The Economic and Financial Crimes Commission (EFCC) and the Nigeria Financial Intelligence Unit (NFIU) convened on Wednesday, March 20, 2024, to devise fresh strategies aimed at propelling Nigeria towards its departure from the Financial Action Task Force (FATF) Grey List.
The genesis of these strategies stemmed from a courtesy visit by Hafsat Abubakar Bakari, Director and Chief Executive Officer of NFIU, to Ola Olukoyede, the Executive Chairman of the EFCC, at the Commission’s headquarters.
Bakari, in her address, underscored the significance of the visit, citing a shared history and the imperative to forge stronger ties in confronting the FATF challenge. “Today’s visit acknowledges our shared heritage and signifies a pivotal step in establishing a robust partnership. We are here to chart the course for Nigeria’s removal from the FATF Grey List in the foreseeable future.”
During her presentation, Bakari delineated the intelligence-gathering and sharing mechanisms employed by the NFIU to support pertinent agencies nationwide. She also elucidated the NFIU’s efforts in enforcing compliance obligations among reporting entities, pledging heightened efficacy and integrity in combating corruption, insecurity, terrorist financing, and other threats to national peace and progress. “I assure the Commission of our unwavering commitment to executing our duties with utmost integrity and efficiency,” she affirmed.
Olukoyede, in response, assured Bakari of the EFCC’s wholehearted engagement and dedication to the exit strategy. “We stand united in this endeavour. The EFCC has been pivotal in driving the exit action plan, and I can assure you that we will persist in our efforts not solely to appease the international community but for the holistic advancement of our nation. Our actions should be guided by the interests of our country, not merely by external pressures. Let us remain steadfast in doing what is right for the betterment of our economy.”
In February 2023, the FATF included Nigeria in its roster of countries under scrutiny, placing it on the Grey List. This designation necessitated the implementation of a 19-item action plan by May 2025 to avert the graver consequences of being elevated to the Black List, which carries severe economic repercussions.
Olukoyede expressed confidence that the collaborative efforts of the EFCC, NFIU, and other relevant agencies will facilitate Nigeria’s departure from the Grey List.
He reiterated his commitment to preventive frameworks in combating economic and financial crimes, emphasising the cost-effectiveness of corruption prevention over its suppression.
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