The Senate has resolved to empower its Committee on Anti-Corruption and Financial Crimes to intensify legislative oversight and policy reviews to consolidate Nigeria’s removal from the Financial Action Task Force (FATF) Grey List and strengthen the country’s financial governance architecture.
The resolution followed the adoption of a motion sponsored by Senator Emmanuel Udende (Benue North-East), which commended President Bola Ahmed Tinubu, the Nigerian Financial Intelligence Unit (NFIU), and other key agencies for their coordinated efforts that led to Nigeria’s delisting from the FATF Grey List.
Senator Udende, while leading the debate, said the Senate’s renewed oversight mandate was critical to preventing Nigeria from relapsing into global financial scrutiny and ensuring that the nation’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework remains robust, transparent, and globally compliant.
He noted that sustained legislative engagement would help strengthen institutional accountability and ensure that reforms undertaken by the Executive and relevant agencies translate into lasting systemic change.
“Nigeria’s exit from the FATF Grey List is not the end of the journey but the beginning of a new chapter in responsible financial governance,” Udende said.
“The Senate must now ensure that our institutions remain vigilant, compliant, and innovative in addressing emerging financial crimes and risks.”
The motion, which enjoyed overwhelming support from lawmakers, underscored the Senate’s resolve to institutionalise periodic policy reviews and enhance collaboration among financial regulators, law enforcement agencies, and the private sector.
Lawmakers described the FATF delisting as a validation of Nigeria’s growing credibility in global financial systems and a major boost to investor confidence. They, however, cautioned that without continuous oversight and adaptive reforms, the progress achieved could easily be reversed.
In his remarks, Senate President Godswill Akpabio lauded the Executive and relevant agencies for their diligence, adding that the legislature would remain steadfast in ensuring Nigeria’s AML/CFT regime aligns with international best practices.
“This Senate will not only celebrate milestones — we will sustain them. The Committee on Anti-Corruption and Financial Crimes must ensure consistent monitoring and robust policy evaluation to keep Nigeria at the forefront of global financial transparency,” Akpabio said.
The motion also urged regulatory and financial institutions to maintain inter-agency coordination, improve compliance mechanisms, and promote accountability across all levels of financial operations.
Observers say the Senate’s resolution signals a deeper institutional commitment to governance reforms and could help attract new investments by assuring the international community of Nigeria’s long-term financial stability and policy consistency.
