The Nigerian Senate on Tuesday passed a motion commending President Bola Tinubu for their roles in securing Nigeria’s removal from the Financial Action Task Force (FATF) Grey List.
The motion was sponsored by Senator Emmanuel Udende (Benue North East) and brought under Matters of Urgent Public Importance pursuant to Orders 41 and 51 of the Senate Standing Orders, 2023 (as amended).
Senator Udende’s motion was titled, “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 FATF Grey List,”
Others mentioned for commendation in the motion were the Senate President, Godswill Akpabio and key financial and anti-corruption agencies
Presenting the motion, Senator Udende noted that Nigeria’s delisting by FATF was a major milestone reflecting the country’s success in addressing strategic deficiencies in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
He said the development demonstrates Nigeria’s renewed commitment to transparency, accountability, and global financial integrity standards.
Udende recalled that Nigeria’s previous inclusion on the Grey List had exposed the nation to increased international monitoring, reputational risks, and reduced investor confidence.
He attributed the recent delisting to “extensive reforms and coordinated policy actions” implemented by the Executive, National Assembly, and regulatory agencies.
The Senate, in its resolution, commended President Bola Ahmed Tinubu, the President of the Senate, Senator Godswill Akpabio, the NFIU and the Economic and Financial Crimes Commission (EFCC)
Others are the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Central Bank of Nigeria (CBN), and other stakeholders for their “tireless efforts” in strengthening Nigeria’s financial governance systems.
Lawmakers expressed delight that the delisting has already boosted investor confidence and enhanced Nigeria’s credibility in the global financial community.
They noted that Nigerian financial institutions would now enjoy smoother cross-border operations, improved remittance inflows, and reduced compliance costs.
The Senate further observed that the development would have long-term economic benefits, including increased foreign direct investment, stronger regulatory stability, job creation, and enhanced trade competitiveness.
In its resolutions, the upper chamber urged all relevant financial and law enforcement agencies to sustain the momentum by maintaining full compliance with international standards and preventing a relapse into the FATF Grey List.
The Senate also mandated its Committee on Anti-Corruption and Financial Crimes to intensify legislative oversight and policy reviews to further strengthen Nigeria’s anti-money laundering framework.
