The Acting Chairman of the Federal Character Commission (FCC) and former Chairman of the House of Representatives Committee on Financial Crimes, Hon. Kayode Oladele, has congratulated Nigeria on the recent invitation extended by the Financial Action Task Force (FATF) to participate in its FATF Style Regional Bodies (FSRB) Jurisdictions Guest Initiative for a period of one year.
With this development, Nigeria will now participate in FATF discussions under its own national flag, rather than as part of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) delegation.
It is instructive to note that while guest jurisdictions are not permitted to vote or engage in decision-making, the invitation enables Nigeria to contribute meaningfully to high-level global discussions shaping the Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) frameworks.
Oladele, who stated this in a statement made available on Sunday, also commended President Bola Tinubu for creating the enabling environment for the Nigerian Financial Intelligence Unit (NFIU) to operate effectively and resolve several of the grey areas that had previously impacted Nigeria’s global financial system rating.
He said, “I have been part of Nigeria’s efforts to join the FATF for several years. We initially applied to join the global body in 2014, but the process was stalled due to what was perceived as a lack of political will to implement key reforms.”
Oladele recalled the legislative push during his tenure as Chairman of the House Committee on Financial Crimes, highlighting the collaborative efforts with Senator Chukwuka Utazi in the Senate, which led to the passage of foundational legislation including:
• The Nigerian Financial Intelligence Unit (NFIU) Act,
• The Mutual Legal Assistance in Criminal Matters Act, and
• The Proceeds of Crime Act
These laws, Oladele emphasized, were preconditions for FATF membership and helped position Nigeria on the pathway to full integration into the global AML/CFT framework.
“Nigeria has demonstrated political will and legislative commitment to fighting corruption and promoting international best practices. Unfortunately, in subsequent years, the FATF identified several compliance gaps that reversed many earlier gains and slowed Nigeria’s progress. Meanwhile, several peer countries that applied alongside Nigeria have already been admitted as members,” he added.
Oladele also disclosed that he had led Nigerian delegations to FATF meetings multiple times, albeit under the GIABA platform, given Nigeria’s non-member status. He praised the current leadership of the NFIU, led by Mrs. Hafsat Bakari, describing the recent FATF development as a strong acknowledgment of Nigeria’s expanding leadership in financial intelligence across the West African region.
“This invitation is a clear indication of renewed global confidence in Nigeria’s reforms and capacity. It is a significant diplomatic and technical achievement that must be sustained,” he concluded.
