The Nigerian government is taking decisive action to ensure the country exits the Financial Action Task Force (FATF) Grey List by May 2025.
This list, which highlights nations with strategic deficiencies in combating money laundering and terrorism financing, has included Nigeria since February 2013.
To address this, the National Information Technology Development Agency (NITDA) and the Nigerian Financial Intelligence Unit (NFIU) have launched a groundbreaking project.
With direct approval from the President, they’re developing an Anti-Money Laundering/Counter Terrorism Financing (AML/CFT) Data Management Framework and Platform aimed at tightening financial crime controls and restoring global confidence in Nigeria’s financial system.
At the inaugural technical session in Abuja, Kashifu Inuwa, NITDA’s Director General, said the initiative marks a major milestone in combating financial crimes.
“This system will help Nigeria achieve global compliance, strengthen national security, and improve our reputation in the global financial market,” he stated.
What’s Driving the Change?
• Key Challenges: Rising capital inflows.
Shortcomings in combating money laundering, terrorism financing, and arms proliferation.
• Presidential Directive: Using technology to fight financial crimes and position Nigeria as a leader in global financial intelligence.
What the New System Will Achieve
• Enhanced Monitoring: Real-time tracking of financial inflows and illicit transactions.
• Improved National Security: Identifying criminal networks within the financial sector.
• Economic Growth: Creating an investment-friendly environment by curbing financial crimes.
NFIU CEO Hafsat Abubakar Bakari described the project as a “game changer,” emphasizing the need for sustainable solutions to avoid future setbacks.
“This is not a one-off project. It’s about building a credible, data-driven framework that serves both domestic and international stakeholders,” she noted.
The House Committee on ICT and Cyber Security has pledged full legislative support for the initiative.
According to Hon. Adedeji Olajide, “This project will ensure Nigeria reclaims its rightful position as a leader in Africa and beyond.”
What’s Next?
The project is not just about exiting the Grey List; it’s about solidifying Nigeria’s role as a trusted global partner in financial intelligence and security.
By addressing existing gaps and leveraging technology, Nigeria aims to set a benchmark for other nations in combating financial crimes.
This initiative is a powerful step toward enhancing the country’s financial integrity and securing its future on the global stage.
