The Chartered Institute of Directors Nigeria (CIoD) has lauded the Bola Tinubu administration for its decisive leadership in steering the nation out of the grey list category of the Financial Action Task Force (FATF).

The president of CIoD, Adetunji Oyebanji, said on Monday in Lagos that the development would significantly boost Nigeria’s global reputation.

The FATF is the world’s leading body for setting standards against money laundering, terrorist financing, and proliferation financing. In February 2023, it placed the country on the grey list.

Mr Oyetunji, however, noted that the country’s delisting from that category would enhance investor confidence and alleviate the international business burden associated with the high-risk classification.

“It also creates new opportunities for growth, income generation, and wealth creation, particularly by improving Nigeria’s access to international financial systems.

“The recent delisting, therefore, underscores the federal government’s commitment to strengthening governance, transparency, and institutional capacity,” he said.

The CIoD president listed the broader economic and social implications of the development, including a significant reduction in deadweight cost.

According to Mr Oyebanji, Nigeria’s improved compliance status would lower the cost of cross-border financial transactions and reduce the risk premium imposed on Nigerian businesses, banks, and other entities.

He said greater efforts were required to ensure that the mistakes of the past that got the country there in the first place were not repeated.

“As a foremost governance institute, it is our firm belief that the application of good governance practices will consolidate these gains and translate them into measurable socio-economic benefits and impact,” he said.

Mr Oyebanji proposed enhanced corporate governance and transparency, sustained international cooperation, state governments’ involvement, private-sector participation, and intensified awareness of the development.

He also encouraged the adoption, deployment, and effective implementation of the Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Financing frameworks within their jurisdictions.

“This milestone serves as a clarion call for all stakeholders in the public, private, and social sectors to align institutional practices with global standards and uphold the ideals of accountability, integrity, and responsible governance.

“Continuous engagement among key actors is essential to consolidate these gains and entrench Nigeria’s position as a credible and respected member of the international community,” he said.

(NAN)