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Cardoso Reiterates Push to Remove Nigeria from FATF Grey List

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FATF grey list

By Adedapo Adesanya

The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, on Tuesday reiterated efforts to remove Nigeria from the grey list of the Financial Action Task Force (FATF).

Nigeria was placed on the Grey List by the Financial Action Task Force (FATF) alongside 21 other countries, including South Africa, Burkina Faso, and Cameroon amongst others in 2023 due to failure to fully comply with its obligations to combat money laundering, terrorist financing, and the proliferation of weapons.

Speaking at the end of the 300th Monetary Policy Committee (MPC) meeting, Mr Cardoso said Nigeria was working towards fixing trust in its financial system, which would enable it exit the list.

“The trust deficit is real but so is our resolve. We’re making the system stronger, safer, and more accountable,” he said.

“Rebuilding trust also means securing our systems. We’ve implemented robust KYC and partnered with NIBSS to ensure safety, screen users, and stay off the FATF grey list,” the central banker added.

Since being put on the grey list, Nigeria has been placed under increased monitoring by the FATF, and this has had consequential effect on transactions involving the country, as well its international outlook for business.

For countries to be removed from the Grey List, the concerned countries must address the shortfalls identified in FATF’s recommendations by strengthening their Anti-Money Laundering (AML)/Countering the Financing of Terrorism (CFT)/Countering Proliferation Financing (CPF) regimes.

The CBN governor, stated that the apex bank is working towards getting Nigeria out of the Grey List in order to foster the $1 billion monthly diaspora remittances, which the CBN is targeting.

Compliance with the FATF recommendations could therefore have far reaching implications on businesses, the financial sector in Nigeria, and the economy as a whole.

The country has recently intensified efforts to exit the list by this current quarter (Q2 2025), a move that will bolster investor confidence and unlock new economic opportunities.

Speaking during the first Capital Market Committee (CMC) meeting of 2025 held in Lagos this week, SEC Director General, Mr Emomotimi Agama, emphasized the far-reaching implications of such a move for Nigeria’s capital market and broader investment environment.

In March, the Minister of State for Finance, Mrs Doris Uzoka-Anite, emphasized the Government’s commitment to ensuring Nigeria’s removal from the grey list.

During a meeting with departments and agencies, she said the Bola Tinubu-led administration was working tirelessly to address the remaining deficiencies in Nigeria’s AML/CFT regime.

“We are confident that our efforts will yield positive results,” she added.

The successful removal of Nigeria from the grey list will not only bolster investor confidence and unlock new economic opportunities but also demonstrate the country’s dedication to upholding international standards and promoting a safer, more transparent global financial system.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Yusuf Tuggar Steps Down as Foreign Minister Over 2027 Political Ambition

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Yusuf Tuggar

By Adedapo Adesanya

Nigeria’s Minister of Foreign Affairs, Mr Yusuf Tuggar, has resigned from his position, in line with the directive that government appointees seeking political offices must resign before March 31.

Business Post reports that the diplomat is eyeing a governorship ambition in Bauchi State ahead of the 2027 general elections.

Mr Tuggar’s resignation was confirmed in a statement by the ministry’s spokesperson, Mr Kimiebi Ebienfa, on Monday.

Mr Tuggar submitted his resignation letter on Monday, barely 24 hours before the deadline set by President Bola Tinubu, which directs all political appointees under his administration seeking to contest elective offices in the 2027 elections to resign before March 31.

The directive is in line with Section 88(1) of the Electoral Act, 2026, and the timetable released by the Independent National Electoral Commission for party primaries ahead of the 2027 polls.

With this development, more resignations are expected before the March 31 deadline as appointees seeking elective offices move to meet the stipulated deadline.

Earlier today, the Chairman of the Governing Board of the Federal Mortgage Bank of Nigeria (FMBN), Mr Nasiru Gawuna, formally resigned from his position to join the African Democratic Congress (ADC) with his sights on the Kano governorship ticket.

Mr Tuggar’s resignation comes amid the speculation of his interest in contesting the 2027 Bauchi State governorship election on the platform of the All Progressives Congress (APC).

The 59-year-old is a seasoned diplomat, policymaker, and political figure who was appointed as minister by President Bola Tinubu in August 2023.

Born on March 12, 1967, he has built a distinguished career spanning diplomacy, politics, energy, and strategic consulting.

He is widely regarded for his role in shaping Nigeria’s global engagement and advancing its foreign policy priorities.

