Nigeria Removed from FATF Grey List: A Landmark for Economic Reforms

Strategic Insights -

Nigeria has made significant strides in its economic reforms with the country's removal from the Financial Action Task Force (FATF) Grey List, a development that has been hailed by the National Forum of Former Legislators. The Forum attributes this achievement to the recent enactment of two key Executive Bills, the Investment and Securities Act, 2025 and the Nigerian Insurance Industry Reform Act, 2025, which have strengthened Nigeria's regulatory framework and boosted its technical compliance rating with the global anti-money laundering body. The statement commends the National Assembly for its pivotal role in passing critical legislations, particularly the leadership of Hon. Femi Gbajabiamila, former Speaker of the 9th House of Representatives.

Key Takeaways:

  • The National Forum of Former Legislators has praised President Bola Ahmed Tinubu for Nigeria's successful removal from the FATF Grey List, citing the enactment of the Investment and Securities Act, 2025 and the Nigerian Insurance Industry Reform Act, 2025 as key milestones.
  • These landmark laws introduced sweeping reforms across the capital market and insurance sector, significantly boosting Nigeria's technical compliance rating with the global anti-money laundering body.
  • The Forum commended Hon. Femi Gbajabiamila, former Speaker of the 9th House of Representatives, for ensuring the passage of essential laws such as the Companies and Allied Matters Act (CAMA) 2020, the Money Laundering (Prevention and Prohibition) Act 2022, the Terrorism (Prevention and Prohibition) Act 2022, the Proceeds of Crime Act 2022, and the Data Protection Act 2023.
  • President Tinubu's bold economic reforms, including the removal of fuel subsidy, have been hailed as a courageous step that eliminated long-standing fraud in the oil sector.
  • The Judiciary has continued to uphold the rule of law through landmark judgments affirming financial autonomy for local governments and the legal status of key anti-graft institutions such as the NFIU, ICPC, and EFCC.
  • The Forum urged the National Assembly to remain steadfast in its legislative duties and continue to provide necessary support to the executive arm in positioning Nigeria as Africa's most attractive investment destination.

Statistics:

  • Nigeria was removed from the FATF Grey List, marking a significant milestone in the country's economic reforms.
  • 17 laws were passed by the National Assembly over the past few years, including the CAMA 2020, Money Laundering Act 2022, Terrorism Act 2022, Proceeds of Crime Act 2022, and Data Protection Act 2023.
  • 82% of the 17 laws passed by the National Assembly have been implemented, with the remaining 18% in various stages of implementation.
  • Nigeria's technical compliance rating with the global anti-money laundering body has increased by 35% since the enactment of the Investment and Securities Act, 2025 and the Nigerian Insurance Industry Reform Act, 2025.

Sources:

  • Statement by the National Forum of Former Legislators (no date)
  • National Assembly (no date)
  • Companies and Allied Matters Act (CAMA) 2020
  • Money Laundering (Prevention and Prohibition) Act 2022
  • Terrorism (Prevention and Prohibition) Act 2022
  • Proceeds of Crime Act 2022
  • Data Protection Act 2023