In order to strengthen Nigeria’s financial governance framework, the Senate has mandated its Committee on Anti-Corruption and Financial Crimes to continue conducting legislative oversight and policy reviews.
The Senate’s Executive, the President of the Senate, the Nigerian Financial Intelligence Unit (NFIU), and other stakeholders were the subjects of the urgent public interest resolution, which was sponsored by Senator Emmanuel Udende and was a response to a motion of urgent public importance.
Senator Udende noted that Nigeria’s removal from the FATF’s Grey List was a recent development in the country’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) framework.
He made the observation that Nigeria’s inclusion on the list had raised the risk of increased international scrutiny and reputational harm, which weakened investor confidence and limited access to global financial markets.
NFIU: Nigeria No Longer On the Global Financial Watch List
Bola Tinubu, president of the Senate, Godswill Akpabio, and other stakeholders were commended for their leadership and coordinated actions that led to the milestone.
The Senate predicted that the achievement would encourage foreign direct investment (FDI) in key sectors like energy, technology, agriculture, and manufacturing, strengthen the naira, create jobs, and promote economic stability in its long-term outlook.
In response, the Senate urged financial and regulatory bodies to maintain compliance with international standards and commend all key players who helped secure Nigeria’s removal from the FATF Grey List.
Lawmakers also urged Nigeria’s financial system to maintain transparency, accountability, and good governance through continued collaboration between the public and private sectors.
Source: Channels TV
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