The Acting Chairman of the Federal Character Commission (FCC), Kayode Oladele, has commended Nigeria’s recent invitation to participate in the Financial Action Task Force (FATF)-Style Regional Bodies Jurisdictions Guest Initiative, calling it a significant step forward in the country’s anti-corruption and financial transparency efforts.
In a statement released on Monday, Oladele described the development as an opportunity for Nigeria to engage meaningfully on global anti-money laundering (AML) and counter-financing of terrorism (CFT) issues. Though guest jurisdictions under the initiative cannot vote or influence decisions, they are allowed to attend meetings and participate in technical discussions — a move Oladele says will boost Nigeria’s international credibility.
“This invitation represents a critical milestone in Nigeria’s long-standing journey toward full FATF membership. It reflects our renewed political will, legislative progress, and determination to align with global standards,” he said.
Nigeria initially applied for FATF membership in 2014, but the process was stalled due to what Oladele termed as a “lack of political will” to push through essential reforms. During his tenure as Chairman of the House of Representatives Committee on Financial Crimes, Oladele worked closely with the Senate, particularly Senator Chukwuka Utazi, to introduce a series of foundational bills necessary for compliance with FATF requirements.
These legislative achievements include the Nigerian Financial Intelligence Unit (NFIU) Act, Mutual Legal Assistance in Criminal Matters Act, and the Proceeds of Crime Act — all of which were instrumental in strengthening Nigeria’s anti-corruption legal framework.
Despite these early gains, Nigeria’s progress toward FATF membership slowed in subsequent years. Several compliance gaps were flagged by the global watchdog, reversing some of the country’s earlier advancements. “Meanwhile, peer countries that applied alongside Nigeria have since been admitted as members,” Oladele noted.
Oladele also praised President Bola Tinubu for creating an environment that allowed regulatory institutions to function more effectively. He credited the administration for resolving “grey areas” that had negatively impacted Nigeria’s international financial ratings in the past.
“Under President Tinubu’s leadership, Nigeria has demonstrated strong political will and is taking the necessary steps to rebuild confidence in its financial systems. This FATF guest status is a sign that the global community is beginning to recognize our efforts once again,” he added.
While the guest invitation does not grant Nigeria voting rights or the ability to influence decisions at FATF, it allows the country to participate in critical discussions and build partnerships with other jurisdictions. This exposure can further accelerate the process of full FATF membership, which in turn could improve Nigeria’s reputation in the global financial ecosystem and attract more foreign investment.
Nigeria’s inclusion as a guest in FATF-style regional meetings could open the door for deeper collaborations, technical assistance, and assessments of existing compliance structures. It could also pave the way for improved rankings in global financial and corruption indices.
Oladele emphasized that achieving full FATF membership should remain a strategic priority. He called on stakeholders across government, legislature, and civil society to continue working together to meet the global standards required for a robust AML/CFT regime.