The Director of the Lagos Business School Public Sector Initiative, Prof. Franklin Ngwu, has cautioned that Nigeria could find itself back on the Financial Action Task Force (FATF) grey list if the government fails to pursue comprehensive and sustained reforms in its anti-corruption and financial monitoring systems.
Speaking during an interview on Arise Television on Monday, Prof. Ngwu emphasized that although Nigeria has recently been removed from the FATF’s list of countries with strategic deficiencies in combating money laundering and terrorism financing, the nation’s progress remains fragile.
According to him, the delisting should not be mistaken for a permanent victory but rather a temporary relief that must be consolidated through stronger institutional measures and political will.
“Nigeria has not performed well in recent years regarding money laundering and corruption, which led to its placement on the grey list. Although it appears that we have taken corrective measures, resulting in our removal, there is no guarantee that we will not relapse,” Prof. Ngwu said.
He noted that the FATF’s decision to remove Nigeria reflects some improvements in compliance and regulatory alignment, but warned that complacency and weak enforcement could reverse those gains.
Prof. Ngwu further urged relevant agencies to intensify financial intelligence, tighten oversight mechanisms, and strengthen collaboration among regulatory and law enforcement institutions to prevent a recurrence.
He concluded by stressing that long-term success depends on addressing the root causes of financial crimes and corruption, rather than merely satisfying short-term international compliance requirements.
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