CBN commends removal of Nigeria from FATF grey list, mention Federal Govt gains
CBN commends removal of Nigeria from FATF grey list, mention Federal Govt gains
The Central Bank of Nigeria (CBN), has welcomed the Financial Action Task Force’s (FATF) formal removal of Nigeria from the list of jurisdictions under increased monitoring, known as the “grey list”.
Mrs Hakama Sidi-Ali, CBN’s Acting Director, Corporate Communications, said this in a statement on Saturday in Abuja.
Sidi-Ali said that the removal followed a successful on-site evaluation of reforms implemented across the financial system.
The News Agency of Nigeria (NAN) reports that the grey list refers to the list of countries under increased monitoring by FATF.
It is an international body that sets standards to combat money laundering, terrorist, and proliferation financing (financing of weapons of mass destruction.
Nigeria was included on the FATF grey list in February 2023, citing strategic deficiencies in the country’s systems for combating money laundering, terrorist, and proliferation financing.
According to the CBN spokesperson, FATF decision recognised significant improvements in Nigeria’s regulatory, supervisory and enforcement frameworks, particularly in combating money laundering, terrorist,
and proliferation financing.
She said that It marked an important milestone in the country’s continuing efforts to strengthen financial system integrity, transparency, and international confidence.
“The FATF’s decision follows a two-year reform programme coordinated by the Federal Government, involving multiple agencies.
“These include the CBN, the Federal Ministry of Justice, the Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC),” she said.
Sidi-Ali said that the CBN’s contribution centred on enhancing supervision, governance and transparency
across the financial system.
She said FATF and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA, FATF’s regional assessment body, assessed key reforms before taking the decision.
The spokesperson listed the reforms to include strengthened oversight of financial institutions through updated Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regulations, risk-based supervision, and fit-and-proper assessments.
“They also included expansion of compliance reporting and monitoring across remittance channels,
bureau de change, and fintech platforms to improve traceability and transparency.
“There was also the enhanced inter-agency data-sharing and enforcement coordination between the CBN,
NFIU, EFCC, and law-enforcement bodies,” she said.
She said that the reforms also included the implementation of market governance tools, including the Foreign Exchange Code, (FX Code) and Electronic Foreign Exchange Matching System (EFEMS).
“Together, these measures have materially strengthened Nigeria’s compliance with global standards and reinforced confidence in the integrity of its financial system.
“Nigeria’s removal from the grey list will yield tangible benefits for businesses and households
alike including – lowering compliance costs, improving access to international finance, and making cross-border transactions faster and more affordable.
“In time, these gains will translate into smoother trade settlements, quicker remittance inflows, and even more
predictable access to foreign exchange – enhancing livelihoods, supporting enterprise growth, and deepening financial inclusion,” she said.
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She said that FATF decision reinforced the broader restoration of global confidence in Nigeria’s economic management.
According to her, recent international assessments underscore this momentum, with Moody’s and Fitch upgrading Nigeria’s ratings outlook on the back of stronger external
balances, credible policy execution, and renewed monetary-policy credibility.”(NAN)
News
Tinubu mourns Abubakar’s passing, the Imam who shielded over 200 Christians in his mosque during communal riot
Tinubu mourns Abubakar’s passing, the Imam who shielded over 200 Christians in his mosque during communal riot
President Bola Tinubu has expressed deep sorrow over the death of Imam Abdullahi Abubakar, Chief Imam of Nghar village, Barkin Ladi Local Government Area of Plateau, who passed away at 92.
This is contained in a statement issued by Presidential Spokesperson, Mr Bayo Onanuga, on Friday in Abuja.
The late cleric gained national and international recognition in 2018 for sheltering more than 200 Christians during communal violence in Plateau.
Tinubu described Abubakar as an extraordinary religious leader whose life exemplified faith, courage and a deep reverence for the sanctity of human life.
“At such a time when tribal and religious tendencies seemed to overwhelm reason, Imam Abubakar stood firmly on the side of peace, benevolence and conscience.
“Mindless of the enormous risk to his own life, the noble cleric chose humanity over division, love as opposed to hatred and embrace rather than rejection,” the President said.
He said the Imam’s actions embodied the true essence of faith and delivered a powerful message beyond sermons.
The President noted that the cleric’s uncommon bravery earned him local and international honours celebrating peaceful coexistence.
“I urge religious and community leaders to imbibe and preach the spirit of tolerance, mutual respect and peaceful togetherness as expounded in the life of Imam Abubakar,” Tinubu said.
He prayed that God grants the late Imam eternal rest and rewards him for his courage and good deeds. (NAN)
News
Govt. introduces solar installation, garment making, GSM repairs in jss curriculum
Govt. introduces solar installation, garment making, GSM repairs in jss curriculum
The Anambra Government has introduced 15 entrepreneurial subjects into the Junior Secondary School (JSS) curriculum to enhance students’ practical skills and foster an entrepreneurial mindset.
The News Agency of Nigeria (NAN) reports that the new subjects include solar installation, garment making, GSM repairs, agriculture and processing, plumbing, tiling, POP installation and event management.
Others are bakery, hairstyling, make-up, interior design, CCTV/intercom installation, digital literacy, information technology and robotics.
Prof. Nkechi Ikediugwu, Chairperson ,Post Primary Schools Service Commission (PPSSC), while speaking at the occasion in Awka on Friday, said the initiative was aimed at repositioning education to meet contemporary needs.
Ikediugwu noted that in a rapidly changing world, education should go beyond theory and examinations to equip students with practical skills, creativity, innovation and an entrepreneurial mindset.
“The goal of the programme is to prepare learners, not only to seek jobs but to create value, generate employment and contribute meaningfully to the economic development of the state,”she said.
Mr Cyril Nwuche of Nnamdi Azikiwe University, Awka, delivered a paper titled “Building Entrepreneurial Secondary Schools: Why Every School Needs an Entrepreneurship Club”.
Nwuche said the introduction of entrepreneurial subjects showed that the government was on the path to transforming the state’s economy.
“Traditional academic instruction alone is no longer sufficient to prepare children for the future.
“There is the need for schools to embrace practical and skill-based learning to enable students to thrive in a dynamic global environment, ” he said. (NAN)
News
Two men docked for allegedly defiling underaged girl
Two men docked for allegedly defiling underaged girl
The police in Lagos on Friday, charged two men before an Ikeja Chief Magistrates’ Court for allegedly defiling an 11- year-old girl.
The defendants are: Prince Tomnyie, 40, a businessman, who resides at Agege, and Micheal Adenuga, 24, a furniture maker, who resides at Atere Street in Lekki.
They are standing trial on charges of defilement, and had each pleaded not guilty to the charges.
The prosecutor, ASP Adegoke Ademigbuji told the court that they committed the offence sometimes in December 2024, and September 2025, at Langbasa Ajah and Igbara Lekki, Lagos .
The prosecutor alleged that the victim’s father, had taken his daughter for medical check and it was discovered that the minor had been defiled.
The prosecution alleged that the victim had told her father that his friend, Tomnyie, defiled her sometimes ago.
Ademigbuji alleged that the victim also mentioned the second defendant’s name who lives in their neigbourhood.
The offence contravenes the provisons of section 137 of the Criminal Law of Lagos, 2015.
The Chief Magistrate, Mr L. A Owolabi, granted the defendants bail in the sum of of N600,000 each, with two sureties each in like sum.
He adjourned the case until March 5, for mention. (NAN)
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