The Senate has reaffirmed its commitment to protecting Nigeria’s financial integrity by mandating the Committee on Anti-Corruption and Financial Crimes to intensify oversight and policy reviews aimed at consolidating the country’s removal from the Financial Action Task Force (FATF) Grey List.
The resolution followed the adoption of a motion sponsored by Senator Emmanuel Udende (Benue North-East), which commended President Bola Ahmed Tinubu, the Nigerian Financial Intelligence Unit (NFIU), and other key institutions for their coordinated efforts that secured Nigeria’s delisting from the FATF watchlist.
Leading debate on the motion, Senator Udende said the renewed legislative mandate was necessary to prevent the country from slipping back into global financial scrutiny and to ensure that Nigeria’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework remains strong, transparent, and internationally compliant.
“Exiting the FATF Grey List is a milestone, not a destination. The task before us is to keep Nigeria’s financial system resilient, credible, and globally respected,” Udende said.
He stressed that continuous engagement and oversight would help translate executive-led reforms into enduring systemic stability and institutional accountability.
The motion received overwhelming support from lawmakers, who described the FATF delisting as a testament to Nigeria’s improving financial reputation and a catalyst for renewed investor confidence. Legislators, however, cautioned that the progress could be reversed without sustained policy vigilance and inter-agency collaboration.
In his remarks, the Senate President, Godswill Akpabio, praised the executive and regulatory agencies for their coordinated achievements, assuring that the National Assembly would maintain strong oversight to preserve the gains.
“This Senate will not only celebrate success — we will sustain it. The Committee on Anti-Corruption and Financial Crimes must ensure continuous monitoring and strategic evaluation to keep Nigeria aligned with global financial governance standards,” Akpabio declared.
The motion also urged financial regulators and enforcement agencies to strengthen cooperation, enhance compliance mechanisms, and promote transparency across all levels of financial operations.
Analysts say the Senate’s action reflects a deepened institutional resolve to entrench fiscal discipline and transparency, reinforcing Nigeria’s standing as a credible player in the global financial system and positioning it for stronger investment inflows.