The Nigerian Financial Intelligence Unit (NFIU) has sounded the alarm over a surge in suspicious financial transactions totaling ₦48 billion, which were wired from Nigerian banks to Dubai and Hong Kong between January 2021 and September 2024. This revelation comes from a newly released NFIU report, highlighting growing concerns about the integrity of Nigeria’s financial system.
According to the report, 401 suspicious transaction reports (STRs) were flagged during the period. Of these, 185 transactions—amounting to ₦29.6 billion—were linked to Dubai, while 216 transactions valued at ₦18.6 billion were traced to Hong Kong. The data shows a dramatic increase in suspicious activity: in 2021, only two STRs worth ₦42 million were recorded, but by 2024, the number had skyrocketed to 202 STRs with a combined value of ₦32 billion.
The NFIU attributed this troubling trend to complex regulatory loopholes, the proliferation of shell companies and offshore accounts, and weak enforcement mechanisms in both Dubai and Hong Kong. The agency warned that, if left unchecked, these practices could plunge Nigeria into a serious financial crisis.
In response, the NFIU issued a strong advisory to Nigerian financial institutions, urging them to enhance due diligence and vigilance in detecting and reporting suspicious transactions. The agency emphasized that robust monitoring and reporting are crucial to protecting the Nigerian financial system and supporting the global fight against money laundering, terrorist financing, and the illicit movement of funds.