NBA president commends EFCC over Nigeria’s removal from FATF grey list

The President of the Nigerian Bar Association (NBA), Oyinkansola Badejo-Okusanya, has commended the anti-corruption efforts of the Economic and Financial Crimes Commission (EFCC) and its contributions towards Nigeria’s removal from the Financial Action Task Force (FATF) grey list.

She said the removal of Nigeria from the FATF great list had “increased financial inflows and made it easier for lawyers and their clients to conduct business.”

She made the remarks in Abuja on Wednesday when she led an NBA delegation on a courtesy visit to the EFCC’s Corporate Headquarters, according to a statement by the commission’s Head of Media and Publicity, Dele Oyewale.

The visit is part of a series of engagements by Mrs Badejo-Okusanya and her team with key justice sector and law enforcement institutions following her inauguration as NBA president last month. During a recent visit to Inspector-General of Police Tunji Disu, both parties exchanged views on citizens filming police officers on duty.

“Cross-border transactions are now seamless and less expensive. We are grateful to the commission and we hope for more of such positive impact. We believe the efforts of the commission will not regress,” she said.

“For us as lawyers, we are grateful for the removal of the country from the FATF grey list,” she said, adding that the country’s removal from the grey list had also improved confidence in its financial system and business environment.

Mrs Badejo-Okusanya also commended EFCC Chairman Ola Olukoyede for his leadership and efforts to strengthen the fight against economic and financial crimes.

She praised the commission’s investigation and prosecution of economic and financial crimes, as well as its recovery of proceeds of crime.

The NBA president said the association had closely followed the EFCC’s work, particularly its statistics on recoveries and convictions.

“When we see things that are done and done properly, we appreciate them,” she said, adding that the association could “see, feel, and hear the impact” of Mr Olukoyede’s work.

She stressed the importance of a strong legal system to economic development, because without a lawful society, she said, “we cannot gain in terms of economic activities, have a strong society and a better quality of life.”

She therefore called for closer collaboration between the NBA and EFCC, particularly in knowledge sharing and the provision of professional expertise, as she pledged the association’s expertise and services to the commission.

According to her, both institutions needed to work together to strengthen the rule of law and combat economic and financial crimes.

Olukoyede responds

Responding, Mr Olukoyede attributed Nigeria’s removal from the FATF grey list to the work of the EFCC in collaboration with other government agencies.

He said, “Most of the works that led to Nigeria’s removal from the list were done by EFCC and in collaboration with all our sister agencies.”

The EFCC head added that Nigeria was now “on a better footing in the world financial ecosystem” and thanked the NBA for its support, as the achievement would have been difficult without the association’s backing.

The EFCC chairperson also said the commission conducts its investigations within the confines of the law and remains accountable to the public.

He noted that “one promise I made to Nigerians is to use the instrumentality of this law to stipulate the economy and pledge to work within the confines of law. We are responsible to the public.”

Mr Olukoyede reiterated the commission’s commitment to preventive frameworks for tackling corruption.

He said the EFCC would no longer wait until funds were stolen before taking action.

He added that the EFCC “is committed to this and this is why a whole Department, Fraud Risk Assessment and Control, FRAC, was established.”

He further pledged to work with the NBA, particularly in sanitising the legal profession and strengthening collaboration between both institutions.

Background

Nigeria was placed on the Financial Action Task Force (FATF) grey list in February 2023 over deficiencies in its framework for combating money laundering and terrorist financing.

The listing subjected Nigeria to increased monitoring and raised concerns about the country’s financial system.

Such grey-listing discourages foreign investment, damage a country’s financial reputation and increase borrowing costs. It can also lead to the loss of correspondent banking relationships and, if unresolved, escalation to the FATF blacklist.

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A 2021 report by the International Monetary Fund, cited by PREMIUM TIMES, found that countries placed on the grey list experienced a large and statistically significant reduction in capital inflows.

Nigeria then embarked on a reform programme that lasted more than two years. Between 2023 and 2025, the country submitted six progress reports to demonstrate its progress towards meeting FATF’s requirements.

The country also introduced legal and institutional reforms, including amendments to existing laws, new regulations and the establishment of a beneficial ownership register.

Several government agencies were involved in the process, including the NFIU, EFCC, the attorney-general’s office, Ministry of Finance and Ministry of Interior.

FATF eventually determined that Nigeria had addressed all 19 items on its action plan.

Following an on-site assessment in August 2025, the global watchdog announced Nigeria’s removal from the grey list at its October 2025 plenary in Paris.