Removal Of Nigeria From European Union’s List Of High-Risk Third Countries Will Boost Global Financial Credibility – FG

By Ayodele Oni

The Federal Government has applauded the decision of the European Commission to remove Nigeria from the European Union’s list of high-risk third countries for Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT).

The decision, contained in a European Commission Delegated Regulation released this week amending Delegated Regulation (EU) 2016/1675, follows Nigeria’s earlier removal from the Financial Action Task Force (FATF) list of Jurisdictions under Increased Monitoring in October 2025, after the successful completion of its FATF Action Plan.

Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, noted that this important milestone was only possible due to the extraordinary leadership, unwavering political will, and clear reform vision of  President Bola Ahmed Tinubu.

This was contained in a statement on Monday, signed by Mohammed Manga,

Director, Information and Public Relations, Federal Ministry of Finance.

The minister stated that the administration of AML/CFT reforms were prioritised as a core component of Nigeria’s economic governance and financial system stability agenda.

“President Tinubu’s decisive leadership ensured strong inter-agency coordination, sustained engagement with international partners, and the full implementation of critical legal, regulatory, and institutional reforms required to address the strategic deficiencies previously identified in Nigeria’s AML/CFT framework.

“The European Commission, in its assessment, concluded that Nigeria has significantly strengthened the effectiveness of its AML/CFT regime and satisfactorily addressed the technical and strategic deficiencies highlighted by the FATF.

“As a result, Nigeria has been removed from the EU list of high-risk third countries, alongside other jurisdictions that have demonstrated similar progress.

“This development represents another major boost to Nigeria’s global financial credibility.

“It is expected to ease enhanced due diligence requirements for Nigerian individuals, businesses, and financial institutions transacting with European counterparts, improve correspondent banking relationships, enhance investor confidence, and further integrate Nigeria into the international financial system.

“The Honourable Minister commended the collective efforts of all stakeholders involved in this achievement, including financial sector regulators, law enforcement agencies, the Nigerian Financial Intelligence Unit, supervisory authorities, the judiciary, and private sector operators, whose professionalism and commitment were instrumental to the successful reform outcomes.”