News Highlights:
- Nigeria launches initiative to exit FATF Grey list
- FG adopting technology-driven approach to strengthen financial security
The Nigerian government, through the National Information Technology Development Agency (NITDA) and the Nigerian Financial Intelligence Unit (NFIU), has launched an initiative aimed at removing the country from the Financial Action Task Force (FATF) Grey List by May 2025.
Digital TimesNG reports that this initiative was launched under the President’s directive following the NFIU’s request to develop and implement a Data Management Framework and Platform for Anti-Money Laundering, Counter-Terrorism Financing, and Counter-Proliferation of Firearms, in collaboration with NITDA.
At the inaugural technical session held yesterday at NITDA Headquarters in Abuja, NITDA Director General, Kashifu Inuwa, described the meeting as a significant milestone in Nigeria’s efforts to exit the Financial Action Task Force (FATF) Grey List, where the country has been listed since February 2013.
He explained that Nigeria’s inclusion on the Grey List was due to seven key issues, including increasing capital inflows, deficiencies in combating money laundering, arms financing, and terrorism financing.
According to him other factors include “the nation’s deficiencies in anti-money laundering regime, counter-terrorism financing regime and counter arms proliferation financing regime.”
He noted that the desire of the President to combat corruption and financial crime through innovation and technology necessitated his directive to NITDA to work with NIFU to build a system that would help NFIU to better manage financial data and compliance in the country.
“Today, we are kick-starting a meeting to start that project that will take us out of the Grey List and build that robust system. The main objective of the system is to help us with global compliance; to help Nigeria position itself as a key player in the global effort to combat financial terrorism and other crimes. This will help us to create visibility in Nigeria as well as improve our global reputation and relationship in the financial market he said.
While maintaining that the initiative will help in improving national security because of its capability to see any financial transaction inflow into the country, the NITDA boss maintained that it will also help to “track any illicit flow as well as empower us to highlight or identify criminal network in our financial sector.”
Inuwa averred that the system will strengthen the nation’s law enforcement and the economy because it will tame crime in the economy which will encourage investment into the country.
The NFIU Chief Executive Officer, Barrister Hafsat Abubakar Bakari described the project as a “game changer” because it will not only help the country to exit the grey list as directed by the president but improve the Data Integration Management System for Anti-Money Laundering and Combating the Financing of Terrorism, (AMLCFT.)
While acknowledging the introduction of technology in the way things are now being done at the NFIU, she called on Nigerians to support the initiative of not only the exiting of the grey list but to sustain the gains that the country has made from it.
“The Grey List is not just a one-off project, it is a continuous project. The next cycle of evaluation will be done in the year 2027 and we do not want a situation where we exit from the Grey List and another evaluation is conducted by the FITF, and we find ourselves back on the grey list again.”
Barrister Bakari added that “this is why we have decided that the use of technology will give credibility to every statistic that we have, not just to our domestic stakeholders, but also to our international partners. Everything should be done in real time and accessible, credible, and factual, and that is the project that we are doing today.”
While expressing her gratitude to NITDA and the Director General for their contributions to the project and other national service, she noted that she believes in local content initiative and that was why the NFIU made submission to Mr. President that NITDA should drive the process which he “graciously approved.”
“So, congratulations, NITDA, for the confidence that the NFIU has in you, and for the confidence that Mr. President has in you to drive this project,” she noted.
The Chairman, House Committee on Information and Communication technology and Cyber Security, Honourable Adedeji Olajide who also graced the event assured both NITDA and NFIU of legislative support in their quest to secure the country against illicit financial flow and other vices.
While acknowledging that it was a welcome development to see the executive and the legislator working together to achieve common goals in our country Honourable Olajide said, “You can be sure of it that you have all of the legislative support to get whatever you need done, and we will make sure there are no stumbling blocks in your way.”
He said it has become imperative to “change the narrative” and position Nigeria to its rightful place among the comity of nations, adding that he understood all the benefits and values the introduction of technology will bring to NFIU operations.
He said, “Nigeria is going to take its rightful place as the giant of Africa. We are going to lead the way in cutting-edge technologies to make sure that Nigeria has all of the right people, the right processes, and the right technology to move the country to the next level which is also in line with the agenda of Mr. President Ahmed Bola, who is also a technology person.”
The development and implementation of this platform are imperative to addressing the identified gaps, strengthening Nigeria’s financial integrity, and securing its place as a trusted partner in the global financial ecosystem.
