The Economic and Financial Crimes Commission (EFCC), announced via the Commission’s official X (formerly Twitter) account on Thursday that the Chairman of the Commission, Mr. Ola Olukoyede, has tasked all reporting entities in Nigeria’s financial system to develop robust, uncompromising structures and systems capable of sustaining the country’s recent delisting from the Financial Action Task Force (FATF) Grey List.
In the statement shared on X, the Commission stated:
“The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede on Wednesday, June 25, 2025, charged reporting entities in Nigeria’s financial system to develop and operate solid, uncompromisable structures and systems capable of sustaining the gains of Nigeria’s delisting from the Financial Action Task Force, FATF’s, Grey List”.
Given the financial and reputational consequences of relisting, industry observers have hailed the directive as both necessary and timely. The strength of Nigeria’s compliance mechanisms will come under heightened scrutiny as international investors critically assess regulatory environments following the FATF study.
Olukoyede has made it obvious that giving in to pressure from the government is no longer an option. He wants vigilance, openness, and institutional resolution from all facets of the financial ecosystem in order to preserve Nigeria’s hard-won exemption from the FATF Grey List.
Credit: @officialEFCC via x.com.
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