Connect with us

News

Nigeria exits global money-laundering watchlist

Published

on

President Bola Tinubu has hailed Nigeria’s removal from the Financial Action Task Force (FATF) “grey list” as a major milestone for the country’s economy and financial integrity, describing it as “a strategic victory for our economy and a renewed vote of confidence in Nigeria’s financial governance.”

The FATF, which serves as the global watchdog on money laundering and terrorist financing, announced Nigeria’s delisting at its October 2025 plenary session held in Paris, France. The decision came after Nigeria fully implemented a 19-point action plan aimed at strengthening its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.

In a statement released by his Special Adviser on Information and Strategy, Bayo Onanuga, President Tinubu said the achievement reflected his administration’s determination to restore credibility and transparency to Nigeria’s financial system.

“Nigeria’s removal from the grey list is not just a technical accomplishment but a strategic victory,” Tinubu said. “It reaffirms our position as a trusted player in the global financial community.”

Nigeria was placed on the FATF grey list in February 2023 due to weak enforcement mechanisms, poor inter-agency coordination, and opaque financial practices. Tinubu said his administration treated the designation as a challenge to drive reforms, directing key agencies to introduce sweeping structural and legal changes.

Under his directive, the Nigerian Financial Intelligence Unit (NFIU), in collaboration with the Ministries of Finance, Justice, and Interior, as well as the Office of the Attorney-General, led a coordinated national effort to meet FATF standards.

Tinubu praised NFIU Director and Chief Executive Officer, Hafsat Bakari, for leading the process. “Her team’s diligent and timely implementation of Nigeria’s commitments earned the country international recognition for tackling serious financial crimes,” he said.

See also  Bianca Ojukwu meets Ghanaian officials over ‘Nigerians must go’ protest

Bakari confirmed the FATF decision in a statement, calling it “a true test of the country’s resilience, coordination, and unwavering commitment to reform.”

“The FATF has officially removed Nigeria from the list of jurisdictions under increased monitoring, commonly known as the grey list,” she said. “This milestone marks a historic moment in Nigeria’s fight against serious financial crimes and underscores our commitment to global standards.”

She highlighted key reforms that contributed to the delisting, including the enforcement of the Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism (Prevention and Prohibition) Act 2022, as well as the operationalisation of the Beneficial Ownership Register. The reforms also strengthened oversight of designated non-financial businesses and enhanced the ability of intelligence and law enforcement agencies to investigate and prosecute financial crimes.

Bakari commended President Tinubu’s leadership, the National Assembly, the judiciary, and private sector partners, urging all stakeholders to maintain the reform momentum to preserve global compliance.

At the same plenary, the FATF also removed South Africa, Mozambique, and Burkina Faso from the grey list, citing major improvements in their financial integrity systems.

Analysts said Nigeria’s exit from the watchlist is expected to ease cross-border transactions, attract foreign investment, and boost confidence in the country’s financial sector.

Tinubu said the decision marked “the beginning of a new chapter in Nigeria’s financial reform agenda,” pledging that his administration would “sustain institutional reforms, deepen collaboration, and continue to build a financial system that Nigerians and the world can trust.”

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Tinubu heads to S’Africa, Angola for G20, AU summits

Published

on

President Bola Tinubu will today (Wednesday) embark on a two-nation visit to Johannesburg, South Africa and Luanda, Angola.

“President Tinubu’s first stop is Johannesburg, where he will attend the 20th summit of the G20 Leaders. After the summit, he will proceed to Angola for the AU-EU summit,” the Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed in a statement Tuesday evening.

The G20 meeting holds at the Johannesburg Expo Centre from Saturday, November 22, to Sunday, November 23, followed by the AU–EU summit in Luanda from November 24–25.

Invited by South Africa’s President, Cyril Ramaphosa, Chairperson for this year’s G20, Tinubu will join leaders under the theme, “Solidarity, Equality, Sustainability,” the first G20 hosted on African soil.

The summit will consider inclusive and sustainable growth, debt and development finance, disaster-risk reduction, climate action and just energy transitions, food systems, critical minerals, decent work and artificial intelligence.

The Presidency said the Nigerian leader will also hold bilateral meetings on the margins of the G20 “in furtherance of the Renewed Hope Agenda,” and to discuss regional peace, security and development.

The African Union, now a full member of the G20 alongside the EU, is expected to participate in Johannesburg.

After the G20 in Johannesburg, Tinubu will join other Heads of State and Government for the AU–EU summit in Luanda, which brings leaders, innovators and civil society together on climate, inclusive development, infrastructure, digital economy, the creative sector, manufacturing and agribusiness.

He will be accompanied by senior officials, including the Ministers of Foreign Affairs, Finance and the Economy, Solid Minerals, and Trade and Investment, as well as the Director-General of the National Intelligence Agency.

