Nigerian Banks File 92% of Suspicious Transaction Reports in 2025, NFIU Data Shows
- Nigerian banks dominated suspicious transaction reporting in 2025, accounting for the vast majority of filings received by the NFIU
- The NFIU's 2025 annual report recorded over 41 million Currency Transaction Reports alongside tens of thousands of suspicious filings
- Crypto businesses began submitting reports for the first time in 2025, while overall suspicious transaction figures dropped sharply from 2024
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Deposit Money Banks filed 38,715 of the 42,082 Suspicious Transaction Reports (STRs) received by Nigeria's financial intelligence agency in 2025, representing about 92% of the total, according to the Nigerian Financial Intelligence Unit's (NFIU) 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.
Source: Getty Images
Other Financial Institutions submitted 2,185 STRs, while Designated Non-Financial Businesses and Professions filed 1,029. Capital market operators and insurance companies together accounted for 104 reports, and Virtual Asset Service Providers (VASPs) filed 49.
Banks Lead Across All Reporting Categories
Banks were dominant beyond STRs alone. They accounted for 37.2 million, or roughly 89.2%, of all CTRs received by the NFIU in 2025.
Other Financial Institutions contributed 4.2 million CTRs, while capital market and insurance firms filed 289,296 and VASPs submitted 313.
On SARs, banks filed 8,313 reports, making up about 79% of the 10,513 total. Other Financial Institutions submitted 1,816, while capital market and insurance companies filed 295. VASPs submitted 89, and Designated Non-Financial Businesses and Professions recorded none.
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 followed a similar upward trend, climbing from 7.04 million in the first quarter to 11.09 million by year-end, Punch reports.
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 across reporting entities.
Source: Getty Images
Crypto Reporting Picks Up, Suspicious Filings Fall
VASPs, which cover cryptocurrency-related businesses, filed no STRs during 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.
Despite growing 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.
The NFIU also received 28.1 million reports involving Politically Exposed Persons during 2025, with banks accounting for the bulk of those filings.
Separately, the agency'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.
Nigerian bank exposes fraudsters' new methods
Earlier, Legit.ng reported that Ecobank Nigeria has issued a warning to customers over new cyber threats, urging vigilance against fake banking apps and deceptive pop-ups designed to steal personal information.
In a public advisory on Monday, November 10, the bank said that scammers are creating clone banking apps and pop-ups that mimic legitimate banking platforms.
It added that once installed, these fraudulent apps can access users’ phones and steal sensitive information.
Source: Legit.ng
