The Nigerian government has launched a major initiative to remove the country from the Financial Action Task Force (FATF) Grey List by May 2025. This ambitious goal is being spearheaded by the National Information Technology Development Agency (NITDA) and the Nigerian Financial Intelligence Unit (NFIU), working together to develop a cutting-edge data management platform.
The initiative, a direct order from President Bola Tinubu, aims to address the seven key issues that led to Nigeria’s inclusion in the Grey List in 2013. These issues include deficiencies in combating money laundering, terrorism financing, and arms proliferation, as well as shortcomings in the country’s overall anti-money laundering regime.
At the inaugural technical session, NITDA Director-General Kashifu Inuwa emphasized the significance of this project, stating, “This marks a remarkable mile in our journey to exit the Grey List.” He explained that the new platform will enhance the NFIU’s ability to manage financial data and ensure compliance with international standards.
“The main objective is to help us with global compliance,” Inuwa said. “This will help us to create visibility in Nigeria as well as improve our global reputation and relationship in the financial market.”
The platform will not only improve national security by enabling the tracking of illicit financial flows but also bolster the economy by deterring crime and encouraging investment.
NFIU CEO Barrister Hafsat Abubakar Bakari described the project as a “game-changer,” highlighting its crucial role in improving the Data Integration Management System for Anti-Money Laundering and Combating the Financing of Terrorism (AMLCFT). She stressed the importance of sustained efforts to maintain compliance beyond the initial exit from the Grey List.
“Everything should be done in real time and accessible, credible, and factual,” Bakari said.
The project also aligns with the government’s focus on local content, with President Tinubu approving NITDA’s lead role in the development process.
The House Committee on Information and Communication Technology and Cyber Security has pledged its full support to the initiative. Chairman Honourable Adedeji Olajide emphasized the importance of collaboration between the executive and legislative branches to achieve this critical goal.
“Nigeria is going to take its rightful place as the giant of Africa. We are going to lead the way in cutting-edge technologies to make sure that Nigeria has all of the right people, the right processes, and the right technology to move the country to the next level,” Olajide said.
The successful development and implementation of this platform are crucial for addressing the identified gaps, strengthening Nigeria’s financial integrity, and securing its place as a trusted partner in the global financial ecosystem.
Key Objectives of the AML/CFT/CPF Data Management Framework/Platform:
- Achieve FATF compliance
- Enable Nigeria’s removal from the Grey List
- Enhance NFIU’s operational capacity
- Establish a robust and sustainable framework for long-term operations
- Position Nigeria as a global leader in financial intelligence and AML/CFT practices