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Lagos to Deepen Private Sector Collaboration for Sustainable Urban Development

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Irele Tower

By Aduragbemi Omiyale

The Lagos State government has promised to sustain its collaboration with private sector players to drive sustainable urban development, create jobs, and position Lagos as a leading hub for commerce and industry in Africa.

This assurance was given by the state governor, Mr Babajide Sanwo-Olu, at the commissioning of Irele Tower last Thursday.

The nine-storey facility is the first commercial building within the Lagos Free Zone (LFZ). It is EDGE-certified, which sets a new standard for sustainable workspace in Lekki, Nigeria’s fastest-growing economic corridor.

Irele Tower is designed to host office and retail activities in the Lekki economic corridor. It was built for efficiency with 26 per cent less energy and 46 per cent less water consumption. It is an eco-friendly building, with the design inspired by maritime architecture, reflecting its proximity to the Lekki Deep Sea Port.

Mr Sanwo-Olu described the delivery of the Irele Tower as a significant milestone in the development of the economic zone in line with the agenda of making Lagos a 21st-century economy by boosting economic growth to support the state’s developmental plans.

According to him, the facility is critical to unlocking the full potential of the Ibeju-Lekki axis of the economic zone, particularly given the presence of the Lekki Deep Sea Port and other major industrial investments within the Lagos Free Zone.

“The commissioning of Irele Tower is a clear demonstration of what can be achieved through strong collaboration between the public and private sectors. This development not only enhances the infrastructure profile of the Lagos Free Zone but also strengthens our vision of making Lagos a premier destination for investment and economic activities.

“We will continue to support initiatives that promote industrial growth, create employment opportunities, and improve the overall business environment in our state,” he said.

In her remarks, the chief executive of LFZ, Ms Adesuwa Ladoja, stated that the development reflects the zone’s commitment to creating an integrated ecosystem where businesses can thrive, supported by modern infrastructure, a strategic location, and efficient logistics.

“The commissioning of Irele Tower represents a defining milestone in our journey to build a world-class industrial and commercial hub. This development reflects our commitment to providing high-quality infrastructure that supports ease of doing business and enhances operational efficiency for our tenants.

“As the first commercial tower within the Lagos Free Zone, Irele Tower, sets a new benchmark for quality workspace in this corridor and reinforces our position as a preferred destination for investment and enterprise,” she added.

Irele Tower sits on a gross floor area of approximately 12,000 square metres. It offers modern workspaces tailored to evolving business needs. The facility also offers premium amenities, including office spaces, retail outlets, parking facilities, shared workspaces, and a rooftop cafeteria, creating a dynamic, integrated business environment.

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FMBN Chairman Gawuna Resigns Ahead of March 31 Deadline

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Nasiru Gawuna

By Adedapo Adesanya

The Chairman of the Governing Board of the Federal Mortgage Bank of Nigeria (FMBN), Mr Nasiru Gawuna, has formally resigned from his position, obeying a directive that requires office holders with political ambitions to step down before March 31, 2026.

Mr Gawuna, a former governorship candidate of the All Progressives Congress (APC) in Kano State, submitted his resignation in a letter dated March 27, 2026. In the letter, he stated that his decision takes immediate effect and is in compliance with directives issued by President Bola Tinubu.

He is expected to formally announce his move to the African Democratic Congress (ADC) on Tuesday alongside Mr Rabiu Musa Kwankwaso, a prominent political figure and former Governor of Kano, who resigned from the New Nigeria People’s Party (NNPP).

The former governor of Kano and senator rose to prominence through his grassroots-oriented Kwankwasiyya Movement, which has played a decisive role in shaping electoral outcomes in Kano. His political journey has seen him move across major parties before leading the NNPP into the 2023 general elections, where he maintained significant influence in the North-West state.

“My resignation is in strict compliance with the President’s directive requiring all political appointees to step down in accordance with the provisions of the Electoral Act,” Mr Gawuna wrote.

In his resignation letter, Mr Gawuna expressed appreciation for the opportunity to serve under the current administration, describing his tenure as both an honour and a privilege.

“I am profoundly grateful to His Excellency, President Bola Ahmed Tinubu, for the confidence reposed in me to serve. It has been a privilege to contribute to the growth and development of the Federal Mortgage Bank of Nigeria and our great country,” he stated.

He also struck a reflective tone regarding his future, adding, “I place my future in the hands of Allah (SWT) and seek His divine guidance in all my endeavours.”

Mr Gawuna assured stakeholders of a seamless transition process, noting that he would hand over responsibilities in line with established procedures.

“I remain committed to ensuring a smooth and orderly handover in accordance with all laid-down directives,” he said.

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