By Grace Alegba
The National Institute of Credit Administration (NICA) says Nigeria’s removal from the Financial Action Task Force (FATF) grey list will strengthen investor confidence and enhance the nation’s financial credibility.
Prof. Chris Onalo, Registrar and Chief Executive Officer of NICA, told the News Agency of Nigeria (NAN) on Sunday that the removal from the grey list would unlock new financing opportunities
Onalo also said that the removal would restore the country’s standing in the global financial system.
He congratulated Nigerians on the development, describing the grey list as “dangerous for any economy”.
He also commended the effort of the government in repositioning the country’s financial reputation.
“The authorities that worked so hard to remove Nigeria from the blacklist must also work harder to ensure we never return to the situation that got us there in the first place,” Onalo said.
He urged the government to maintain a culture of accountability and compliance while sustaining collaboration among financial regulators, security agencies, and development partners to uphold international best practices.
“Our local instruments must be strengthened through cooperation and partnerships.
“We can truly celebrate only if we sustain the momentum and prevent the conditions that previously led to our listing,” he added.
Onalo praised President Bola Tinubu’s administration for implementing reforms that facilitated the delisting.
According to him, achievement is a testament to improved financial governance and reduced investment risk.
He noted that the exit would not only strengthen cross-border trade but also improve correspondent banking relationships.
The effort, he noted, would also reassure global investors of the nation’s commitment to transparency and financial integrity.
“Nigeria’s delisting signifies that the country has substantially addressed the identified shortcomings and demonstrated strong commitment to global financial security standards,” he said.
NAN reports that the FATF grey list identifies countries with strategic deficiencies in anti-money laundering and counter-terrorist financing frameworks.
Nigeria was placed on the list on Feb. 24, 2023, following gaps in combating illicit financial flows.
The FATF announced the nation’s removal from the list on Oct. 24, after the country met the required compliance standards. (NAN)(www.nannews.ng)
Edited by Olawunmi Ashafa
