- Nigeria has officially exited the FATF Grey List following a successful assessment of its financial systems, marking a major milestone in its fight against money laundering and terrorism financing.
- Zedcrest Group was commended by the Federal Government and nominated by the SEC to represent the capital market during the FATF and GIABA assessments, showcasing its strong compliance frameworks.
- The exit restores investor confidence, improves Nigeria’s global financial standing, and highlights the role of private-sector collaboration in strengthening national AML/CFT/CPF efforts.
The Federal Government has commended leading financial services company, Zedcrest, for its exemplary representation of the nation’s capital market and its significant contributions toward the country’s successful exit from the Financial Action Task Force (FATF) Grey List.
The Director/Chief Executive Officer of the Nigerian Financial Intelligence Unit (NFIU), Ms. Hafsat Abubakar Bakari, gave the commendation while announcing the nation’s removal from the Grey List in an official statement.
She noted that Nigeria’s exit underscores the country’s commitment to “global standards in combating money laundering, terrorist financing, and proliferation financing,” expressing gratitude to key private-sector stakeholders like Zedcrest for their unwavering commitment to implementing effective measures to safeguard Nigeria’s financial system.
Zedcrest was nominated by the Securities and Exchange Commission (SEC) to represent the country’s capital market during the onsite visit of assessors from the Financial Action Task Force (FATF) and the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA). While Zedcrest represented the capital market in the process, other key players within the financial industry also represented their respective subsectors.
Head of Compliance at Zedcrest Group, Francis Iwuji, in a company-issued statement, described the SEC nomination as a testament to the strength of Zedcrest’s Anti-Money Laundering, Counter-Financing of Terrorism and Counter-Proliferation Financing (AML/CFT/CPF) frameworks, which have been diligently maintained across all levels within the organisation.
“During the onsite visit, which included a mock assessment by GIABA and a full assessment by FATF, we demonstrated our commitment to a risk-based approach in AML/CFT/CPF compliance. It was evident that our frameworks at Zedcrest are fully aligned with national and sectoral risk assessments, showcasing our dedication to combating financial crimes,” he said.
Iwuji added that the FATF and GIABA representatives were impressed with Zedcrest’s processes and acknowledged its contributions as a key capital market operator committed to strengthening Nigeria’s AML/CFT regime. According to him, “This recognition played a pivotal role in Nigeria’s removal from the Grey List, a major milestone that reinforces confidence in our country’s financial system and strengthens our global standing.”
Commenting further, Adedayo Amzat, CFA, Group Managing Director at Zedcrest Group, described Nigeria’s exit from the Grey List as a big win for Nigerians and “the long-awaited remedy” for the far-reaching consequences the country’s initial inclusion had on the economy.
“We are proud to have contributed our quota to restoring global confidence in the Nigerian financial system. We take compliance seriously at Zedcrest because we understand its importance in building a truly sustainable business. Over the years, we have introduced and embedded various programs and initiatives to promote AML/CFT/CPF practices at all levels of our organisation, and receiving the SEC nomination to represent the capital market was confirmation that we are doing things right,” Amzat said.
Amzat thanked the Zedcrest Compliance Team, led by Francis Iwuji, and Legal Associate Oluwakanyinsola Oladipo for their contributions to this milestone achievement and for being great ambassadors of Zedcrest Group. He also expressed gratitude to the Federal Government, the Securities and Exchange Commission (SEC), and the Nigerian Financial Intelligence Unit (NFIU) for entrusting Zedcrest with what he described as a “critical national task.”
Nigeria was placed on the FATF Grey List in February 2023 due to identified gaps in its Anti-Money Laundering and Counter-Terrorism Financing frameworks, a development that led to reduced investor confidence, lower foreign capital inflows, increased scrutiny of financial transactions, and complex remittance processes, among others.
In a historic move, the Financial Action Task Force (FATF), at its October 2025 Plenary in Paris, France, officially removed Nigeria from the list of jurisdictions under increased monitoring, commonly known as the Grey List.
About Zedcrest Group
Founded in 2013, Zedcrest Group offers its diverse clientele a broad range of financial solutions, which include Asset Management, Investment Banking, Securities and Financing. These services are provided through its subsidiaries: Zedcrest Global Markets, Zedcrest Securities, Zedcrest Capital, Zedvance Finance, and Zedcrest Wealth. For more information, visit www.zedcrest.com