Nigeria is making a bold move to exit the Financial Action Task Force’s (FATF) Grey List by May 2025. The National Information Technology Development Agency (NITDA) and the Nigerian Financial Intelligence Unit (NFIU) are joining forces to tackle long-standing weaknesses in the country’s financial system, using cutting-edge technology to get the job done.
The directive, issued by President Bola Ahmed Tinubu, is in response to a submission by the NFIU for the development and implementation of an Anti-Money Laundering/Counter Financial Terrorism/Counter Proliferation of Firearms (AML/CFT/CPF) Data Management Framework and Platform.
The initiative was officially launched during an inaugural technical session at NITDA’s Headquarters in Abuja.
Speaking at the session, NITDA Director General Kashifu Inuwa, CCIE, described the project as a critical milestone in Nigeria’s journey to financial transparency.
He noted that Nigeria’s inclusion on the FATF Grey List in February 2013 stemmed from seven key issues, including rising capital inflows linked to illicit activities, deficiencies in combating money laundering, terrorism financing, and arms proliferation financing.
Inuwa emphasised that the platform aligns with the president’s vision to combat corruption and financial crime through technology.
According to him, the system will enable Nigeria to achieve global compliance, enhance national security, track illicit financial flows, and boost investment by improving the country’s reputation in the global financial market.
NFIU CEO, Barrister Hafsat Abubakar Bakari, hailed the initiative as a transformative step for Nigeria.
She highlighted the role of technology in ensuring real-time, credible data that would restore international confidence in Nigeria’s financial system.
While celebrating the collaboration with NITDA, Bakari stressed the importance of sustaining progress beyond the country’s anticipated removal from the Grey List in 2025, noting that future evaluations by FATF will require continuous compliance.
The project has also received strong legislative backing, with Honourable Adedeji Olajide, Chairman of the House Committee on Information and Communication Technology and Cyber Security, pledging full support.
He called the initiative a necessary move to reposition Nigeria as a global leader in financial intelligence and innovation, reflecting President Tinubu’s broader agenda for technological advancement.
The AML/CFT/CPF Data Management Framework aims to address critical gaps in financial integrity, restore Nigeria’s standing as a trusted partner in the global financial system, and set new benchmarks in anti-money laundering and counter-terrorism practices. By combining innovation, collaboration, and commitment, Nigeria is charting a bold course to redefine its financial landscape and secure its future on the global stage.
