFCC, ICPC, CBN, and other agencies for their role in achieving the milestone.
“Urge regulatory and law enforcement bodies to sustain compliance with international financial standards and prevent any relapse.
“Mandate the Senate Committee on Anti-Corruption and Financial Crimes to maintain oversight and review policies that would further strengthen Nigeria’s financial governance system.
“Encourage continuous collaboration between the public and private sectors to uphold transparency, accountability, and good governance in financial management.
The Senate affirmed that Nigeria’s removal from the FATF Grey List marks a major step toward restoring international confidence in the country’s financial integrity and economic leadership.
