NFIU Reports 82,143 Suspicious Transactions in 2024

In 2024, the Nigerian Financial Intelligence Unit (NFIU) received a total of 82,143 suspicious transaction reports (STRs) amid intensified efforts to detect money laundering, terrorist financing, and other illicit financial activities. The NFIU's annual report revealed that it received 25,819,719 currency transaction reports (CTRs) and 23,364 suspicious activity reports (SARs) during the review period.

Financial institutions submitted the majority of STRs, with 73,531 reports accounting for 89.5% of the total. The report also indicated a steady increase in suspicious transaction reports throughout the year, with banks filing 14,744 STRs in the first quarter and rising to 21,704 in the fourth quarter.

Additionally, the NFIU received 21,466,288 reports related to politically exposed persons, with banks filing the largest share of reports. Financial institutions are required to report transactions above N5 million for individuals and N10 million for legal entities within seven days.