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Financial fraud and reporting in Nigerian banking

Updated 1 time since CLSTR started tracking revisions of this situation.

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2026-08-24 04:01 UTC → 2026-08-25 07:31 UTC · added removed

In August 2026, legal actions were taken in Nigeria to address significant financial crimes. A Federal High Court ordered the freezing of numerous bank and fintech accounts following massive fraudulent transactions involving eTranzact International Plc and Access Bank. In one instance, the court in Abuja placed restrictions on approximately 69 accounts due to alleged database penetration and transaction manipulation on the eTranzact platform. Additionally, Access Bank sought to recover approximately N1.34 billion lost through suspected cyber fraud involving unauthorized transfers via the Access SME App. Data Detailed data from the Nigerian Financial Intelligence Unit (NFIU) highlights 2025 Annual Report provides further context on the scale landscape of monitoring within the sector, noting financial crime. The report reveals that deposit money banks tax crimes and fraud accounted for 92% 51% of all financial crime intelligence reports, with tax crimes alone representing 30%. Money laundering followed at 15%, while drug trafficking accounted for 10%. The NFIU processed 42,082 Suspicious Transaction Reports (STRs) submitted to the agency in 2025. Of the 42,082 total STRs filed by various entities, (STRs), with deposit money banks contributed 38,715 accounting for 92% of these filings. Banks The agency also dominated processed over 41.7 million Currency Transaction Reports (CTRs) and 10,513 Suspicious Activity Reports (SARs), contributing 8,313 of (SARs). The report further highlights sophisticated tactics used by terrorist financiers to evade detection, such as using proxy bank accounts in women’s names, utilizing SIM cards registered to deceased persons, and exploiting disconnected SIM-Bank Verification Number (BVN) linkages. Additionally, the total recorded. NFIU identified a crowdfunding network where foreign-based facilitators use social media and encrypted apps to solicit small donations under the guise of humanitarian aid to fund terrorist operations.

Versions

  1. 2026-08-25 07:31 UTC Financial fraud and reporting in Nigerian banking
  2. 2026-08-24 04:01 UTC Financial fraud and reporting in Nigerian banking

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