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Rising fuel prices: NNPC may supply foreign crude to Dangote refinery

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The Federal Government, through the Nigerian National Petroleum Company Limited, has begun moves to secure crude oil supply for the Dangote Petroleum Refinery through third-party international traders, in a bid to sustain domestic refining operations, The PUNCH has learnt.

Officials, however, warned that the intervention may not immediately translate into lower petrol prices for consumers. Nigerians currently grapple with high fuel prices, following the recent hikes in the cost of the commodities by the $20bn Lekki-based refinery.

Oil dealers and industry players confirmed to one of our correspondents that the refinery temporarily suspended the loading of Premium Motor Spirit (petrol), a development that heightened speculation that another fuel price increase could be imminent.

This would mean the third surge in petrol prices within a week, following adjustments that pushed gantry prices from N774 to N995 per litre. As a result, retail pump prices in several states now exceed N1,000 per litre, as some stations now dispense petrol at about N1,200/litre, intensifying economic pressures on Nigerians.

This comes as recent market data illustrates the shift in crude sourcing patterns. Kpler analytics show that crude imports by Nigeria from the United States surged to 41.13 million barrels in 2025, up 161 per cent from 15.79 million barrels in 2024.

Amid the fuel price hike in Nigeria, motorists and industry observers are bracing for the impact on transport fares and the cost of goods. The refinery’s temporary halt in PMS loading, the second within a week, reflects logistical challenges in sustaining domestic supply, particularly given global crude market volatility. Analysts note that stabilising prices depends heavily on reliable crude allocation to domestic refineries.

One critical factor is the geopolitical crisis in the Middle East, especially the Iran-US conflict, which has disrupted oil supply chains and pushed Brent crude prices above $92 per barrel. Tensions around the Strait of Hormuz, a vital energy transit corridor, have compounded the global price surge. The disruption has made it costly and difficult for refiners relying solely on local crude.

Multiple industry sources and officials from both NNPC and Dangote refinery confirmed that the national oil company is leveraging its global crude trading network to source third-party supply for the Dangote refinery at competitive international market rates.

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β€œLeveraging our global crude trading network, we are sourcing third-party crude for the refinery at prices that are competitive with prevailing international market rates,” a senior official at NNPC, who spoke in confidence due to the lack of authorisation to speak on the matter, told The PUNCH on Sunday.

The official further explained, β€œAs the national oil company entrusted with safeguarding Nigeria’s energy security, NNPC Limited remains fully committed to supporting domestic refining, including the Dangote Petroleum Refinery. Within the framework of our existing agreements, we continue to facilitate crude supply to DRP, in the face of temporary availability constraints.”

The Dangote refinery has, however, cautioned that sourcing crude internationally may not immediately reduce pump prices. A refinery source explained: β€œThe current Middle East crisis is affecting overall global energy prices, crude oil, LNG and other fuels, and that has implications for refined product pricing globally.”

The refinery also highlighted constraints in domestic supply. It receives just five cargoes a month from NNPC, instead of the 13 cargoes required under the naira-for-crude policy, forcing reliance on imported crude purchased at international market rates.

β€œFurthermore, while we receive about five cargoes a month from NNPC, which we pay for in naira, these cargoes are priced at international market prices plus premium and fall short of the 13 cargoes which we require to support sales into Nigeria,” the refinery stated.

Industry players speak

Industry stakeholders note that increased domestic refining output could help moderate petrol prices. Eche Idoko, National Publicity Secretary of the Crude Oil Refinery Owners Association of Nigeria, said the naira-for-crude policy could influence pricing if fully implemented, but warned that imported crude costs and global tensions remain a limiting factor.

β€œDangote needs 14 cargoes of crude from the government under the naira-for-crude policy, for the refinery to meet its demands. If this is done, it will impact price locally, but as long as the refinery sources the majority of its feedstock from the United States and must bypass the Strait of Hormuz, they will transfer the cost to Nigerian customers,” he said.

Idoko urged expansion of the policy to other domestic refineries to promote competition and further stabilise prices. He added that operational costs linked to Dangote’s location in a free trade zone also affect pricing:

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β€œThis type of supply is treated as if it were coming from an external company because the refinery is located in a free trade zone, meaning many of the charges that apply to imports are still applicable. The additional cost of about $5 to $7 per barrel is substantial and should ideally be removed to help reduce the overall price consumers pay.”

