CIoD Lauds Nigeria’s Exit from FATF Grey List

Lagos: The Chartered Institute of Directors Nigeria (CIoD) has lauded the President Bola Tinubu administration for its decisive leadership in steering the nation out of the grey list category of the Financial Action Task Force (FATF). The President of CIoD, Mr. Adetunji Oyebanji, highlighted this achievement in a statement made available to the News Agency of Nigeria (NAN). According to News Agency of Nigeria, Oyebanji emphasized that this development would significantly boost Nigeria's global reputation. In February 2023, the FATF had placed Nigeria on the grey list, which is the world's leading body for setting standards against money laundering, terrorist financing, and proliferation financing. Oyebanji noted that the delisting would enhance investor confidence and alleviate the international business burdens associated with the high-risk classification. He further explained that the delisting opens up new opportunities for growth, income generation, and wealth creation, particularly by improving Nigeria 's access to international financial systems. The move underscores the Federal Government's commitment to strengthening governance, transparency, and institutional capacity. The CIoD president outlined the broader economic and social implications, including a significant reduction in cost deadweight. Oyebanji mentioned that Nigeria's improved compliance status would lower the cost of cross-border financial transactions and reduce the risk premium imposed on Nigerian businesses, banks, and other entities. He stressed the need for continued reforms and institutional discipline to ensure the country does not revert to its previous status. 'As a foremost governance institute, it is our firm belief that the application of good governance practices will consolidate these gains and translate them into measurable socio-economic benefits and impact,' he stated. Oyebanji advocated for enhanced corporate governance, transparency, sustained international cooperation, state government involvement, private sector partici pation, and intensified awareness of the development. He also encouraged the adoption and effective implementation of the Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Financing frameworks. 'The CIoD Nigeria reaffirms its unwavering commitment to promoting ethical leadership, transparency, and good corporate governance as essential pillars for building a resilient and competitive Nigerian economy,' he said. In conclusion, Oyebanji called the milestone a clarion call for all stakeholders in the public, private, and social sectors to align institutional practices with global standards, upholding the ideals of accountability, integrity, and responsible governance. He emphasized that continuous engagement among key actors is essential to consolidate these gains and entrench Nigeria's position as a credible and respected member of the international community.