From Juliana Taiwo-Obalonye, Abuja
The Presidency has assured that it will take concrete steps to ensure Nigeria’s removal from the global Financial Action Task Force (FATF) Grey List before the May 2025 deadline.
The Chief of Staff to the President, Femi Gbajabiamila, made the pledge during a working visit to the Nigerian Financial Intelligence Unit (NFIU) office in Abuja on Tuesday.
The FATF is an independent intergovernmental organization that promotes policies to protect the global financial system by evaluating jurisdictions based on their Anti-Money Laundering/Counter Financing of Terrorism and Proliferation (AML/CFT/P) standards.
Nigeria’s inclusion on the FATF Grey List in February 2023 was due to rising capital inflows and shortcomings in combating money laundering, terrorism, and arms financing.
Gbajabiamila assured of the Federal government’s determination to address the deficiencies that led to Nigeria’s listing on the FATF Grey List in February 2023.
Gbajabiamila acknowledged the progress made by NFIU, which has implemented 30% of the action plan to address identified deficiencies, but stressed the need for accelerated efforts to complete the remaining tasks.
“I am a firm believer that no matter how much you achieve, one thing can destroy everything you have achieved. One rotten egg can spoil the whole basket. We have nine months left to exit the Grey List, and even being on that list is bad enough- that is not what we want for our country. Therefore, we will do everything we need to do because May 2025 is around the corner.
“You must furnish us with the information and the boxes that we need to tick. We do not want a fire brigade approach because May is around the corner; this is a high priority,” he said.
The Chief of Staff assured the management of NFIU, which operates under the supervision of State House, of continued collaboration to enable the organization fulfill its role in protecting Nigeria’s financial system from threats such as terrorism financing, money laundering, arms proliferation and other violent crimes.
NFIU CEO, Hafsat Bakari, noted that the agency has fostered inter-agency cooperation, connected over 45 agencies to its intelligence sharing platform, and established collaborations with federal government agencies to boost domestic revenue mobilization in sub-national governments.
Bakari highlighted the expanded use of technology by criminals, particularly in cybercrime and crypto currencies, which requires continuous upgrade of new hardware and software to combat these evolving threats.
The Chief of Staff to the President also visited Nigeria Extractive Industries Transparency Initiative (NEITI) and the National Council on Climate Change (NATCCC) as part of his ongoing engagements with agencies under the supervision of State House.