See also  North Korea’s Kim hails strong, friendly ties with China

The President is due back in Nigeria at the end of both meetings, Onanuga stated.

While the G20 summit makes it Tinubu’s third trip to South Africa since assuming office, he is visiting Luanda, Angola for the first time as Head of State.

Continue Reading

News

Kebbi school abduction happened despite intelligence report  – Tinubu

Published

on

President Bola Tinubu has dispatched Vice President Kashim Shettima to Kebbi State to meet with grieving families of the schoolgirls abducted from a boarding school in Maga.

He also promised that the government is working to ensure their safe and swift return.

This is just as he said the abducation took despite intelligence warnings of a possible strike by the bandits.

In a statement issued on Tuesday by his Special Adviser on Information and Strategy, Bayo Onanuga, the President also extended condolences to the military over the deaths of several soldiers and Brigadier General Musa Uba, who were killed in action while battling insurgents in Borno State.

Tinubu said he had been fully briefed by military authorities on both incidents and expressed deep sorrow over the attack on the school.

He noted that the abduction occurred “despite intelligence warnings of a possible strike by the bandits,” while commending Kebbi State Governor Mohammed Nasir Idris “for the efforts made to avert the kidnapping.”

Describing the attack as a painful setback, the President urged communities—particularly those in security-vulnerable areas—to work more closely with security operatives.

While lamenting the dual tragedies, Tinubu declared, “As the Commander-in-Chief of the Armed Forces, I am depressed with the tragic death of our soldiers and officers on active duty. May God comfort the families of Brigadier General Musa Uba and other fallen heroes.”

He said he was equally troubled by the assault on schoolchildren, stating, “I am also depressed that heartless terrorists have disrupted the education of innocent schoolgirls. I have directed the security agencies to act swiftly and bring the girls back to Kebbi State.”

See also  Wike's altercation with the Naval officer is a typical example coming out of a disgraced country - Peter Obi

The President emphasized that citizen cooperation remains central to weakening criminal networks and preventing further attacks.

“Our security forces cannot succeed in protecting us if the people don’t cooperate and share information that will help them keep our communities safe.

“I urge community leaders and our compatriots across the country, especially those in the theatres of operations, to share useful information. Your cooperation is crucial in our fight against these security challenges,” he said.

Vice President Shettima is expected in Kebbi on Wednesday to meet with state officials, reassure affected parents, and convey the President’s message of solidarity and commitment, the statement noted.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

News

Kebbi kidnap: Senate orders probe as Safe School Initiative gulps N144.7bn

Published

on

The Senate on Tuesday intensified pressure on the Federal Government to overhaul Nigeria’s security architecture, urging President Bola Tinubu to immediately approve the recruitment of 100,000 fresh military personnel to confront insurgency, banditry and the rising wave of school abductions across the country.

Lawmakers also demanded a full investigation into the Safe School Programme, questioning how funds allocated to the initiative were spent despite repeated attacks on educational institutions.

Their concerns were provoked by the deadly raid on Government Girls School, Maga, in Kebbi State, where gunmen killed the vice principal and reportedly abducted 25 students.

The debate followed additional prayers raised by Senator Adams Oshiomhole (Edo North) during plenary, which triggered a heated session on Nigeria’s worsening security situation.

The Senate President, Godswill Akpabio, presided over the sitting and later moved the chamber into a closed-door meeting to discuss classified details.

Oshiomhole, while leading the call for massive recruitment and a security audit, warned that the scale of insecurity required a strategic expansion of the armed forces.

“I urged the President and the armed forces to recruit an additional 100,000 military personnel so we can have enough members and women in our troops. It is also another way to create employment for our youthful population.”

He faulted the alleged commercialisation of national security and demanded answers about the Safe School funds.

“People have turned our security to business. We should not monetise the death of our people by those living. What happened to the money earmarked for the Safe School programme?”

See also  North Korea’s Kim hails strong, friendly ties with China

Oshiomhole pressed further for a Senate-led probe and enhanced technological capacity for security agencies.

“Again, I urge the FG and relevant Senate Committees to probe the funds appropriated for the Safe School programme.

“I call on the military to deploy the use of technology and tracking devices to be able to track these criminals,” he urged.

His additional prayer was unanimously seconded and adopted by lawmakers across party lines.

Reacting, Senate President Godswill Akpabio endorsed the call for 100,000 new troops and supported the probe of the Safe School programme.

“We urge the Federal Government and Senate Committee to probe the spending. Unfortunately, these criminals are going after soft targets.”

Akpabio also cautioned against politicising insecurity.

He also offered condolences to the victims of the Maga school attack.

“But crime is crime. It doesn’t matter under which administration it takes place. Even the almighty America has crime daily.”

“All lives matter. May the souls of our fellow Nigerians and the vice principal who died in the course of protecting the students rest in peace.”

The debate in the Senate also touched on the country’s current defence capabilities.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading

Trending