By Clara Dabo
As part of intensified efforts to restore global confidence in its financial system, Nigeria has commenced a comprehensive mock on-site assessment in Abuja to test its preparedness ahead of the official visit by the Financial Action Task Force (FATF).
The simulation marks a decisive step toward the country’s long-anticipated removal from the FATF grey list.
The four-day exercise, which is taking place at the National Counterterrorism Centre, brings together top government officials, financial regulators, law enforcement agencies, and private sector stakeholders.
It is designed to evaluate how well Nigeria has implemented FATF’s 19-point action plan aimed at strengthening its anti-money laundering and counter-terrorism financing (AML/CFT) framework.
In her opening address, the Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Hafsat Abubakar Bakari, hailed the collective commitment of institutions across the board in driving reforms since Nigeria was grey-listed in February 2023.
“This mock assessment is more than a formality. It’s a final opportunity to reinforce our preparedness, address any residual gaps, and demonstrate to the world the strides we’ve made,” she said.
Bakari further noted that the FATF’s decision to deploy an 11-member international review team is a clear signal of growing international confidence in Nigeria’s reform trajectory.
She also revealed that Nigeria has been invited to participate under its national flag in upcoming FATF activities an honour typically reserved for compliant and respected jurisdictions.
“This recognition validates the progress we’ve made and shows that Nigeria is being seen as a serious player in the global financial ecosystem,” she added.
Speaking on behalf of the National Security Adviser, the National Coordinator of the National Counterterrorism Centre, Major General Adamu Laka, emphasized that the mock assessment is a critical test of Nigeria’s institutional coordination and operational readiness.
“This simulation is not just a drill. It is a deliberate exercise to evaluate our systems, identify weaknesses, and fine-tune our national response,” Laka stated.
He highlighted key achievements since Nigeria’s face-to-face engagement with FATF officials in Dar es Salaam in April 2025, particularly improvements in technical compliance, enforcement capacity, and inter-agency collaboration.
He also acknowledged the vital role of the Joint Standing Investigation Committee on Terrorism Financing and support from the U.S. Department of the Treasury in enhancing Nigeria’s investigative and prosecutorial capabilities.
“Our national security strategy places strong emphasis on disrupting the financial infrastructure of terrorist organisations.
Exiting the FATF grey list is central to that goal and essential for national credibility,” Laka said.
He urged all participating institutions to approach the exercise with professionalism, unity, and a shared sense of purpose, warning that the strength of the country’s collective performance would determine the outcome of the forthcoming FATF visit.
The mock assessment is expected to serve as Nigeria’s final internal audit before the FATF team arrives in the coming weeks for its official evaluation.
The outcome will be crucial not only for the country’s financial reputation but also for its broader economic and security interests.
Exiting the grey list will enable Nigeria to unlock greater access to international financial markets, reduce transaction scrutiny for its institutions, and reassert itself as a compliant and trustworthy member of the global financial system.
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