The Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU) jave agreed to strategize Nigeria’s departure from the Financial Action Task Force (FATF) Grey List.
This initiative emerged from a meeting between Hafsat Abubakar Bakari, Director and Chief Executive Officer of NFIU, and Ola Olukoyede, Executive Chairman of EFCC, held at the Commission’s headquarters.
Bakari articulated the purpose of the visit, emphasizing the significance of fostering stronger ties and addressing the FATF challenge.
She stated, “Our presence today reflects our shared history and signifies a pivotal step towards forging a robust partnership. We are convened to deliberate on coordinated measures aimed at facilitating Nigeria’s removal from the FATF Grey List in the foreseeable future.”
During her presentation, Bakari delineated the intelligence-gathering methodologies and collaborative endeavors undertaken by NFIU to support pertinent agencies nationwide.
She underscored NFIU’s dedication to enforcing compliance obligations among reporting entities and pledged enhanced efficacy and integrity in combating corruption, insecurity, terrorist financing, and other threats to national stability and advancement.
Bakari affirmed, “We are committed to executing our duties with the utmost integrity and effectiveness.”
In response, Olukoyede reaffirmed EFCC’s unwavering commitment to the exit strategy.
He asserted, “Our collaboration is paramount. EFCC has been actively engaged in driving the exit plan, and we remain resolute in our efforts, not solely to appease the international community, but to foster the holistic growth and development of our nation.”
Emphasizing the primacy of national interest, Olukoyede urged adherence to ethical principles, declaring, “Our actions should be guided by righteousness, independent of external pressures. Let us diligently pursue the action plan to fortify our economic landscape.”
Nigeria was added to the FATF Grey List in February 2023, necessitating the implementation of a 19-item action plan by May 2025 to avert potential escalation to the Black List, with severe economic ramifications.
Olukoyede expressed optimism in the collaborative endeavors of EFCC, NFIU, and other relevant agencies to expedite Nigeria’s removal from the Grey List.
He underscored his commitment to preemptive measures in combating economic and financial crimes, advocating that prevention is more cost-effective than confrontation.
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