Energy analysts also highlight the impact of limited import licences on market competition. Jeremiah Olatide, CEO of Petroleumprice.ng, said nearly 90 per cent of marketers seeking petrol import permits this year have been denied, giving the Dangote refinery dominant market influence.

β€œImporters haven’t really been given import licences. About 90 per cent of those who applied for PMS import permits were not issued approvals, largely to promote and encourage local refineries, particularly the Dangote refinery,” he noted.

Olatide stressed that a balance between local refining and controlled imports would strengthen energy security and stabilise prices. β€œImports should not exceed about 20 to 25 per cent of total supply, while the rest is refined locally. That balance would strengthen the economy and improve energy security.”

Despite supply pressures, the presence of the Dangote refinery has cushioned Nigeria from more severe price spikes. β€œThere are crises everywhere in the global energy market, and thankfully, we now have the Dangote refinery. If the refinery was not operating, petrol prices in Nigeria could easily have reached N1,500 per litre,” Olatide added.

Imports from US

Recent market data illustrates the shift in crude sourcing patterns. Kpler analytics show that US crude exports to Nigeria surged to 41.13 million barrels in 2025, up 161 per cent from 15.79 million barrels in 2024. This reflects Nigeria’s growing dependence on imported crude to meet refinery feedstock needs.

The surge in crude imports from the US coincides with Dangote’s increasing reliance on foreign crude. In July 2025, the refinery imported 590,000 barrels per day, with 60 per cent coming from US light sweet crude and 40 per cent from Nigerian grades, marking the first time US supply overtook domestic crude for Dangote.

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Analysts note that while this enhances compatibility with complex refining processes, it underscores the paradox of Africa’s largest oil producer relying on foreign crude despite rising local output.

Domestic crude allocations also remain insufficient. The Nigerian Upstream Petroleum Regulatory Commission confirmed that between January and August 2025, local refiners received 67.66 million barrels, falling far short of the 123.48 million barrels requested. The shortfall reflects ongoing challenges in bridging the gap between rising production levels and refinery demand.

Meanwhile, the Dangote refinery has continued to manage operational realities in a deregulated environment. It absorbs part of the cost escalation to cushion consumers while ensuring an uninterrupted supply. β€œSelling below cost would undermine our ability to procure crude, sustain production, and guarantee supply,” a refinery official said.

The combined pressures of geopolitical tensions, local supply gaps, and market regulation have created a perfect storm for rising fuel prices. With petrol now retailing between N1,030 and N1,100 per litre in major cities, commercial drivers have already adjusted fares, and consumers are bracing for higher costs across the economy.

The rising fuel prices come as three key developments compound market pressure: the looming third petrol price hike, Dangote’s temporary suspension of fuel sales, and Nigeria’s tripling of US crude imports in one year. These factors illustrate the interplay between domestic refining capacity, international supply constraints, and government policies, shaping the country’s energy market in real time.

Meanwhile, it was gathered that the Dangote refinery has approved a new list of petroleum marketers and distribution partners to ensure continued lifting of PMS, expanding the pool from 13 to over 30 companies nationwide.

This includes NIPCO Plc, MRS Oil Nigeria Plc, TotalEnergies Marketing Nigeria Plc, Conoil Plc, and others, highlighting efforts to broaden access while navigating challenging supply and pricing conditions.

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Restoring fuel subsidy will reverse Nigeria’s economic gains

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The renewed call for the restoration of petrol subsidy under any guise demands a clear-eyed examination of what Nigeria has gained from reform and what the country would have to surrender by reversing course.

The scale of the problem is important to remember. In 2022, when Nigeria was struggling with declining oil production and weak revenues, the country spent about $10 billion on fuel subsidies. The World Bank also warned that the subsidy was consuming resources that could otherwise have gone into education, healthcare, infrastructure and social protection.

This is the system that the administration of President Bola Ahmed Tinubu inherited and boldly decided to change.

At the Federal Government’s recent presentation of β€œNigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented,” the Honourable Minister of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele, disclosed that subsidy savings mobilised N15.8tn in resources for the Federation between June 2023 and December 2025.

Of this amount, approximately N5.43tn accrued to the Federal Government, N6.52tn to states and N3.88tn to local governments.

It is important to explain these figures honestly. The N15.8tn is not sitting in a government account as a separate pool of cash called β€œsubsidy savings.” It represents resources released within the Federation’s wider fiscal system and made available across the three tiers of government.

