ABUJA — Nigerian banks accounted for 92% of suspicious transaction reports filed with the Nigerian Financial Intelligence Unit, NFIU, in 2025, according to the agency’s latest report.
The NFIU said tax crimes and fraud topped the list of financial intelligence reports submitted by reporting institutions during the year.
In a warning issued alongside the report, the agency said fraudsters and terrorist financiers are increasingly exploiting digital platforms, proxy accounts, and pre-registered SIM cards to conceal their identities and move illicit funds.
The NFIU noted that the heavy concentration of reports from the banking sector reflects both the volume of transactions handled by banks and improved compliance with reporting obligations under anti-money laundering regulations.
The agency urged financial institutions, fintechs, and telecom operators to strengthen Know-Your-Customer, KYC, checks and transaction monitoring to block loopholes being used for financial crimes.
It also called for closer collaboration between regulators, banks, and security agencies to track illicit flows and curb the misuse of digital channels.
Source: The Guardian Nigeria