In a coordinated effort to strengthen Nigeria’s financial credibility on the global stage, the Federal Airports Authority of Nigeria (FAAN) and the Nigeria Customs Service (NCS) have launched a renewed partnership aimed at removing the country from the Financial Action Task Force (FATF) grey list.
The development was disclosed over the weekend following a joint inspection of the international wing of the Murtala Muhammed International Airport in Lagos by FAAN Managing Director, Olubunmi Kuku, and the Comptroller-General of Customs, Adewale Adeniyi.
Nigeria was placed on FATF’s grey list on February 24, 2023, due to concerns over deficiencies in combating money laundering, terrorism financing, and illicit capital flows. The FATF, a global watchdog established in 1995, monitors countries’ compliance with international standards on anti-money laundering (AML) and counter-terrorist financing (CFT).
Speaking during the inspection, Kuku reaffirmed the federal government’s commitment to strengthening security and compliance at the country’s borders. “There is a shared determination to rid our entry and exit points of illegal financial transactions,” she said. “We are working closely to get Nigeria off the grey list, collaborating with other agencies of government to curb any form of money laundering and illicit financial activities.”
As part of the strategy, FAAN has deployed advanced screening technologies and e-gate systems to bolster passenger and cargo facilitation. Kuku also reiterated the legal requirement for passengers to declare any cash or equivalent exceeding $10,000 upon arrival or departure, with enhanced monitoring now in place to ensure compliance.
She emphasized the importance of inter-agency collaboration, noting that the Customs Service had pledged to streamline airport operations by reducing the number of officers interfacing with travelers. “Our collaboration with Customs, particularly on currency declaration and enhanced security screening, is a significant step in safeguarding our borders and improving Nigeria’s global standing,” she added.
Customs Comptroller-General Adeniyi echoed similar sentiments, revealing that the FATF inspection team is expected to visit Nigeria in the coming weeks. He expressed optimism that the measures implemented so far would meet the global body’s standards.
“I am quite satisfied with the measures that have been put in place by FAAN,” Adeniyi stated. “These include the provision of designated rooms for currency declaration and the automation of Customs processes. We are also working towards integrating our forms with the passenger declaration and arrival forms used by the Nigeria Immigration Service.”
He also underscored the importance of regular public announcements to remind travelers of the currency declaration rules, adding that the renewed FAAN-Customs partnership marks a significant step forward in transparency and efficiency at Nigeria’s ports of entry.
As Nigeria prepares for the FATF inspection, officials are hopeful that ongoing reforms, strengthened border controls, and improved inter-agency cooperation will help restore international confidence in the country’s financial systems—paving the way for Nigeria’s removal from the grey list and reinforcing its position as a trusted participant in the global financial community.
