Banks filed 92% of Nigeria's suspicious transaction reports in 2025, NFIU reveals
By Aboki Forex —
Deposit money banks accounted for 38,715 of the 42,082 Suspicious Transaction Reports (STRs) received by Nigeria's financial intelligence agency in 2025, about 92% of the total. The Nigerian Financial Intelligence Unit (NFIU) disclosed this in its 2025 annual report.
The NFIU also received 41.7 million Currency Transaction Reports (CTRs) and 10,513 Suspicious Activity Reports (SARs) during the same period.
Banks lead in CTRs and SARs
Banks were dominant beyond STRs. They filed 37.2 million CTRs, roughly 89.2% of all CTRs received. Other Financial Institutions submitted 4.2 million CTRs, capital market and insurance firms filed 289,296, and Virtual Asset Service Providers (VASPs) submitted 313.
On SARs, banks filed 8,313 reports, about 79% of the 10,513 total. Other Financial Institutions submitted 1,816, capital market and insurance companies filed 295, VASPs filed 89, while Designated Non-Financial Businesses and Professions recorded none.
Crypto reporting begins
VASPs, which cover cryptocurrency-related businesses, filed no STRs in the first half of 2025 but submitted 17 in the third quarter and 32 in the fourth. Their CTR activity also began in the second half of the year, with 103 filings in the third quarter and 210 in the fourth.
Bank STR filings grew steadily through the year, rising from 9,134 in the first quarter to 10,032 in the fourth. CTR filings by banks climbed from 7.04 million in the first quarter to 11.09 million by year-end.
Reporting obligations and compliance
Under Section 11 of Nigeria's Money Laundering (Prevention and Prohibition) Act, financial institutions must report transactions above N5 million for individuals and N10 million for corporate entities within seven days. Incoming and outgoing transfers above $10,000 must be reported within 24 hours.
The NFIU said it collaborates with the Central Bank of Nigeria, the National Insurance Commission, the Securities and Exchange Commission, and the Special Control Unit Against Money Laundering to improve compliance.
The NFIU also received 28.1 million reports involving Politically Exposed Persons during 2025, with banks accounting for the bulk of those filings.
Sharp drop in suspicious filings
Despite higher reporting volumes for threshold-based transactions, suspicious filings dropped sharply year on year. STRs fell 48.8% to 42,082 in 2025, down from 82,143 in 2024. SARs declined by roughly 55%, falling to 10,513 from 23,364 the previous year.
Separately, the NFIU's Designated Non-Financial Businesses and Professions division carried out joint on-site examinations of 29 entities in Abuja, spanning the real estate, precious metals and stones, and consultancy sectors. The exercise resulted in 20 new registrations on the RapidAML portal and the submission of 1,029 STRs.
What it means for Nigerian businesses
For Nigerian businesses, the data signals tighter scrutiny on financial inflows and outflows, especially for banks and crypto operators. The first-time reporting by VASPs shows that regulators are bringing virtual asset services into the formal anti-money laundering net, and compliance will become a bigger cost for firms operating in that space.