Nigeria's EFCC and NFIU begin preparations for 2027 FATF evaluation

The Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) have launched a three-day stocktake in Abuja to evaluate Nigeria’s readiness for the 2027 Financial Action Task Force (FATF) Mutual Evaluation Exercise.

The assessment aims to review progress, identify regulatory gaps, and enhance inter-agency cooperation regarding anti-money laundering, countering the financing of terrorism, and counter-proliferation financing frameworks. This proactive measure follows Nigeria’s provisional removal from the FATF grey list on October 24, 2025, after the watchdog recognized significant improvements in risk assessment, international cooperation, and asset recovery.

EFCC Executive Chairman Ola Olukoyede emphasized the importance of the exercise to ensure the country maintains compliance with international standards and avoids returning to the grey list, which can lead to reduced capital inflows and increased transaction costs for the national economy.