The African Center for Governance, Asset Recovery and Sustainable Development warmly welcomes the European Commission’s decision to remove Nigeria from the European Union’s list of high-risk third countries for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). This landmark decision, formalized through a new European Commission regulation taking effect from 29 January 2026, follows Nigeria’s earlier removal from the Financial Action Task Force (FATF) grey list in October 2025 after the successful completion of its FATF Action Plan.
Together, these developments represent a significant international endorsement of Nigeria’s sustained commitment to strengthening the integrity, transparency, and resilience of its financial system. They affirm the country’s progress in addressing long-standing strategic deficiencies and in aligning its regulatory, institutional, and operational frameworks with global AML/CFT standards.
The European Commission’s decision marks a major milestone for Nigeria’s global financial reputation. By addressing the strategic gaps identified by the FATF, Nigeria has significantly strengthened the effectiveness of its AML/CFT regime, a progress now formally acknowledged by the European Union. With this delisting, the automatic, country-based enhanced due diligence requirements under EU law will no longer apply to transactions involving Nigeria. This is expected to ease cross-border financial flows, as Nigerian banks and businesses will no longer be routinely subjected to heightened compliance checks on every transaction with European counterparts. The development will also support the rebuilding of correspondent banking relationships and international payment channels, while boosting investor confidence by signalling to global markets that Nigeria’s financial system is increasingly robust, transparent, and well-integrated into the international financial architecture.
The African Center commends the extraordinary leadership, sustained political will, and strong inter-agency coordination that made this achievement possible. We also acknowledge the complementary contributions of development partners, whose technical assistance and policy support helped strengthen national reform efforts.
As a policy and implementation-focused institution, the African Center has actively supported Nigeria’s AML/CFT reform agenda through technical cooperation, capacity building, and strategic policy advocacy. Working closely with international donors and national stakeholders, we have supported compliance strengthening across key sectors. Notably, our collaborative initiatives with the Nigerian Bar Association’s Anti-Money Laundering Committee, the Federal Ministry of Justice, and the National Judicial Institute, focused on operationalizing the Proceeds of Crime Act and enhancing sectoral compliance. We remain committed to deepening this support through targeted training, institutional strengthening, and expert advisory services in compliance, investigation, and asset recovery.
Looking ahead, the African Center reaffirms its commitment to supporting all stakeholders in consolidating and building upon this success. We will continue to partner with government agencies, private sector actors, civil society organizations, and international institutions to ensure that the momentum of reform is sustained. Our mission remains to help embed these reforms into durable legal, regulatory, and institutional practices, safeguarding financial integrity, promoting transparency, combating illicit financial flows, and strengthening public trust. By working collectively to reinforce institutions and uphold global best practices, Nigeria can ensure that its financial system remains resilient, competitive, and inclusive, translating these hard-won gains into lasting economic renewal and sustainable development.
Signed,
Juliet Ibekaku-Nwagwu
Executive Director
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