Nigeria NFIU report reveals surge in tax crimes and fraud

The Nigerian Financial Intelligence Unit (NFIU) 2025 Annual Report reveals that tax crimes and fraud accounted for 51% of financial crime intelligence reports, with tax crimes alone representing 30%. Money laundering followed at 15%, while drug trafficking accounted for 10%.

In terms of reporting volume, the NFIU received 42,082 Suspicious Transaction Reports (STRs), with deposit money banks accounting for 92% of these filings. The agency also processed over 41.7 million Currency Transaction Reports (CTRs) and 10,513 Suspicious Activity Reports (SARs).

The report highlights sophisticated tactics used by terrorist financiers to evade detection. These include using proxy bank accounts opened in women’s names, utilizing SIM cards registered to deceased persons, and exploiting disconnected SIM-Bank Verification Number (BVN) linkages. Additionally, the NFIU identified a crowdfunding network where foreign-based facilitators use social media and encrypted apps to solicit small donations—typically between $50 and $500—under the guise of humanitarian aid to fund terrorist operations in Nigeria.