The additional resources available to states and local governments have strengthened their capacity to meet salaries and pensions obligations and to invest in infrastructure and essential services, including primary healthcare, basic education, roads and other needs. At the federal level, the broader fiscal space created by the reforms has supported major investments and obligations that would have been considerably more difficult to sustain under the old subsidy regime.

The Federal Government’s Reform Scorecard records approximately N6.47tn in additional expenditure on strategic infrastructure, covering major investments in transport, housing, agriculture, security and other strategic projects. These include major national corridors such as the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, and the Trans-Sahara Superhighway.

The reforms have also made room for significant investments in human capital and social support. Over 10 million Nigerian households have benefited from social transfers. The administration has also extended more than N400bn towards landmark social investment initiatives like the Nigerian Education Loan Fund, NELFUND (N223.8bn), the MOFI Real Estate Investment Fund, MREIF (N150bn) and the Nigerian Consumer Credit Corporation, CREDICORP (N50bn).

Renewed domestic and foreign investor confidence founded on the reforms has helped make the Nigerian stock market the world’s best-performing in 2026, pushed the external reserves to the highest level in almost 20 years, and helped the country grow oil production to exceed its OPEC quota for the first time in years.

The additional fiscal space has also supported wage adjustments, minimum-wage obligations and pensions, while expanding the capacity for investments in education, healthcare, agriculture, electricity, security and other critical areas of national development.

Nigeria is also entering a new phase in its petroleum sector, with marked expansion in domestic refining capacity. Reversing policy now will undermine this progress and introduce fresh uncertainty for investors at precisely the time Nigeria should be consolidating domestic refining and strengthening energy security.

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Our Reform Scorecard also assesses the economic harm that the reforms have helped Nigeria avert. Had the subsidy regime remained unaddressed, petrol scarcity would have returned, pushing prices above N3,000 per litre on the black market. The legacy Ways and Means financing, which stood at about N30 trillion in May 2023 and has since been curtailed, would have doubled to N60 trillion or more. The Scorecard projects that, without the reforms, the inherited situation of 27 States unable to reliably pay salaries would undoubtedly have worsened.

There is another important argument being overlooked. Nigeria already carries a second energy subsidy, on electricity consumption, which cost the country an additional N3.14tn between June 2023 and December 2025. This subsidy helps bridge the gap between actual power production costs and the capped tariffs paid by most consumers. Reintroducing a petrol consumption subsidy on top of this would deal a double blow to Nigeria’s fiscal position.

The above illustrates an important point: restoring the subsidy would almost instantly return Nigeria to the economic conditions of 2022, recreating the same fiscal pressures, distortions, scarcity and incentives for arbitrage that made the old system unsustainable in the first place.

We are not claiming that the reforms have solved all of Nigeria’s economic challenges; there is indeed still much work to be done to translate improved fiscal capacity into better services, jobs, infrastructure and living standards. But the proper response to the hardship associated with reform is not to dismantle the reform; it is to accelerate the benefits – which remains what the Tinubu administration is resolutely focused on.The objective is clear: to move public resources away from subsidising consumption and towards investing in the Nigerian people and the productive foundations of lasting prosperity.

This is also why the debate over restoring subsidy must ultimately come down to hard choices. Do we restore petrol subsidy, or sustain student loans and consumer credit for young Nigerians? Do we restore subsidy, or preserve higher allocations to states and local governments? Do we restore subsidy, or continue funding roads, rail, power and security? Do we restore subsidy, or strengthen the fiscal capacity required to expand healthcare, education and social protection for vulnerable Nigerians?

It is equally significant that the Organised Private Sector and the wider economic community have cautioned against reversing the reform, recognising that fiscal sustainability, policy stability and a competitive downstream petroleum sector are essential to investment, job creation and economic growth.

Nigeria cannot build tomorrow’s economy by returning to yesterday’s unsustainable subsidy regime. We have moved beyond that model.

We do not downplay or deny the challenges associated with subsidy removal and other major reforms. President Bola Tinubu and his administration are daily working – and succeeding – at translating these sacrifices into improved living standards, stronger public services and greater economic opportunities for the Nigerian people.

Idris is the Minister of Information and National OrientationRestoring fuel subsidy will reverse Nigeria’s economic gains

The renewed call for the restoration of petrol subsidy under any guise demands a clear-eyed examination of what Nigeria has gained from reform and what the country would have to surrender by reversing course.

