At the Stakeholders’ engagement session on Nigeria’s delisting from the FATF AML/CFT grey list, officials from the relevant institutions in Nigeria participated actively. They highlighted the challenges and opportunities faced by Nigeria in implementing the delisting action plan as directed by FATF and GIABA.

The Nigerian team led by the Chief Executive Officer (CEO) of the Nigeria Financial Intelligence Unit (NFIU), Hafsat Bakare played a pivotal role in providing insights into Nigeria’s actions to expedite the delisting process. Senior officials from the Economic and Financial Crimes Commission (EFCC), the Nigerian Drug Law Enforcement Agency (NDLEA), the Federal Ministry of Justice (FMOJ), the Director of State Security Services (DSS) and the National Judicial Institute among other agencies. Their presence and contributions underscored their dedication to the delisting process.

Since its greylisting in 2023, Nigeria has made significant strides. Following the outcome of the 2021 MER and the subsequent action plans, the Government has demonstrated unwavering efforts in enacting laws and policies, leading to improved ratings in previously non-compliant areas. The key challenges Nigeria still faces include enhancing the effectiveness of investigations and prosecutions in money laundering cases, maintaining comprehensive AML/CFT statistics, initiating international cooperation, and national coordination, and responding to inherent risks identified in the ML/FT sector.

The stakeholders reiterated their unwavering commitment to collaborate as the interactive session ended. Their shared goal is to address all outstanding issues in the joint ICRG action plan which includes strategic steps towards enhancing international cooperation in asset recovery and return and developing sustained training for all judicial/enforcement officers on AML/CFT investigation, prosecution, adjudication, and confiscation of stolen assets.

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