The National Forum of Former Legislators has lauded President Bola Ahmed Tinubu, GCFR, for Nigeria’s successful removal from the Financial Action Task Force (FATF) Grey List.
In a statement signed by its National Coordinator, Hon. Nnana Igbokwe, the Forum attributed the development to the recent enactment of two key Executive Bills, the Investment and Securities Act, 2025 and the Nigerian Insurance Industry Reform Act, 2025, which significantly boosted Nigeria’s technical compliance rating with the global anti-money laundering body.
According to the Forum, these landmark laws introduced sweeping reforms across the capital market and insurance sector, strengthening Nigeria’s regulatory framework.
The statement further commended the National Assembly for its pivotal role in passing critical legislations over the years. It particularly recognized the leadership of Hon. Femi Gbajabiamila, former Speaker of the 9th House of Representatives (2019–2023), for ensuring the passage of essential laws such as the Companies and Allied Matters Act (CAMA) 2020, the Money Laundering (Prevention and Prohibition) Act 2022, the Terrorism (Prevention and Prohibition) Act 2022, the Proceeds of Crime Act 2022, and the Data Protection Act 2023.
“These legislative milestones formed the foundation for Nigeria’s improved compliance rating and eventual delisting,” the group noted.
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The Forum also hailed President Tinubu for his bold economic reforms, including the removal of fuel subsidy, describing it as a courageous step that eliminated long-standing fraud in the oil sector. It further applauded his resolve to implement financial autonomy for local governments, a move seen as critical for grassroots development.
In addition, the Forum praised the Judiciary for upholding the rule of law through its landmark judgments affirming financial autonomy for local governments and the legal status of key anti-graft institutions such as the NFIU, ICPC, and EFCC.
The group urged the National Assembly to remain steadfast in its legislative duties and continue to provide the necessary support to the executive arm in positioning Nigeria as Africa’s most attractive investment destination.
“The removal from the FATF Grey List underscores President Tinubu’s commitment to transparency, accountability, and adherence to international best practices,” the statement read. “It represents a new era of confidence for Nigeria in the global financial system.”
The Forum concluded by calling on the government and relevant stakeholders to consolidate the progress achieved and ensure its long-term sustainability.
Independent
