The Nigerian Financial Intelligence Unit (NFIU) has revealed that banks and other financial entities submitted a total of 42,082 Suspicious Transaction Reports (STRs) in 2025, with banks alone accounting for a staggering 92% of these filings. This data, highlighted in the NFIU’s 2025 Annual Report, underscores ongoing risks to Nigeria's financial system amid increased regulatory scrutiny.

In addition to STRs, the NFIU received 41,716,214 Currency Transaction Reports (CTRs) and 10,513 Suspicious Activity Reports (SARs) throughout the year. The agency’s reporting framework encompasses various transaction types, including threshold-based transactions and compliance submissions related to anti-money laundering and counter-terrorism financing.

The report indicates that Deposit Money Banks submitted 38,715 STRs, while Other Financial Institutions contributed 2,185 STRs. Designated Non-Financial Businesses and Professions (DNFBPs) accounted for 1,029 STRs, with capital market operators and insurance companies filing 104 reports. Virtual Asset Service Providers (VASPs), including cryptocurrency businesses, submitted 49 STRs. Banks also led in SAR submissions, filing 8,313 of the total reports.

Despite the high volume of CTRs, the NFIU noted a significant decline in the number of STRs and SARs compared to the previous year. STR filings decreased by 40,061, dropping from 82,143 in 2024 to 42,082 in 2025, a decline of approximately 48.8%. Similarly, SARs fell by 12,851, from 23,364 in 2024 to 10,513 in 2025, representing a reduction of about 55%.

The NFIU pointed out that Section 11 of the Money Laundering (Prevention and Prohibition) Act mandates financial institutions to report transactions exceeding N5 million for individuals and N10 million for legal entities within seven days. Furthermore, Section 3(1) of the law requires reporting of incoming and outgoing transfers above $10,000 within 24 hours.

Data from the NFIU shows a steady increase in STR filings by banks throughout the year, with quarterly reports rising from 9,134 in Q1 to 10,032 in Q4. CTRs from Deposit Money Banks also followed a similar upward trajectory, increasing from 7,040,493 in Q1 to 11,091,107 in Q4.

The agency also reported a notable uptick in activity among VASPs, which had no STR filings in the first half of 2025 but submitted 49 STRs in the second half. Additionally, VASPs filed 28 SARs in the first quarter, with numbers fluctuating throughout the year.

The NFIU's report highlights the importance of compliance and monitoring in the financial sector, especially given the substantial number of reports involving Politically Exposed Persons (PEPs). In 2025, reporting entities submitted 28,133,909 reports related to PEPs, with banks contributing significantly to this figure.

As the NFIU continues to collaborate with various regulatory bodies, including the Central Bank of Nigeria and the National Insurance Commission, the agency remains focused on enhancing compliance and safeguarding Nigeria's financial system against illicit activities.