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Nigeria’s financial institutions reported 82,143 suspicious transactions to the Nigerian Financial Intelligence Unit (NFIU) in 2024, reflecting heightened vigilance against money laundering, terrorism financing, and other illicit financial activities across the financial system.
The disclosure was contained in the NFIU’s 2024 Annual Report, which showed that the agency received 25.82 million Currency Transaction Reports (CTRs) and 23,364 Suspicious Activity Reports (SARs) during the year under review.
According to the report, reporting entities—including banks, fintechs, insurance firms, capital market operators, and designated non-financial businesses—submitted thousands of disclosures linked to anti-money laundering, counter-terrorism financing, and counter-proliferation financing obligations.
“During the review period, the NFIU received a total of 25,819,719 CTRs, 82,143 STRs, and 23,364 SARs,” the report stated.
The intelligence agency explained that it works closely with regulators such as the Central Bank of Nigeria (CBN), the National Insurance Commission (NAICOM), the Securities and Exchange Commission (SEC), and the Special Control Unit Against Money Laundering (SCUML) to strengthen compliance with financial crime regulations.
Banks Account for Majority of Suspicious Reports
An analysis of the report showed that Deposit Money Banks (DMBs) accounted for the overwhelming majority of suspicious transaction filings, submitting 73,531 Suspicious Transaction Reports (STRs)—representing nearly 90 per cent of all reports received by the NFIU in 2024.
Other Financial Institutions submitted 5,442 STRs, while insurance companies and capital market operators filed 1,796 reports. Designated Non-Financial Businesses and Professions (DNFBPs), including sectors such as real estate and legal services, recorded 1,013 filings, while Virtual Asset Service Providers (VASPs), including crypto-related operators, submitted 361 reports.
The NFIU noted that financial institutions are required by law to file STRs whenever a transaction appears linked to money laundering, terrorism financing, proliferation financing, or any other unlawful activity.
Under Section 7 of the Money Laundering (Prevention and Prohibition) Act, reporting entities are mandated to report transactions deemed suspicious or potentially connected to criminal activity.
Quarterly data showed a steady increase in suspicious transaction reporting by banks throughout the year, rising from 14,744 filings in the first quarter to 21,704 in the fourth quarter, suggesting stronger monitoring systems and heightened compliance efforts.
Similarly, Other Financial Institutions increased filings from 842 reports in Q1 to 1,908 reports in Q4.
Over 25 Million Currency Transactions Reported
Beyond suspicious transactions, financial institutions submitted 25.82 million Currency Transaction Reports (CTRs) to the NFIU during the year.
Deposit Money Banks accounted for the largest share, filing 23.16 million reports, equivalent to nearly 90 per cent of all CTRs received. Other Financial Institutions submitted 2.53 million reports, while insurance and capital market firms filed 127,726 reports.
The NFIU explained that financial institutions are required to report cash transactions exceeding N5 million for individuals and N10 million for corporate entities within seven days. In addition, international fund transfers above $10,000 must be reported within 24 hours.
Quarterly reporting by banks increased steadily, peaking at 6.3 million reports in the third quarter before easing slightly in the final quarter.
The agency also disclosed that it received 21.47 million reports relating to Politically Exposed Persons (PEPs) during the year, with banks accounting for the largest volume of filings.
Compliance Monitoring Intensifies
As part of its compliance enforcement strategy, the NFIU conducted 1,317 off-site examinations and 98 on-site inspections across multiple states, including Abuja, Lagos, Kaduna, Port Harcourt, Maiduguri, and Sokoto.
The agency said it also introduced new guidelines aimed at improving the quality of suspicious transaction reporting, reducing false positives, and strengthening risk-based approaches to combating financial crime.
In addition, 483 reporting entities were onboarded onto NFIU reporting platforms in 2024, while 44,256 DNFBPs were enrolled on a simplified suspicious reporting system developed jointly with SCUML to boost compliance in sectors vulnerable to illicit finance.
Emerging Financial Crime Risks Identified
The NFIU highlighted several emerging risks identified through its intelligence analysis, including frequent cash withdrawals from state and local government accounts, the use of corporate entities as intermediaries in virtual asset transactions, and the misuse of personal accounts for business activities to evade taxes.
The report also raised concerns over the use of illegal Bureau de Change operators to launder funds for politically exposed persons and some government agencies.
Additionally, the agency warned that emerging technologies—including artificial intelligence tools, digital platforms, and online file-sharing services—could expose institutions to fraud, cyber risks, and regulatory breaches if not properly governed.
The report further noted that terrorist groups are increasingly exploiting dealers in precious metals and stones to move illicit funds, while weak compliance practices in the sector continue to heighten risks around corruption, fraud, and tax crimes.
Intelligence Sharing and AML Reforms
To support investigations and enforcement, the NFIU disclosed that it disseminated 3,030 proactive intelligence reportsand 1,866 reactive intelligence reports to law enforcement and other competent authorities during the year.
Corruption accounted for the largest share of offences linked to intelligence reports, followed by fraud, money laundering, tax-related crimes, drug trafficking, terrorism financing, and human trafficking.
The agency also strengthened international cooperation, receiving 84 intelligence requests from foreign financial intelligence units and making 109 requests abroad, while sharing information received from international counterparts to support domestic investigations.
Meanwhile, the CBN has continued efforts to modernise Nigeria’s anti-money laundering framework. In a draft framework issued in 2025, the apex bank proposed the adoption of AI- and machine learning-powered AML systemscapable of real-time transaction monitoring, behavioural analysis, and automated suspicious reporting to improve detection accuracy and compliance standards.
The move reflects growing efforts to strengthen Nigeria’s financial crime surveillance architecture amid increasing digitalisation and evolving illicit finance risks.
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