The Nigerian government, through the collaboration of the National Information Technology Development Agency (NITDA) and the Nigerian Financial Intelligence Unit (NFIU), has launched an ambitious initiative aimed at removing the country from the Financial Action Task Force (FATF) Grey Listby May 2025.
The project follows President Bola Tinubu’s directive for the development and implementation of a robust Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Countering Proliferation Financing (CPF) Data Management Framework and Platform.
At an inaugural technical session held at NITDA’s headquarters in Abuja, the agency’s director-general, Inuwa Abdullahi described the event as a significant milestone in Nigeria’s efforts to address long-standing financial compliance issues that have kept the nation on the ‘grey list’ since February 2013.
Abdullahi highlighted that Nigeria’s inclusion on the FATF Grey List stemmed from several deficiencies, including inadequacies in combating money laundering, weak systems for countering terrorism and arms financing, gaps in the nation’s anti-money laundering and counter-terrorism financing regimes and ineffective measures to prevent the proliferation of firearms.
According to him, these challenges have hindered Nigeria’s global financial reputation and security.
“The President’s directive is rooted in his commitment to combating corruption and financial crime through innovation and technology,” Abdulllahi stated. He explained that the framework would enhance NFIU’s capacity to manage financial data, improve compliance, and strengthen the nation’s financial systems.
Abdulllahi described the project’s goals as transformative, emphasising its potential to position Nigeria as a key global player in combating financial crimes.
“This initiative will not only remove us from the ‘grey list’ but also establish a robust system that improves our global reputation, enhances financial market relationships and strengthens national security,” he said.
He noted that the platform would provide real-time visibility of financial inflows into the country, track illicit financial flows and identify criminal networks operating within Nigeria’s financial sector.
Abdulllahi expressed optimism that the system would curb economic crimes, encourage investment, and bolster law enforcement efforts.
CEO of NFIU, Hafsat Abubakar Bakari described the initiative as a “game-changer.”
She explained that the project aligns with global best practices in AML/CFT, enhancing data integration, transparency, and operational efficiency.
“The ‘grey list’ issue is not a one-off challenge. FATF evaluations are continuous, with the next cycle scheduled for 2027. It is essential to not only exit the ‘grey list’ but also ensure that we sustain these achievements,” Bakari emphasised.
She highlighted the critical role of technology in ensuring credible, real-time and accessible statistics for both domestic and international stakeholders.
Bakari commended NITDA for its leadership and commitment to leveraging local expertise in developing the framework. She noted that NFIU’s submission to the President, advocating for NITDA’s role in the project, was met with approval.
“This is why we have full confidence in NITDA to deliver on this project,” she added.
Chairman of the House Committee on Information and Communication Technology (ICT) and Cybersecurity, Hon. Adedeji Olajide expressed strong legislative support for the initiative.
“This collaboration between the executive and legislative arms of government demonstrates a shared commitment to securing Nigeria against illicit financial flows,” Olajide said.
He pledged to ensure the removal of any legislative barriers, stating, “Nigeria must reclaim its rightful place among the comity of nations. Through this initiative, we can lead Africa in cutting-edge technologies that strengthen financial integrity.”
The platform is designed to address Nigeria’s compliance gaps and establish a sustainable system for long-term financial integrity. Its objectives include:
- Achieving FATF Compliance: Ensuring Nigeria meets global financial standards and is removed from the ‘grey list’.
- Strengthening Operational Capacity: Enhancing NFIU’s functionality through automation, intelligence integration and scalability.
- Restoring International Confidence: Reinforcing Nigeria’s reputation as a reliable global financial partner.
- Securing Long-Term Independence: Establishing a sustainable framework to prevent future compliance lapses.
The development and implementation of the AML/CFT/CPF framework represent a significant step toward addressing systemic gaps in Nigeria’s financial systems. By leveraging technology, the platform will provide a scalable and efficient solution for financial data management, ensuring Nigeria’s compliance with international standards.
“This project aligns with President Bola Tinubu’s agenda to modernise Nigeria through technology,” Olajide remarked. “By investing in the right people, processes and tools, Nigeria will emerge as a leader in financial intelligence.”
As Nigeria moves forward with this ambitious initiative, stakeholders remain optimistic about the country’s ability to meet the May 2025 deadline and establish itself as a global benchmark for financial intelligence and AML/CFT practices.
With robust support from NITDA, NFIU and legislative allies, this project sets the stage for Nigeria to secure its financial integrity, restore international confidence and drive innovation in combating financial crimes.
