The Nigerian government, in collaboration with the National Information Technology Development Agency (NITDA) and the Nigerian Financial Intelligence Unit (NFIU), has launched a groundbreaking initiative aimed at ensuring the country’s removal from the Financial Action Task Force (FATF) Grey List by May 2025. This move follows a directive from President Bola Ahmed Tinubu, who tasked NITDA and NFIU with developing a comprehensive Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) Data Management Framework to strengthen the nation’s financial integrity and combat illicit financial flows.
At the inaugural technical session held at NITDA’s headquarters in Abuja, NITDA Director General, Kashifu Inuwa, highlighted the critical importance of this initiative in addressing the issues that led to Nigeria’s inclusion on the FATF Grey List in 2013. These included challenges in managing capital inflows, money laundering, terrorism financing, and arms proliferation.
“The president’s vision is clear: to combat financial crimes through innovation and technology,” Inuwa said. “The new platform will not only help us meet global financial compliance standards but will also enhance our national security and improve our international standing, allowing Nigeria to regain trust in the global financial market.”
The platform, developed in partnership with NFIU, aims to enhance Nigeria’s capacity to monitor financial transactions, detect illicit activities, and identify criminal networks, which will also help improve the country’s law enforcement and foster greater investment.
NFIU CEO, Barrister Hafsat Abubakar Bakari, referred to the project as a “game changer” that will not only help Nigeria exit the Grey List but also build a sustainable framework for managing financial intelligence. She emphasized the importance of using technology to provide accurate, real-time data that would be accessible both locally and internationally. Bakari also reiterated the need for ongoing vigilance, noting that the next FATF evaluation is set for 2027.
Legislative support for the initiative was also assured by Honourable Adedeji Olajide, Chairman of the House Committee on Information and Communication Technology and Cyber Security. Olajide expressed strong backing for the project, highlighting Nigeria’s potential to lead the way in using technology to transform its financial systems.
The initiative’s main objectives include ensuring FATF compliance, improving the operational capacity of NFIU through automation, and positioning Nigeria as a global leader in the fight against financial crime. The development of this platform is a critical step toward strengthening Nigeria’s financial ecosystem, securing its place in the international market, and enhancing the nation’s credibility on the global stage.
