Tinubu Scrambles To Save Nigeria’s Image As FATF Grey List Threatens Economy

In a strategic move to restore investor confidence and bolster Nigeria’s financial reputation, the Federal Government has ramped up its efforts to remove the country from the Financial Action Task Force (FATF) Grey List by the end of May.

This was disclosed by the Minister of Interior, Dr. Olubunmi Tunji-Ojo, during a recent meeting in Abuja with the United Kingdom’s Minister of State for Home Affairs, David Hanson.

Dr. Tunji-Ojo revealed that he and the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi (SAN), are jointly heading a committee that is working closely with the Nigeria Financial Intelligence Unit (NFIU) to fast-track Nigeria’s removal from the FATF Grey List and secure its place on the “White List.”

Nigeria was previously on the FATF’s Black List but made progress in February 2023 when it was moved to the Grey List, signaling partial compliance with global financial standards.

Speaking on the urgency of the matter, Dr. Tunji-Ojo emphasized the Tinubu administration’s commitment to enhancing the country’s anti-money laundering and counter-terrorism financing structures.

“When you examine the root of our challenges with terrorism and insecurity, you’ll find that much of it is tied to fraud and illicit funding. It’s in our national interest to crush fraud and illegal financing,” he stated.

He added, “Nigeria has made commendable progress — we were on the Black List, now we’re on the Grey List. As co-chair of the committee alongside the Attorney General, I can confidently say we’re working diligently with the NFIU to ensure we exit the Grey List and achieve White List status by May’s end.”

The minister further stressed the link between financial transparency and economic growth: “Our seriousness stems from the fact that transparency is vital to economic recovery. Nigeria, with a population of over 230 million and enormous potential, must match its size with productivity. That productivity is driven by investment — and for investors to come, they must trust the system. High levels of fraud erode that trust.”