Nigeria has been removed from the European Union’s list of high-risk third countries for money laundering and terrorism financing, with the Nigeria Financial Intelligence Unit (NFIU) attributing the development to sustained government reforms, stronger law enforcement, and improved inter-agency collaboration.
The Head of Strategic Communications at the NFIU, Aishatu Bantam, disclosed this on Thursday during a joint security press briefing by defense, security, response, and law enforcement agencies organized by the Office of the National Security Adviser (ONSA) in Abuja.
She said the EU’s decision, which took effect on January 29, followed significant improvements in Nigeria’s anti-money laundering and counter-terrorism financing regime, strengthened enforcement mechanisms, and greater collaboration among relevant institutions.
Bantam said Nigeria’s removal from the EU high-risk list would significantly improve the country’s standing in the global financial system by strengthening international banking relationships, reducing transaction costs, and facilitating faster cross-border payments and remittances.
According to her, the development is also expected to increase investor confidence and enhance the credibility of Nigeria’s financial sector.
She explained that the NFIU has intensified collaboration with the Economic and Financial Crimes Commission (EFCC), the Nigeria Police Force, the Corporate Affairs Commission, and financial regulators to convert suspicious transaction reports into investigations, prosecutions, and asset recovery.
Preparations for 2027 Global Assessment
The NFIU spokesperson revealed that preparations had commenced for Nigeria’s 2027 mutual evaluation through a comprehensive national risk assessment involving about 55 public and private sector institutions.
She said the exercise is aimed at further strengthening the country’s capacity to detect, prevent, and respond to financial crimes.
According to Bantam, Nigeria has also expanded intelligence-sharing partnerships with Mozambique, the Republic of Congo, and The Gambia while investing in blockchain analytics, cryptocurrency intelligence, and digital asset tracing to combat emerging financial crimes.
Bantam disclosed that the Nigeria Sanctions Committee had designated six individuals and three entities for alleged involvement in financing the Islamic State West Africa Province (ISWAP), directing financial institutions to immediately freeze all related assets.
She added that the United States Office of Foreign Assets Control (OFAC) had also sanctioned one of the designated individuals alongside two associated companies, describing the move as evidence of growing international cooperation against terrorism financing.
She reaffirmed the NFIU’s commitment to strengthening regulatory compliance, deploying artificial intelligence in financial crime detection and deepening international partnerships ahead of the 2027 Mutual Evaluation.
Also speaking at the briefing, EFCC spokesperson Dele Oyewale said the commission secured 915 convictions for economic and financial crimes between January and April 2026.
He noted that the convictions included four high-profile public officials: former managing director of NEXIM Bank, Robert Orya; former senator representing Akwa Ibom North-East, Albert Bassey; former acting accountant-general of the Federation, Chukwunyere Anamekwe Nwabuoku; and former minister of power, Saleh Mamman.
According to Oyewale, the convictions reflect the commission’s determination to enforce accountability, strengthen transparency, and sustain the Federal Government’s anti-corruption drive.
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The spokesperson for the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Hassan Salihu, said the commission secured 20 convictions and recovered more than ₦5.79 billion in proceeds of crime between January and June 2026.
He disclosed that the ICPC received 271 petitions during the period, assigned 234 cases for investigation, and filed 25 cases before the courts, leading to the convictions.
Salihu added that the commission conducted 33 systems studies and corruption risk assessments, 42 corruption monitoring exercises, and inaugurated 58 Anti-Corruption and Transparency Units across ministries, departments, and agencies.
He further stated that the commission organized 291 public sensitization programs, reaching 199,291 participants; established 68 anti-corruption clubs; and significantly expanded public engagement through broadcast and digital platforms, generating more than 5.17 million social media engagements and 88,910 website visits.
According to him, the achievements demonstrate the ICPC’s continued commitment to recovering public assets, combating corruption, and strengthening public confidence in Nigeria’s governance and national security institutions.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.