The National Forum of Former Legislators has commended President Bola Tinubu for steering Nigeria off the Financial Action Task Force (FATF) grey list, describing it as a testament to the administration’s commitment to fiscal transparency, accountability, and global best practices.
In a statement signed by Nnana Igbokwe, its National Coordinator, , the forum attributed the country’s improved global financial standing to a series of bold economic and legislative reforms initiated by the Tinubu administration and sustained by the National Assembly.
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The group noted that the recent signing into law of two key Executive Bills, the Investment and Securities Act, 2025, and the Nigerian Insurance Industry Reform Act, 2025 played a pivotal role in enhancing Nigeria’s technical compliance rating with FATF, the world’s foremost anti–money laundering and counter–terrorist financing watchdog.
“These significant pieces of legislation have ushered in major reforms in the capital market and insurance sector.
“They complement earlier efforts by the National Assembly under the leadership of Rt. Hon. Femi Gbajabiamila, who, as Speaker of the 9th Assembly (2019–2023), championed the passage of critical laws such as the Companies and Allied Matters Act 2020, Money Laundering Prevention and Prohibition Act 2022, Terrorism Prevention and Prohibition Act 2022, Proceeds of Crime Act 2022, and the Data Protection Act 2023″, the statement read.
According to the forum, these laws collectively formed the foundation of the technical compliance that ultimately secured Nigeria’s removal from the FATF grey list.
The former lawmakers also praised President Tinubu for his political courage in removing fuel subsidies, a decision they said eliminated “the age-long fraud” associated with the scheme and for his unwavering commitment to enforcing financial autonomy for local governments.
In the same vein, the group commended the judiciary for upholding the rule of law and supporting fiscal reforms through landmark judgments affirming the financial autonomy of local governments and the legal status of key anti-graft institutions such as the Nigerian Financial Intelligence Unit (NFIU), Independent Corrupt Practices and Other Related Offences Commission (ICPC), and Economic and Financial Crimes Commission (EFCC).
The forum urged the National Assembly to continue serving as the “pillar of democracy” by sustaining legislative backing for government reforms that strengthen Nigeria’s governance and investment climate.
“The delisting from the FATF grey list is not just a regulatory achievement,, but a reflection of President Tinubu’s resolve to align Nigeria with international standards and restore investor confidence. It ushers in a new ray of hope for the nation in the global financial market”, the group emphasized.
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They further called on government institutions and stakeholders to consolidate on the gains made, ensuring that Nigeria’s compliance and credibility within the global financial system are not only maintained but deepened.