See also  Nigeria faces lubricant squeeze as imports tighten globally

The scale of the problem is important to remember. In 2022, when Nigeria was struggling with declining oil production and weak revenues, the country spent about $10 billion on fuel subsidies. The World Bank also warned that the subsidy was consuming resources that could otherwise have gone into education, healthcare, infrastructure and social protection.

This is the system that the administration of President Bola Ahmed Tinubu inherited and boldly decided to change.

At the Federal Government’s recent presentation of β€œNigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented,” the Honourable Minister of Finance and Coordinating Minister of the Economy, Dr Taiwo Oyedele, disclosed that subsidy savings mobilised N15.8tn in resources for the Federation between June 2023 and December 2025.

Of this amount, approximately N5.43tn accrued to the Federal Government, N6.52tn to states and N3.88tn to local governments.

It is important to explain these figures honestly. The N15.8tn is not sitting in a government account as a separate pool of cash called β€œsubsidy savings.” It represents resources released within the Federation’s wider fiscal system and made available across the three tiers of government.

The additional resources available to states and local governments have strengthened their capacity to meet salaries and pensions obligations and to invest in infrastructure and essential services, including primary healthcare, basic education, roads and other needs. At the federal level, the broader fiscal space created by the reforms has supported major investments and obligations that would have been considerably more difficult to sustain under the old subsidy regime.

The Federal Government’s Reform Scorecard records approximately N6.47tn in additional expenditure on strategic infrastructure, covering major investments in transport, housing, agriculture, security and other strategic projects. These include major national corridors such as the Lagos-Calabar Coastal Highway, Sokoto-Badagry Superhighway, and the Trans-Sahara Superhighway.

The reforms have also made room for significant investments in human capital and social support. Over 10 million Nigerian households have benefited from social transfers. The administration has also extended more than N400bn towards landmark social investment initiatives like the Nigerian Education Loan Fund, NELFUND (N223.8bn), the MOFI Real Estate Investment Fund, MREIF (N150bn) and the Nigerian Consumer Credit Corporation, CREDICORP (N50bn).

Renewed domestic and foreign investor confidence founded on the reforms has helped make the Nigerian stock market the world’s best-performing in 2026, pushed the external reserves to the highest level in almost 20 years, and helped the country grow oil production to exceed its OPEC quota for the first time in years.

The additional fiscal space has also supported wage adjustments, minimum-wage obligations and pensions, while expanding the capacity for investments in education, healthcare, agriculture, electricity, security and other critical areas of national development.

Nigeria is also entering a new phase in its petroleum sector, with marked expansion in domestic refining capacity. Reversing policy now will undermine this progress and introduce fresh uncertainty for investors at precisely the time Nigeria should be consolidating domestic refining and strengthening energy security.

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Our Reform Scorecard also assesses the economic harm that the reforms have helped Nigeria avert. Had the subsidy regime remained unaddressed, petrol scarcity would have returned, pushing prices above ₦3,000 per litre on the black market. The legacy Ways and Means financing, which stood at about ₦30 trillion in May 2023 and has since been curtailed, would have doubled to ₦60 trillion or more. The Scorecard projects that, without the reforms, the inherited situation of 27 States unable to reliably pay salaries would undoubtedly have worsened.

There is another important argument being overlooked. Nigeria already carries a second energy subsidy, on electricity consumption, which cost the country an additional N3.14tn between June 2023 and December 2025. This subsidy helps bridge the gap between actual power production costs and the capped tariffs paid by most consumers. Reintroducing a petrol consumption subsidy on top of this would deal a double blow to Nigeria’s fiscal position.

The above illustrates an important point: restoring the subsidy would almost instantly return Nigeria to the economic conditions of 2022, recreating the same fiscal pressures, distortions, scarcity and incentives for arbitrage that made the old system unsustainable in the first place.

We are not claiming that the reforms have solved all of Nigeria’s economic challenges; there is indeed still much work to be done to translate improved fiscal capacity into better services, jobs, infrastructure and living standards. But the proper response to the hardship associated with reform is not to dismantle the reform; it is to accelerate the benefits – which remains what the Tinubu administration is resolutely focused on.

The objective is clear: to move public resources away from subsidising consumption and towards investing in the Nigerian people and the productive foundations of lasting prosperity.

