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Cardoso Reiterates Push to Remove Nigeria from FATF Grey List

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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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Government to Help 150,000 Young Nigerians With N110bn

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By Adedapo Adesanya

The Federal Ministry of Youth Development has expressed its readiness to support 150,000 young Nigerians with N110 billion.

The Director-General of the National Orientation Agency (NOA), Mr Lanre Issa-Onilu, disclosed this on Thursday in Kano at the launch of the five nationwide enlightenment campaigns on government policies, national values and identities, security awareness and disaster preparedness.

He said over 600,000 students have so far benefited from the N59 million disbursed under the Nigeria Education Loan Fund (NELFUND) scheme.

The director general, who was represented by Mr Williams Dogo, Director, Legal Services of the agency, said that NELFUND was available to all qualified Nigerians in public tertiary institutions, noting that the sensitisation programme, with the theme Nationwide Sensitisation on Five Thematic Areas, was designed to deepen citizens’ knowledge of government initiatives.

The NOA boss explained that the campaign would highlight the presidential directive on flood mitigation, which provided for the release of N3 billion to each state in 2024 for drainage clearance and relocation of vulnerable communities.

He said that 700 schools had been renovated nationwide as an intervention to improve learning facilities in rural areas, stating that more than 15,000 new security personnel had been deployed nationwide to address diverse security challenges.

“It is our intention to carry out security awareness campaigns reaching no fewer than three million Nigerians in each state through media engagements, advocacy visits to traditional and religious leaders, rallies at markets and motor parks, as well as town hall meetings,” he said.

On national values, he said that reorientation campaign would focus on patriotism, unity and campaigns against extreme graduation practices that contradict cultural norms, adding that the campaign would also familiarise Nigerians with the current national anthem, which was changed by President Bola Tinubu.

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Immigration Raises 5-Year Passport Fee to N100,000, 10 Years to N200,000

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By Modupe Gbadeyanka

Nigerians will have to cough out more money to obtain their international passports because the Nigeria Immigration Service has increased the fees.

In a statement signed on Thursday by the Public Relations Officer of the agency, ACI AS Akinlabi, it was disclosed that the new fees would take effect from Monday, September 1, 2025.

It was disclosed that the 32-page passport with a validity of five years will now to for N100,000 and the 64-page 10-year passport is now N200,000.

The immigration explained that the upward review of the prices was “to uphold the quality and integrity of the Nigerian passport.”

“The review which only affect passport application fees made in Nigeria,” it stressed, adding that, “Nigerian passport application fees made by Nigerians in the Diaspora remain unchanged at $150 for 32-page with 5-year validity and $230 for 64-page with 10-year validity.”

“The service reiterates its commitment to balancing quality service delivery with the need to ensure Passport services are accessible to all Nigerians,” the statement concluded.

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PICTURES: Tinubu Returns to Nigeria After Japan, Brazil Trips

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By Modupe Gbadeyanka

President Bola Tinubu on Thursday returned to Nigeria after travelling to Japan and Brazil for official functions.

He landed at the Nnamdi Azikiwe International Airport in Abuja in the early hours of today almost two weeks after he left the country through same route.

He was received by senior government officials, including the Minister of the FCT, Mr Nyesom Wike; the National Security Adviser (NSA), Mr Nuhu Ribadu; the Governor of Kaduna State, Mr Uba Sani; the Governor of Imo State, Mr Hope Uzodinma; and the Deputy Senate President, Mr Barau Jibrin; among others.

Before heading to Japan for the Ninth Tokyo International Conference on African Development (TICAD9) in Yokohama from August 20 to 22, the President, according to a statement by his Special Adviser on Information and Strategy, Mr Bayo Onanuga, he had a stopover in Dubai.

Mr Tinubu precisely travelled out of Nigeria on Thursday, August 14, 2024, for the two-nation trip to Japan and Brazil.

After leaving Japan, he zoomed to Brazil to woo investors and held talks with the Brazilian leader, Mr Luiz Inácio Lula da Silva.

He was able to convince the country’s petroleum firm, Petrobras, to return to Nigeria after it left a few years ago. He also helped to enable a direct flight from Brazil to Nigeria.

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