By Matthew Denis
The Chartered Institute of Directors Nigeria (CIoD) has tasked the Federal Government to implement institutional discipline, reforms, and international collaboration to ensure the country sustains its recent delisting from the Financial Action Task Force (FATF) Grey List.
The call comes days after Nigeria, under President Bola Ahmed Tinubu’s administration, was officially removed from the list of countries subject to increased monitoring.
In a statement released Monday, Otunba Adetokunbo Oyebanji, President and Chairman of the CIoD Council, hailed the delisting as a “significant milestone achievement” for the incumbent administration.
He, however, stressed that greater efforts are required to ensure the mistakes of the past—which led to the grey-listing are not repeated. Sustaining the reforms and institutional discipline is paramount to ensuring continuous improvement.
As a foremost governance institute, CIoD Nigeria underscored the necessity of applying good governance practices to consolidate these gains.
The Institute recommended comprehensive policy action steps to embed transparency and ethical compliance into national operations.
Oyebanji appealed to the government to sustain proactive international cooperation with the FATF, GIABA, and other international bodies to strengthen the effectiveness of its Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) frameworks.
The Institute also emphasized the need to enhance corporate governance and transparency within both public and private institutions to prevent illicit financial flows and bolster accountability.
State Governments, the CIoD added, must be encouraged to adopt and effectively implement the national AML/CFT/CPF frameworks within their jurisdictions.
The CIoD also urged the deployment of technology-driven monitoring systems to enhance real-time transaction monitoring and data sharing. They also encouraged collaboration between the public and private sectors to maintain Nigeria’s compliance status and strengthen financial system integrity.
Oyebanji commended President Tinubu for his decisive leadership, noting that the delisting represents a significant boost to Nigeria’s global reputation, enhances investor confidence, and alleviates the international business burden associated with the high-risk classification.
“This milestone creates new opportunities for growth, income generation, and wealth creation, particularly by improving Nigeria’s access to international financial systems,” he stated.
The CIoD detailed the far-reaching economic implications of the delisting, including a significant reduction of cost deadweight on Nigerian businesses, enhanced investor confidence and capital inflows, and improved business outlook due to the enhanced global image. The improved compliance status will also bolster Nigeria’s capacity to combat terrorism financing and crime, which will help to improve security and rural contribution to aggregate output.
The CIoD Nigeria reaffirms its unwavering commitment to promoting ethical leadership, transparency, and good corporate governance as essential pillars for building a resilient Nigerian economy. Continuous engagement among key actors is essential to consolidate these gains and entrench Nigeria’s position as a credible member of the international community.