The Chief of Staff to the President, Femi Gbajabiamila has said that the Presidency is determined to take concrete steps to ensure Nigeria’s removal from the global Financial Action Task Force (FATF) Grey List before the May 2025 deadline.
Gbajabiamila gave the assurance during a fact-finding visit to the Nigerian Financial Intelligence Unit (NFIU) office in Abuja on Tuesday.
Responding to a request from the Director and Chief Executive Officer of NFIU, Hafsat Bakari, who sought high-level intervention to meet the FATF action plan implementation deadline, he pledged the federal government’s determination to address the deficiencies that led to Nigeria’s listing.
It could be recalled that on February 24, 2023, Nigeria was placed on the FATF Grey List due to rising capital inflows and shortcomings in combating money laundering, terrorism, and arms financing.
The FATF is an independent intergovernmental organisation 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.
However, Gbajabiamila who acknowledged progress made by NFIU, which has implemented 30 per cent of the action plan to address identified deficiencies, stressed the need for accelerated efforts to complete the remaining tasks.
He said, “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 also assured the management of NFIU, which operates under the supervision of State House, of continued collaboration with his office to enable the organisation to fulfil its role in protecting Nigeria’s financial system from threats such as terrorism financing, money laundering, arms proliferation and other violent crimes.
Highlighting NFIU’s achievements, the CEO, Bakari noted that the agency has fostered inter-agency cooperation, connecting over 45 agencies to its intelligence sharing platform.
She added that the expanding use of technology by criminals, particularly in cybercrime and crypto currencies, requires continuous upgrade of new hardware and software to combat these evolving threats.
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