Nigeria’s FATF Grey List Exit: Senate Steps Up Financial Oversight

The Senate has resolved to strengthen Nigeria’s financial governance framework following the country’s removal from the Financial Action Task Force (FATF) Grey List, pledging tougher legislative oversight to sustain recent anti-corruption and transparency gains.
The decision followed the adoption of a motion sponsored by Senator Emmanuel Udende (Benue North-East), who commended President Bola Ahmed Tinubu, the Nigerian Financial Intelligence Unit (NFIU), and other key institutions for their coordinated efforts in achieving the delisting milestone.
Udende, while leading debate on the motion, said the Senate’s renewed vigilance is vital to prevent Nigeria from slipping back under global financial scrutiny.
“Nigeria’s exit from the FATF Grey List is not the end of the journey but the beginning of a new chapter in responsible financial governance,” Udende said. “The Senate must now ensure that our institutions remain vigilant, compliant, and innovative in addressing emerging financial crimes and risks.”
He stressed that continued legislative engagement would help translate executive-led reforms into lasting systemic improvements, promoting accountability across the financial sector.
The motion received overwhelming support from lawmakers, who described Nigeria’s FATF delisting as a vote of confidence in the nation’s financial integrity and a major boost to investor trust. However, they cautioned that the progress must be protected through regular oversight and policy adaptation.
In his remarks, Senate President Godswill Akpabio praised the Executive and relevant agencies for their commitment, assuring that the legislature would continue to monitor and evaluate policies to ensure alignment with international best practices.
“This Senate will not only celebrate milestones — we will sustain them,” Akpabio said. “The Committee on Anti-Corruption and Financial Crimes must ensure consistent monitoring and robust evaluation to keep Nigeria at the forefront of global financial transparency.”
The Senate also urged financial regulators and institutions to deepen inter-agency coordination, strengthen compliance systems, and promote accountability at all levels of operation.
Observers say the resolution signals the National Assembly’s determination to institutionalize governance reforms and position Nigeria as a credible player in the global financial system — a move expected to enhance investor confidence and long-term economic stability.