By By Elizabeth Ugbo
The Nigerian Financial Intelligence Unit (NFIU) received 42,082 Suspicious Transaction Reports (STRs) from banks, fintechs and other reporting entities across Nigeria in 2025, according to its annual report. The agency recorded the reports during increased anti-money laundering monitoring nationwide.
The NFIU also received 41,716,214 Currency Transaction Reports (CTRs) and 10,513 Suspicious Activity Reports (SARs) during the year.
NFIU Records Sharp Decline in Suspicious Reports
Despite stronger compliance efforts, STR filings fell sharply in 2025.
The NFIU received 82,143 STRs in 2024. However, the figure dropped to 42,082 reports in 2025.
That represents a decline of 40,061 reports, or about 48.8 per cent.
Similarly, SAR filings fell from 23,364 in 2024 to 10,513 in 2025. This represents a reduction of 12,851 reports, or approximately 55 per cent.
The figures show a major gap between transaction reporting and suspicious activity reporting.
Banks Account for Most STR Filings
Deposit Money Banks (DMBs) accounted for most STR filings across reporting sectors.
Banks submitted 38,715 STRs during 2025. That figure represents about 92 per cent of all STRs received from the sectors.
Bank filings also increased steadily across the four quarters. They rose from 9,134 in the first quarter to 9,658 in the second.
They then increased to 9,891 in the third quarter and 10,032 in the fourth.
Other Financial Institutions submitted 2,185 STRs during the year.
Meanwhile, Designated Non-Financial Businesses and Professions (DNFBPs) submitted 1,029 reports.
Capital market operators and insurance companies filed 104 STRs. Virtual Asset Service Providers (VASPs) submitted 49.
Banks Lead Suspicious Activity Reports
Banks also dominated SAR filings during the review period.
DMBs contributed 8,313 of the 10,513 SARs recorded in 2025.
Other Financial Institutions followed with 1,816 reports. Capital market operators and insurance companies submitted 295.
VASPs also filed 89 SARs during the year.
However, the DNFBP sector recorded no SAR filings in 2025.
Currency Transaction Reports Exceed 41.7 Million
The NFIU recorded more than 41.7 million Currency Transaction Reports in 2025.
DMBs accounted for 37,214,139 filings. This represents about 89.2 per cent of the total.
Other Financial Institutions submitted another 4,212,466 CTRs.
In addition, capital market operators and insurance companies filed 289,296 reports.
VASPs contributed 313 CTR filings during the year.
Banks Increase Quarterly CTR Filings
DMBs recorded strong growth in CTR filings throughout 2025.
Their filings increased from 7,040,493 in the first quarter to 8,197,292 in the second.
The figure climbed further to 10,885,247 in the third quarter.
It reached 11,091,107 in the fourth quarter.
VASPs Increase Suspicious Transaction Reporting
The NFIU also recorded increased reporting activity among Virtual Asset Service Providers.
VASPs filed no STRs during the first half of 2025.
However, they submitted 17 STRs in the third quarter. The figure then increased to 32 in the fourth quarter.
Their SAR filings also varied across the year.
VASPs submitted 28 SARs in the first quarter and 12 in the second.
They then filed 24 SARs in the third quarter and 25 in the fourth.
Their CTR activity also emerged during the second half of the year.
VASPs filed 103 CTRs in the third quarter. They submitted another 210 in the fourth quarter.
NFIU Records 28.1 Million PEP Reports
The agency also disclosed significant reporting activity involving Politically Exposed Persons (PEPs).
Reporting entities submitted 28,133,909 PEP-related reports in 2025.
DMBs accounted for the largest share of these filings.
Banks submitted 7,263,557 reports in the first quarter. They recorded 5,658,079 in the second quarter.
Their filings rose to 6,235,585 in the third quarter. They then reached 8,225,572 in the fourth.
Other Financial Institutions also recorded a major increase.
Their PEP reports rose from only 12 in the first quarter to 617,286 in the fourth quarter.
Capital market and insurance institutions submitted 28,561 PEP reports.
Meanwhile, VASPs recorded no PEP reports during the year.
NFIU Conducts Joint Compliance Examinations
The NFIU also stepped up regulatory monitoring during 2025.
Its Designated Non-Financial Businesses and Professions Division conducted joint on-site examinations.
The exercise covered 29 reporting entities in the Federal Capital Territory.
The entities operated across several sectors. These included real estate, casinos, precious metals and stones.
Consultancy businesses also participated in the compliance exercise.
The exercise produced 20 new registrations on the RapidAML portal.
It also resulted in subscriptions to NIGSAC and the submission of 1,029 STRs.
NFIU Highlights Reporting Requirements
The NFIU said its reporting framework covers several compliance areas.
These include threshold-based transactions, suspicious transactions and suspicious activities.
The framework also covers anti-money laundering requirements.
In addition, it addresses counter-terrorism financing and counter-proliferation financing compliance.
Under Section 11 of the Money Laundering (Prevention and Prohibition) Act, reporting duties apply to major transactions.
Financial institutions must report transactions above N5 million for individuals.
They must also report transactions above N10 million for legal entities.
The reports must reach the NFIU within seven days.
Furthermore, Section 3(1) requires reports on transfers above $10,000.
The requirement applies to both incoming and outgoing transfers.
Reporting entities must submit such reports within 24 hours.
NFIU Strengthens Regulatory Collaboration
The NFIU works with several financial regulators to improve compliance.
Its partners include the Central Bank of Nigeria, National Insurance Commission and Securities and Exchange Commission.
The agency also works with the Special Control Unit Against Money Laundering.
Through these partnerships, the NFIU monitors reporting entities and strengthens Nigeria’s AML framework.
However, the sharp decline in STR and SAR filings remains notable.
The figures contrast with the strong growth in CTRs and PEP-related reports.
Therefore, the NFIU’s 2025 data highlights both stronger reporting activity and continuing compliance gaps.
