Good Governance Team Lauds Nigeria's Delisting from FATF's Grey List, Warns Against Complacency.

Tunde Salman Jimoh, Team Lead and Convener, Good Governance Team, (GGT) Nigeria 

Good Governance Team (GGT) Nigeria, a civil society platform dedicated to promoting transparency, accountability and good governance has congratulated the country on its recent delisting from the Financial Action Task Force's, (FATF) grey list. 

A press statement signed by the Convener of the group, Tunde Salman Jimoh and made available to Nigeria Point Blank in Abuja on Tuesday read, "We  extend our heartfelt congratulations to the Federal Republic of Nigeria on its successful removal from the Financial Action Task Force's grey list." 

The statement attributed the achievement to the "country's determination to strengthen it's financial system, restore international confidence, and uphold the values of transparency and accountability."  The Team further attributed the success to collective national efforts of the government, the anti-corruption the Economic and Financial Crimes Commission, (EFCC); the National Financial Intelligence Unit, (NFIU); and the Independent Corrupt Practices and Related Offences Commission, (ICPC), the Central Bank of Nigeria, (CBN) joined with advocacy efforts by anti-corruption civil society organisations.

The statement explored the significance and benefits of the development saying it  "presents significant economic and diplomatic opportunities for Nigeria. It signals to the global investment community that the nation's financial system is credible, stable, and aligned international best practices. This positive perception is expected to boost investors' confidence, attract foreign direct investment, and facilitate smoother cross-border transactions."

The statement listed improved access to international credit, trade financing and investment across regional and global markets as international lenders tend to view Nigeria as a low-risk economy as gains from the delisting.

"Furthermore, the decision strengthens Nigeria's standing in the international financial system. It enhances the country's reputation as a reform-driven economy and a responsible global actor committed to the rule of law and accountability." The Team stated.

Domiciled in the secretariat of the Organisations for Economic Co-operation and Development, in Paris, France, the Financial Action Task Force, was birthed in 1989 by the G7 nations to check global financial crimes of money laundry, terrorism financing, and arms proliferation financing. 

The FATF has a black list for countries with serious deficiencies and non-cooperation countries. It has also a grey list for countries under increased surveillance for some lapses from which Nigeria was recently delisted in a move acknowledging success of recent domestic efforts at curbing illicit financial flows.

The Good Governance Team, however sounded a note of caution, warning against complacency and advocating sustained efforts to consolidate on the achievement. 

To this end, the group recommended the Federal Government should give more support to anti-corruption agencies to enable them deliver on their mandates. It urged the government to work closely with relevant financial institutions, professional bodies, civil society organisations and other relevant stakeholders.

"This achievement must not lead to complacency. Sustaining the gains from the FATF delisting requires continued political will, institutional discipline, and policy coherence. Nigeria must deepen Reforms that promotes transparency in beneficial ownership disclosures, ensure effective prosecution of financial crimes, and maintain inter-agency co-operation in monitoring high risk sectors. Strengthening capacity across financial regulators, law enforcement agencies, and the judiciary will be essential to prevent future lapses." The Team proffered.