Nigeria’s financial intelligence agency says it sent more than 3,400 intelligence reports to authorities in 2025, as suspicious transaction reports climbed to over 42,000…..
Tax-related offences and fraud emerged as the leading financial crime threats in Nigeria in 2025, jointly accounting for more than half of the intelligence reports disseminated by the Nigerian Financial Intelligence Unit (NFIU).
The disclosure is contained in the NFIU’s 2025 Annual Report, which provides an overview of financial crime trends and suspicious financial activity monitored across the country’s financial system.
According to the report, tax crimes involving both direct and indirect taxes accounted for 30% of intelligence reports linked to the top 10 designated offences during the year.
Fraud ranked second with 21%, putting the combined share of the two categories at 51%.
The figures highlight the growing pressure on Nigeria’s financial system from schemes that generate, conceal or move illicit proceeds, while also underscoring the increasing role of financial intelligence in supporting investigations by law enforcement and regulatory agencies.
The NFIU said it generated and disseminated two broad categories of intelligence through its Crime Records Information Management System: proactive and reactive intelligence.
Proactive intelligence is developed through the analysis of information received from reporting entities, international counterparts and other open and closed intelligence sources.
In 2025, the agency disseminated 1,398 proactive intelligence reports to domestic competent authorities for further investigation.
Reactive intelligence, on the other hand, is produced in response to requests from competent authorities handling specific investigations.
These reports can provide additional financial information that helps investigators identify assets, trace suspected criminal proceeds and establish links between individuals or wider criminal networks.
The NFIU said it disseminated 2,033 reactive intelligence reports during the year.
Combined, the two categories amounted to 3,431 intelligence reports sent to domestic authorities in 2025.
Beyond tax crimes and fraud, money laundering remained a significant category in the NFIU’s assessment.
Money laundering accounted for 15% of the intelligence reports covered by the top 10 designated offences.
Illegal trafficking in narcotic drugs and psychotropic substances represented another 10%.
Bribery and corruption accounted for 8%, while terrorism, including terrorist financing, also represented 8%.
Illegal currency exchange trading accounted for 3%, the same share recorded for participation in organised criminal groups and racketeering.
Trafficking in human beings and migrants represented 1%, while smuggling and illegal migration accounted for another 1%.
The distribution indicates that while tax-related offences and fraud dominated the intelligence picture, Nigerian authorities were also dealing with a broad range of financial crimes connected to organised criminal activity, corruption, illicit trade and terrorism financing.
The NFIU also identified fraud as a major and evolving predicate offence, pointing to emerging schemes that increasingly exploit digital financial channels.
Among the areas highlighted by the agency were Ponzi schemes, fraudulent crowdfunding arrangements, cryptocurrency-enabled investment scams and hacking-related fraud.
The growing variety of schemes reflects the changing nature of financial crime, as criminals increasingly exploit technology, online investment platforms and digital assets to attract victims and move illicit funds.
For regulators and financial institutions, the trend creates additional challenges around identifying suspicious transactions quickly and tracing funds once they have moved through multiple accounts or platforms.
Banks submitted the vast majority of suspicious transaction reports
The intelligence generated by the NFIU was supported by a large volume of suspicious transaction reports filed by reporting entities across the financial system.
The agency received 42,082 Suspicious Transaction Reports (STRs) in 2025 from banks, fintech companies and other reporting entities.
Deposit Money Banks accounted for the overwhelming majority of the filings, submitting 38,715 STRs, equivalent to roughly 92% of the total.
Other reports came from capital market and insurance companies, other financial institutions, designated non-financial businesses and professions, as well as virtual asset service providers.
The volume of reports underscores the central role of financial institutions in detecting and flagging transactions that may require further scrutiny by the country’s financial intelligence authorities.
Nigeria faces wider illicit financial flow challenge
The financial crime figures come against the backdrop of concerns over the amount of money leaving Nigeria and the wider African economy through illicit financial flows.
Minister of State for Finance, Dr Doris Uzoka-Anite, has put Nigeria’s annual losses from illicit financial flows at an estimated $17.72 billion.
At the continental level, Africa is estimated to lose approximately $88.6 billion annually through illicit financial flows, with Nigeria accounting for roughly one-fifth of the estimated losses.
Such outflows can have significant economic consequences, particularly when they deprive governments of resources that could otherwise support infrastructure, public services and development.
Regulators tighten scrutiny
Nigerian regulators have continued to introduce measures aimed at strengthening financial crime monitoring and sanctions compliance.
On August 12, 2026, the Securities and Exchange Commission directed all capital market-regulated entities to subscribe immediately to the Nigeria Sanctions NigSac Alerts system following the designation of individuals and entities linked to terrorism financing.
The SEC also reminded regulated entities of their obligation to strengthen sanctions screening and comply with targeted financial sanctions requirements.
Entities are required to promptly report unusual or suspicious transactions to the NFIU as part of the broader effort to prevent Nigeria’s financial system from being exploited for money laundering, terrorism financing and other illicit activities.
The NFIU has also maintained its position on the declaration of large amounts of cash carried by international travellers.
The agency reiterated in October 2025 that passengers travelling internationally with more than $10,000 in cash are required to declare the funds at the appropriate point before departure.
With fraud, tax offences and other forms of financial crime continuing to generate substantial intelligence for investigators, the NFIU’s latest figures suggest that scrutiny of financial transactions in Nigeria is likely to remain intense as authorities seek to identify illicit funds earlier and disrupt the networks behind them.
