The Senate has mandated its Committee on Anti-Corruption and Financial Crimes to sustain legislative oversight and policy reviews to strengthen Nigeria’s financial governance framework.

This resolution followed a motion of urgent public importance titled “Need to Commend the Executive, the President of the Senate, the Nigerian Financial Intelligence Unit (NFIU), and Other Stakeholders for Their Efforts in the Removal of Nigeria’s Name from the Financial Action Task Force (FATF) Grey List,” sponsored by Senator Emmanuel Udende.

Senator Udende noted that the recent announcement by the FATF, removing Nigeria from its Grey List, signified progress in addressing deficiencies in the country’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.

He observed that Nigeria’s previous inclusion on the list had exposed the nation to heightened international scrutiny and reputational risks, which undermined investor confidence and limited access to global financial markets.

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Lawmakers commended President Bola Tinubu, Senate President Godswill Akpabio, and stakeholders for their leadership and coordinated actions leading to the milestone.

In its long-term outlook, the Senate projected that the achievement would spur foreign direct investment (FDI) across key sectors such as energy, technology, agriculture, and manufacturing, strengthening the naira, creating jobs, and promoting economic stability.

The Senate therefore resolved to commend all key stakeholders involved in securing Nigeria’s removal from the FATF Grey List, urging financial and regulatory agencies to maintain compliance with global standards.

Lawmakers also called for sustained collaboration between the public and private sectors to entrench transparency, accountability, and good governance in Nigeria’s financial system.

Last week, the Nigerian Financial Intelligence Unit (NFIU) announced the official exit of Nigeria from the list of jurisdictions under increased monitoring, commonly known as the grey list.