By Naomi Jeremiah
The Federal Government has welcomed the European Commission’s decision to remove Nigeria from the European Union’s list of high-risk third countries for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).
The decision was announced in a European Commission Delegated Regulation released this week, amending Delegated Regulation (EU) 2016/1675. It comes months after Nigeria was removed from the Financial Action Task Force (FATF) list of Jurisdictions under Increased Monitoring in October 2025, following the successful completion of its FATF Action Plan.
Reacting to the development, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, described the removal as a significant achievement made possible by the leadership and reform-driven agenda of President Bola Ahmed Tinubu.
According to the minister, the Tinubu administration prioritised AML/CFT reforms as a central pillar of economic governance and financial system stability, ensuring strong inter-agency collaboration, sustained engagement with international partners, and the full implementation of required legal, regulatory, and institutional reforms.
“The President’s decisive leadership and political will were critical in addressing the strategic deficiencies previously identified in Nigeria’s AML/CFT framework,” Edun said.
In its assessment, the European Commission noted that Nigeria had substantially strengthened the effectiveness of its AML/CFT regime and satisfactorily resolved the technical and strategic concerns raised by the FATF. Based on this progress, Nigeria was removed from the EU’s high-risk list alongside other jurisdictions that demonstrated similar improvements.
The development is expected to boost Nigeria’s global financial standing by easing enhanced due diligence requirements for Nigerians and Nigerian businesses engaging with European institutions. It is also projected to improve correspondent banking relationships, strengthen investor confidence, and further integrate Nigeria into the international financial system.
The finance minister commended the contributions of key stakeholders, including financial sector regulators, law enforcement agencies, the Nigerian Financial Intelligence Unit, supervisory authorities, the judiciary, and private sector operators, whose coordinated efforts ensured the success of the reforms.
While welcoming the decision, Edun reaffirmed Nigeria’s commitment to sustaining and deepening AML/CFT reforms, noting that the country will continue to work closely with the FATF, the European Union, and other international partners to maintain a transparent and resilient financial system aligned with global best practices.
The removal of Nigeria from both the FATF grey list and the EU’s high-risk list sends a strong signal to the international community of the country’s renewed commitment to reform, transparency, and economic renewal under President Tinubu’s administration.
Source: Federal Ministry of Finance