This is also why the debate over restoring subsidy must ultimately come down to hard choices. Do we restore petrol subsidy, or sustain student loans and consumer credit for young Nigerians? Do we restore subsidy or preserve higher allocations to states and local governments? Do we restore subsidy or continue funding roads, rail, power and security? Do we restore subsidy, or strengthen the fiscal capacity required to expand healthcare, education and social protection for vulnerable Nigerians?

It is equally significant that the Organised Private Sector and the wider economic community have cautioned against reversing the reform, recognising that fiscal sustainability, policy stability and a competitive downstream petroleum sector are essential to investment, job creation and economic growth.

Nigeria cannot build tomorrow’s economy by returning to yesterday’s unsustainable subsidy regime. We have moved beyond that model.

We do not downplay or deny the challenges associated with subsidy removal and other major reforms. President Bola Tinubu and his administration are daily working – and succeeding – at translating these sacrifices into improved living standards, stronger public services and greater economic opportunities for the Nigerian people.

Idris is the Minister of Information and National Orientation.

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Dangote refinery expands free fuel delivery to four states

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The Dangote Petroleum Refinery says it has expanded its free petroleum products delivery initiative to Kano, Imo, Anambra and Nasarawa states, a move it says is expected to reduce distribution costs for independent petroleum marketers and create room for lower petrol prices.

According to a statement on Sunday, the initiative, which initially covered Lagos, Ogun, Rivers, Kaduna, Abuja and Delta states, is designed to bring petroleum products closer to marketers and retailers while eliminating the cost of transporting products over long distances from the refinery to different parts of the country.

By absorbing delivery costs, the refinery is reducing one of the major expenses embedded in the downstream petroleum products distribution chain.

Group Executive Director, Commercial Operations, Oil & Gas, WAEP and Fertiliser, Dangote Industries Limited, Fatima Aliko Dangote, said the initiative was aimed at ensuring that the benefits of domestic refining translated into savings for businesses and consumers.

β€œThe value of domestic refining must ultimately be felt beyond the refinery gate. By absorbing the cost of delivering petroleum products to our customers, we are removing a significant component of the distribution burden and creating room for those savings to flow through the value chain to consumers. Our goal is to make fuel distribution more efficient, reduce avoidable costs and support more competitive pump prices across Nigeria.”

The expansion was reportedly welcomed by the Independent Petroleum Marketers Association of Nigeria, which said the initiative would reduce some of the financial and logistical pressures confronting independent petroleum marketers and contribute to lower prices for consumers.

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National Publicity Secretary and Public Relations Officer of IPMAN, Chinedu Ukadike, was quoted as saying that the initiative addressed a longstanding challenge in the petroleum products distribution chain, where marketers commit substantial funds to product purchases and may then wait for extended periods before their orders are loaded and transported.

β€œThis gesture, if sustained, will be able to alleviate the sufferings of independent marketers. There has been the issue of financial hold-up, whereby marketers pay for products and are not loaded for days and weeks, and they suffer unnecessary hardship bringing the product down,” he stated.

According to him, the refinery’s delivery arrangement reduces the period for which marketers’ funds remain tied up, improves cash flow and allows businesses to deploy their capital more efficiently.

Dangote said the reduction in distribution costs is particularly significant for marketers supplying areas far from the refinery, as the transportation of petroleum products over long distances attracts additional expenses associated with haulage, vehicle operations, driver costs, insurance, road risks and other logistics.

It was stated that removing or reducing such costs could improve the economics of supplying distant markets and provide marketers with greater room to compete on retail prices.

The initiative also reduces the operational risks associated with moving large volumes of petroleum products over long distances by taking products closer to their destination markets.

The expansion comes as Nigeria’s downstream petroleum sector continues to adjust to increased domestic refining capacity and a more competitive market environment.

The Dangote refinery, with a capacity of 700,000 barrels per day, has been supplying refined petroleum products to the domestic market while also expanding its presence in international markets.

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Banks account for 92% of NFIU suspicious reports

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The Nigerian Financial Intelligence Unit has disclosed that banks, fintech companies and other reporting entities submitted 42,082 Suspicious Transaction Reports to the agency in 2025.

The figure was contained in the NFIU’s 2025 Annual Report, which highlighted continued risks to Nigeria’s financial system and increased regulatory monitoring of transactions.

The agency also received 41,716,214 Currency Transaction Reports and 10,513 Suspicious Activity Reports during the year.

