Nigerian banks, fintech operators, and other reporting entities submitted 42,082 Suspicious Transaction Reports (STRs) to the Nigerian Financial Intelligence Unit (NFIU) in 2025, according to the NFIU’s 2025 Annual Report. This marks a significant decline from 2024, when financial institutions filed over 82,000 STRs.
Deposit Money Banks Lead in Suspicious Transaction Reporting
Deposit Money Banks dominated suspicious transaction reporting, accounting for 38,715 STRs, or about 92% of the total. Other Financial Institutions filed 2,185 reports, while Designated Non-Financial Businesses and Professions submitted 1,029. Capital market operators and insurance companies accounted for 104 reports, while Virtual Asset Service Providers, including cryptocurrency-related businesses, filed 49.
The figures reflect reports of transactions considered suspicious by regulated entities. They do not, by themselves, establish that the transactions were linked to internet fraudsters or other criminal activity.
Quarterly Trends Show Steady Increase in Suspicious Reports
Bank reporting increased steadily across the four quarters, rising from 9,134 STRs in the first quarter to 9,658 in the second, 9,891 in the third, and 10,032 in the fourth, according to a report by Punch. The trend came as regulators intensified anti-money laundering and counter-terrorism financing compliance across the financial system.
However, suspicious reporting declined sharply compared with 2024. STRs fell from 82,143 to 42,082, representing a 48.8% drop, while Suspicious Activity Reports (SARs) declined by about 55% from 23,364 to 10,513.
Currency Transaction Reports Surge by 61.6%
Despite the fall in suspicious reports, threshold-based transaction reporting surged. Financial institutions filed 41.72 million Currency Transaction Reports (CTRs) in 2025, up 61.6% from 25.82 million recorded in 2024. Banks accounted for 37.21 million CTRs, with quarterly submissions rising from 7.04 million in the first quarter to 11.09 million in the fourth quarter.
The NFIU said the Money Laundering (Prevention and Prohibition) Act requires financial institutions to report transactions above N5 million for individuals and N10 million for legal persons within seven days, Vanguard reported. It also requires reports on incoming and outgoing transfers exceeding $10,000 within 24 hours.
Crypto Sector Reporting Expands in Second Half
Virtual Asset Service Providers recorded increased reporting activity during the second half of 2025. The sector filed no STRs in the first two quarters but submitted 17 in the third quarter and 32 in the fourth. It also filed 313 CTRs during the year, with reporting beginning in the third quarter.
The NFIU said it continued working with regulators including the Central Bank of Nigeria, Securities and Exchange Commission, National Insurance Commission, and Special Control Unit Against Money Laundering to strengthen compliance. The agency also disclosed 28.13 million reports involving Politically Exposed Persons, up 31.1% from 2024.
The growing volume of financial disclosures comes amid efforts to modernise Nigeria’s anti-money laundering system, including moves toward automated monitoring, artificial intelligence, behavioural analysis, and real-time detection of unusual transactions. The regulatory push is designed to give authorities greater visibility over financial flows while enabling banks and other reporting entities to identify and report potentially suspicious activity more quickly.
