Banks Account for 92% of NFIU Suspicious Reports

Banks played a dominant role in flagging potentially illicit financial activities in Nigeria during 2025, submitting nearly all suspicious transaction reports (STRs) to the Nigerian Financial Intelligence Unit (NFIU). According to the NFIU's 2025 Annual Report, Deposit Money Banks filed 38,715 STRs, representing approximately 92% of the total 42,082 STRs received by the agency.

This significant contribution underscores the critical function of banks in Nigeria's anti-money laundering and counter-terrorism financing efforts. The report indicates that Other Financial Institutions submitted 2,185 STRs, while Designated Non-Financial Businesses and Professions (DNFBPs) accounted for 1,029. Capital market operators and insurance companies filed 104 reports, and Virtual Asset Service Providers, including cryptocurrency businesses, submitted 49.

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During the review period, the NFIU received a total of 41,716,214 CTRs, 42,082 STRs, and 10,513 SARs.

Beyond STRs, banks also led in submitting Suspicious Activity Reports (SARs), contributing 8,313 out of the total 10,513 recorded in 2025. Other Financial Institutions submitted 1,816 SARs, with capital market and insurance companies filing 295. The DNFBP sector reported no SARs during the year, and Virtual Asset Service Providers submitted 89.

The NFIU also processed a massive volume of Currency Transaction Reports (CTRs), totaling over 41.7 million. Deposit Money Banks were responsible for the largest share, with 37,214,139 filings (about 89.2% of the total). Other Financial Institutions submitted 4,212,466 CTRs, while capital market operators, insurance companies, and Virtual Asset Service Providers submitted the remainder. The report highlights that financial institutions are mandated by law to report transactions exceeding N5 million for individuals and N10 million for legal entities within seven days, and international transfers above $10,000 within 24 hours, reinforcing the extensive monitoring framework in place.

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Deposit Money Banks accounted for the bulk of STR filings, submitting 38,715 reports, representing about 92 per cent of the total received from the various sectors.