β€œDuring the review period, the NFIU received a total of 41,716,214 CTRs, 42,082 STRs, and 10,513 SARs,” the report stated.

The NFIU said its reporting framework covers threshold-based transactions, suspicious transactions and activities, as well as regulatory submissions relating to anti-money laundering, counter-terrorism financing and counter-proliferation financing compliance.

It noted that it collaborates with the Central Bank of Nigeria, National Insurance Commission, Securities and Exchange Commission and the Special Control Unit Against Money Laundering to ensure that reporting entities comply with applicable regulations.

Deposit Money Banks accounted for the bulk of STR filings, submitting 38,715 reports, representing about 92 per cent of the total received from the various sectors.

Other Financial Institutions submitted 2,185 STRs, while Designated Non-Financial Businesses and Professions accounted for 1,029. Capital market operators and insurance companies filed 104 reports, while Virtual Asset Service Providers, including cryptocurrency-related businesses, submitted 49.

Banks also dominated Suspicious Activity Reports, contributing 8,313 of the 10,513 filings recorded in 2025. Other Financial Institutions accounted for 1,816, capital market and insurance companies filed 295, while Virtual Asset Service Providers submitted 89. The DNFBP sector recorded no SAR during the year.

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The report further showed that financial institutions filed more than 41.7 million Currency Transaction Reports. Deposit Money Banks accounted for 37,214,139 filings, equivalent to about 89.2 per cent of the total, while Other Financial Institutions submitted 4,212,466.

Capital market operators and insurance companies contributed 289,296 CTRs, while Virtual Asset Service Providers filed 313.

According to the NFIU, Section 11 of the Money Laundering (Prevention and Prohibition) Act requires financial institutions to report transactions exceeding N5m for individuals and N10m for legal entities within seven days.

The agency added that Section 3(1) of the law mandates the reporting of incoming and outgoing transfers above $10,000 within 24 hours.

Data from the four quarters showed a steady rise in STR filings by banks. Reports increased from 9,134 in the first quarter to 9,658 in the second, 9,891 in the third and 10,032 in the fourth quarter.

Currency Transaction Reports from Deposit Money Banks followed a similar upward trend, rising from 7,040,493 in the first quarter to 8,197,292 in the second, 10,885,247 in the third and 11,091,107 in the fourth quarter.

Among Other Financial Institutions, STR filings stood at 451 in the first quarter and 432 in the second before climbing to 719 in the third and falling to 583 in the fourth.

The NFIU also reported increased activity among Virtual Asset Service Providers. The sector recorded no STRs during the first half of 2025 but filed 17 in the third quarter and 32 in the fourth quarter.

VASPs also submitted 28 SARs in the first quarter, 12 in the second, 24 in the third and 25 in the fourth. Their CTR filings emerged in the second half of the year, with 103 reports in the third quarter and 210 in the fourth.

See also  Nigeria faces lubricant squeeze as imports tighten globally

The agency disclosed that reporting entities submitted 28,133,909 reports involving Politically Exposed Persons during 2025.

Deposit Money Banks accounted for most of the PEP filings, recording 7,263,557 in the first quarter, 5,658,079 in the second, 6,235,585 in the third and 8,225,572 in the fourth.

Other Financial Institutions recorded a significant increase in PEP reports, rising from just 12 in the first quarter to 617,286 in the fourth quarter. Capital market and insurance institutions submitted 28,561 reports, while VASPs recorded none.

The NFIU also disclosed that its Designated Non-Financial Businesses and Professions Division conducted joint on-site examinations of 29 reporting entities in the Federal Capital Territory.

The entities were drawn from the real estate, casino, precious metals and stones dealing, and consultancy sectors.

According to the report, the exercise resulted in 20 new registrations on the RapidAML portal and subscriptions to NIGSAC, alongside the submission of 1,029 Suspicious Transaction Reports.

Despite the increased compliance activity, the number of STRs received in 2025 was significantly lower than the previous year. STR filings fell by 40,061, from 82,143 in 2024 to 42,082 in 2025, representing a decline of about 48.8 per cent.

Suspicious Activity Reports also dropped by 12,851, from 23,364 in 2024 to 10,513 in 2025, representing a reduction of approximately 55 per cent.

The contrasting figures indicate that while reporting entities recorded significantly higher volumes of threshold-based transactions and PEP disclosures in 2025, suspicious transaction and activity reports declined sharply compared with the previous year.

Source:Β punchng.com

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