Banks, fintech operators and other reporting entities submitted 42,082 Suspicious Transaction Reports (STRs) to the Nigerian Financial Intelligence Unit (NFIU) in 2025, as financial institutions intensified compliance with anti-money laundering regulations amid tighter regulatory oversight.
The disclosure was contained in the NFIU 2025 Annual Report, which showed that the agency also received 41,716,214 Currency Transaction Reports (CTRs) and 10,513 Suspicious Activity Reports (SARs) during the year.
The NFIU said it receives threshold-based disclosures, suspicious transaction and activity reports, as well as regulatory submissions relating to anti-money laundering, counter-terrorism financing and counter-proliferation financing.
According to the report, Deposit Money Banks remained the dominant source of suspicious transaction reports, filing 38,715 STRs, representing about 92 per cent of the total. Other Financial Institutions submitted 2,185 reports, while Designated Non-Financial Businesses and Professions filed 1,029. Capital market operators and insurance companies accounted for 104, while Virtual Asset Service Providers, including cryptocurrency service providers, filed 49.
Banks also accounted for the largest share of Suspicious Activity Reports, submitting 8,313 of the 10,513 SARs received by the NFIU. Other Financial Institutions filed 1,816, capital market and insurance firms submitted 295, while VASPs accounted for 89. No SAR was recorded from the DNFBP sector.
The NFIU also recorded more than 41.7 million Currency Transaction Reports in 2025. Deposit Money Banks accounted for 37.2 million of the filings, while Other Financial Institutions submitted 4.2 million. Capital market and insurance companies filed 289,296, while VASPs submitted 313 reports.
The agency 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. It also requires the reporting of incoming and outgoing transfers above $10,000 within 24 hours.
Quarterly figures showed that banks’ suspicious transaction reporting increased steadily during the year, rising from 9,134 reports in the first quarter to 9,658 in the second quarter, 9,891 in the third quarter and 10,032 in the fourth quarter.
However, the annual figures showed a significant decline compared with 2024. STRs fell from 82,143 in 2024 to 42,082 in 2025, a decline of about 48.8 per cent, while SARs dropped from 23,364 to 10,513, representing a decrease of approximately 55 per cent.
In contrast, Currency Transaction Reports increased by more than 15.8 million, from 25.8 million in 2024 to 41.7 million in 2025, representing a 61.6 per cent rise. Reports involving Politically Exposed Persons also increased by 31.1 per cent, from 21.5 million to 28.1 million.
The NFIU said reporting entities submitted 28,133,909 Politically Exposed Persons reports during the year, with Deposit Money Banks accounting for the overwhelming majority.
The report also highlighted growing reporting activity among Virtual Asset Service Providers. VASPs recorded no STRs during the first half of 2025 but filed 17 in the third quarter and 32 in the fourth quarter, reflecting increased regulatory attention to digital asset transactions.
The NFIU further disclosed that its Designated Non-Financial Businesses and Professions Division conducted joint on-site examinations of 29 reporting entities in the real estate, casino, precious metals and stones, and consultancy sectors in the Federal Capital Territory.
The exercise resulted in 20 new registrations on the RapidAML portal and subscriptions to NIGSAC, as well as the filing of 1,029 Suspicious Transaction Reports.
The contrasting figures indicate a major shift in reporting patterns across Nigeria’s financial system, with threshold-based transactions and Politically Exposed Persons disclosures rising sharply while suspicious transaction and activity reports declined.
The development comes as regulators move towards more technology-driven anti-money laundering compliance. In 2025, the Central Bank of Nigeria issued a draft framework proposing the use of intelligent and automated AML systems to strengthen monitoring across regulated financial institutions.
Under the proposed standards, financial institutions would be required to deploy systems capable of real-time transaction monitoring, anomaly detection, behavioural pattern recognition, risk scoring and adaptive learning, with artificial intelligence and machine learning used to identify potentially suspicious transactions.
The systems are also expected to integrate with core banking platforms, customer onboarding systems and internal transaction processors, while supporting automated submission of Suspicious Transaction Reports, Currency Transaction Reports and Foreign Currency Transaction Reports to the NFIU.
The measures reflect the increasing focus on technology, compliance and real-time monitoring as Nigeria strengthens its financial intelligence and anti-money laundering framework.
