By NIyi Jacobs
The Federal Government of Nigeria has welcomed the European Commission’s decision to remove the country from the European Union’s list of high-risk third countries for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT). The move follows Nigeria’s earlier removal from the Financial Action Task Force (FATF) list of jurisdictions under increased monitoring in October 2025, after successfully completing its FATF Action Plan.
The Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, credited the milestone to the “extraordinary leadership, unwavering political will, and clear reform vision” of President Bola Ahmed Tinubu, under whose administration AML/CFT reforms were prioritized as a key part of Nigeria’s economic governance and financial system stability agenda.
President Tinubu’s decisive approach, according to Edun, included strong inter-agency coordination, sustained engagement with international partners, and full implementation of critical legal, regulatory, and institutional reforms that addressed strategic deficiencies previously identified in Nigeria’s AML/CFT framework.
The European Commission acknowledged that Nigeria had significantly strengthened the effectiveness of its AML/CFT regime and satisfactorily addressed both technical and strategic deficiencies highlighted by the FATF. With this recognition, Nigeria now joins other jurisdictions that have demonstrated similar progress, signaling a substantial boost to the country’s global financial credibility.
The development is expected to ease enhanced due diligence requirements for Nigerian individuals, businesses, and financial institutions transacting with European counterparts, improve correspondent banking relationships, and enhance investor confidence, further integrating Nigeria into the international financial system.
Minister Edun commended the efforts of all stakeholders, including financial regulators, law enforcement agencies, the Nigerian Financial Intelligence Unit, the judiciary, and private sector operators, noting that their professionalism and commitment were instrumental to achieving the reforms.
While welcoming the decision, Edun reaffirmed Nigeria’s commitment to sustaining and deepening AML/CFT reforms, pledging continued collaboration with the FATF, the European Union, and other international partners to maintain a resilient, transparent, and globally aligned financial system.
The removal of Nigeria from both the FATF grey list and the EU high-risk list sends a strong signal to the international community that the nation is firmly on the path of financial reform, transparency, and economic renewal under President Tinubu’s leadership.
