The Presidency has pledged to take definitive actions to ensure Nigeria’s removal from the global Financial Action Task Force (FATF) Grey List before the May 2025 deadline.
During a fact-finding visit to the Nigerian Financial Intelligence Unit (NFIU) office in Abuja on Tuesday, the Chief of Staff to the President, Hon. Femi Gbajabiamila, provided this assurance.
“The FATF is an independent intergovernmental organization that evaluates jurisdictions based on their Anti-Money Laundering/Counter Financing of Terrorism and Proliferation (AML/CFT/P) standards,” Gbajabiamila explained.
Nigeria was added to the FATF Grey List on February 24, 2023, due to rising capital inflows and gaps in addressing money laundering, terrorism, and arms financing.
According to a statement from the Presidency’s media and publicity department, Gbajabiamila’s assurance came in response to a request from Hafsat Bakari, Director and Chief Executive Officer of NFIU, who sought high-level intervention to meet the FATF action plan implementation deadline.
Gbajabiamila emphasized the Federal Government’s commitment to addressing the deficiencies that led to Nigeria’s listing.
Gbajabiamila acknowledged the progress made by NFIU, noting that the agency has implemented 30 percent of the action plan to address identified deficiencies.
He stressed the need for accelerated efforts to complete the remaining tasks, stating, “I am a firm believer that no matter how much you achieve, one thing can destroy everything you have achieved. One rotten egg can spoil the whole basket.”
He continued, “We have nine months left to exit the Grey List, and even being on that list is bad enough—that is not what we want for our country. Therefore, we will do everything we need to do because May 2025 is around the corner.
You must furnish us with the information and the boxes that we need to tick. We do not want a fire brigade approach because May is around the corner; this is a high priority.”
Gbajabiamila also assured NFIU’s management of continued collaboration with his office to support the organization in safeguarding Nigeria’s financial system against threats such as terrorism financing, money laundering, arms proliferation, and other violent crimes.
“I know there’s much to be done and we are here to collaborate with you to ensure that, so that ultimately we can get to where we are supposed to be,” he said.
Reflecting on his previous experience as Speaker of the House of Representatives, he added, “I do understand the workings of NFIU from my time as the Speaker of the House of Representatives and the discussions of where to domicile you as an agency of government.
I’m glad to see the agency’s independence, and we’ll continue to support it, as well as promote inter-agency cooperation.”
Gbajabiamila also commended the agency for its commitment to implementing the recent Supreme Court interpretation regarding local government autonomy.
In her remarks, CEO Hafsat Bakari highlighted NFIU’s achievements, noting that the agency has connected over 45 agencies to its intelligence sharing platform and established collaborations with federal government agencies such as FIRS, NCC, NITDA, and others.
“One of the key projects we have commenced is the implementation of a monetary network framework following the recent Supreme Court judgment on the fiscal autonomy of local governments,” Bakari said. “This would enable the government to ensure that resources made available have an impact on the citizens.”
Bakari also addressed FATF-related challenges, noting that NFIU has deployed significant resources to address identified deficiencies.
She emphasized the importance of technology in combating evolving threats, stating, “Capacity building is essential to stay ahead of evolving methods and typologies of financial crime.”
In addition to his visit to NFIU, the Chief of Staff also engaged with the Nigeria Extractive Industries Transparency Initiative (NEITI) and the National Council on Climate Change (NATCCC) as part of his ongoing efforts with agencies under the supervision of the State House.
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