Nigeria's regulatory landscape has shifted materially in
2025 and entered full implementation in January 2026. The new Tax
Act, insurance reforms, banking recapitalisation, and its removal
from the Financial Action Task Force ("FATF") grey list
represent the most significant restructuring of our financial
framework in decades.
For infrastructure and project finance, the implications are
tangible. With 19-22 banks now recapitalised (as of January
2026), financial institutions can now underwrite
significantly larger transactions can now underwrite larger
transactions. Nigeria's removal from the FATF grey list on
October 24, 2025 and from the EU's high-risk list effective
January 29, 2026, is easing foreign lender concerns and restoring
correspondent banking relationships. We are seeing Development
Finance Institutions (DFIs) and commercial banks reengage on
transactions that stalled over the past two years. The
Infrastructure Concession Regulatory Commission (ICRC)
