Connect with us

Business

Banks account for 92% of NFIU suspicious reports

Published

on

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.

“During 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.

See also  FG uncovered 45,000 ghost workers via BVN integration – Former Minister of Finance, Kemi Adeosun

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  Customs dismiss smuggling, revenue leakage allegations

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: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

DisCos earn N603bn as power offtake drops

Published

on

Electricity distribution companies collected N603.64bn from customers in the second quarter of 2026, despite a decline in the volume of electricity they received from the power market.

The figure was contained in the Nigerian Electricity Regulatory Commission’s second-quarter 2026 report, which showed that the average energy offtake by the DisCos at their trading points fell to 3,197.03 megawatt-hours per hour in the quarter.

The Q2 figure represented a 112.45MWh/h, or 3.40 per cent, decline from the 3,309.48MWh/h average recorded in the first quarter. Despite the decline in offtake, the DisCos recorded an overall offtake performance of 94.07 per cent during the quarter, against available partially contracted capacity of 3,398.41MWh/h.

According to the report, the DisCos received a total of 6,982.32 gigawatt-hours of electricity during the quarter but billed customers for only 5,812.31GWh. It stated, “This translates to an overall energy accounting efficiency of 83.24 per cent and represents a 0.24pp decrease compared to 2026/Q1 (83.48 per cent).”

The report further revealed that the naira value of electricity off-taken by the DisCos stood at N946.57bn, while the total value of energy billed to customers was N744.67bn.

This translated to a billing efficiency of 78.67 per cent, representing a decline of 0.57 percentage points from the 79.24 per cent recorded in the first quarter. At the collection stage, the DisCos recovered N603.64bn from the N744.67bn billed to customers, translating to a collection efficiency of 81.06 per cent.

The report said this represented an improvement of 2.11 percentage points from the 78.95 per cent recorded in Q1. However, the difference between the amount billed and the amount collected stood at N141.03bn during the quarter.

See also  Obasanjo reveals why NNPC refineries will never work again; read details

The report also disclosed that the weighted average Aggregate Technical, Commercial and Collection losses across the 11 DisCos stood at 36.23 per cent in Q2.

It stated, “The ATC&C loss of 36.23 per cent is 19.31pp higher than the 2026 MYTO target (16.92 per cent) and translates to a cumulative revenue loss of N129.07 billion across all DisCos.”

The 36.23 per cent loss, however, represented a 1.21 percentage-point improvement from the 37.44 per cent recorded in Q1.

The report noted that all the DisCos failed to meet their ATC&C targets during the quarter, with “Kaduna DisCo recording the worst underperformance relative to the target (Actual – 67.70 per cent vs target – 18.18 per cent),” it stated.

On market obligations, the report said the cumulative upstream invoice payable by the DisCos stood at N410.38bn in Q2.

The amount comprised N326.46bn for generation costs from the Nigerian Bulk Electricity Trading Company and N83.92bn for transmission and administrative services provided by the market operator.

The DisCos collectively remitted N385.44bn, comprising N306.62bn to NBET and N78.82bn to the market operator, leaving an outstanding balance of N24.94bn. This represented a market remittance performance of 93.92 per cent, slightly lower than the 94.08 per cent recorded in Q1.

The report added that the Federal Government had taken responsibility for about 50 per cent, or N321.26bn, of the total generation costs through subsidies arising from the freezing of end-use customer tariffs at the rates applicable in July 2024.

Meanwhile, three international bilateral customers purchasing electricity from grid-connected generating companies paid $8.67m against an $18.84m invoice issued by the market operator during the quarter.

See also  Federal Govt Secures €21m German Funding For Clean Energy Transition

This represented a remittance rate of 46.02 per cent. Domestic bilateral customers, on the other hand, paid N6.91bn against an invoice of N7.55bn, representing a remittance rate of 91.54 per cent.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Business

Personal loans rise to N2tn as Nigerians borrow more

Published

on

Personal loans obtained by Nigerians rose to an estimated N2.06tn in May 2026, as consumer credit continued to expand amid persistent cost pressures and weak consumer spending, according to the latest Economic Report of the Central Bank of Nigeria.

The figure, calculated from data contained in the CBN’s May 2026 Economic Report, represents about 64.78 per cent of the N3.18tn total consumer credit outstanding during the month. The report covers developments in the real, fiscal, financial and external sectors of the economy.

The apex bank said consumer credit increased by 1.60 per cent from N3.13tn in April to N3.18tn in May, indicating that Nigerians borrowed an additional N50bn within one month.

It said, “Consumer credit outstanding increased by 1.60 per cent to N3.18tn from N3.13tn in the preceding month, driven by growth in personal and retail loans, which rose by 1.98 and 0.90 per cent, respectively.”

The CBN added, “Personal loans remained the dominant component of consumer credit, accounting for 64.78 per cent, while retail loans constituted 35.22 per cent.”

Based on the proportions reported by the apex bank, personal loans stood at approximately N2.06tn at the end of May, while retail loans amounted to about N1.12tn.

The 1.98 per cent month-on-month increase in personal loans suggests that the balance rose by roughly N40bn during the period. Retail loans, which include credit tied more directly to the purchase of goods and services, recorded a slower increase of 0.90 per cent.

The figures show that personal borrowing remained the main driver of Nigeria’s consumer-credit market, accounting for nearly two-thirds of outstanding credit.

See also  Customs dismiss smuggling, revenue leakage allegations

The increase came against a challenging operating environment for households and businesses. The CBN reported that economic activity remained weak in May, with its composite Purchasing Managers’ Index at 49.60 points, slightly higher than 49.40 points in April but still below the 50-point threshold separating expansion from contraction.

According to the bank, the contraction reflected subdued demand, declining new orders and elevated production costs. It also identified weak consumer spending and higher energy-related costs as pressures on the industry and services sectors.

Inflation also remained elevated during the period. Headline inflation increased to 15.93 per cent in May from 15.69 per cent in April, which the CBN attributed to persistent cost pressures and higher energy prices. However, month-on-month inflation slowed to 1.75 per cent from 2.13 per cent.

The combination of rising consumer credit and weak consumer spending suggests that households were increasingly accessing credit at a time when living and operating costs remained under pressure.

A recent report Enhancing Financial Inclusion & Advancement noted that four in every 10 Nigerians borrowing from formal financial institutions now take loans mainly for consumption and coping needs, as rising financial pressures increasingly push credit away from productive activities.

The 2026 Access to Financial Services in Nigeria Survey revealed that 40.8 per cent of formal borrowers used loans for coping and consumption, up sharply from 31.7 per cent in 2023.

The 9.1 percentage-point increase made coping and consumption the largest purpose of formal credit, overtaking productive enterprise borrowing, which fell from 40.2 per cent to 34.3 per cent during the same period.

See also  Dangote, marketers cut petrol prices as crude falls

Borrowing for household assets also declined from 25.2 per cent to 23.4 per cent. The report warned, “Coping/consumption purposes rose from 31.7 per cent to 40.8 per cent; productive purpose fell from 40.2 per cent to 34.3 per cent. We need to ensure that credit builds productive capacity and does not produce distress.”

Formal credit use increased from six per cent of adults in 2023 to 10 per cent in 2026, with about 11.9 million Nigerians borrowing from regulated providers. When informal sources were included, 36 per cent of adults had access to some form of credit.

Credit use among informally employed Nigerians tripled from five per cent to 15 per cent, while borrowing among people aged 18 to 35 rose from four per cent to 10 per cent. Business owners recorded an increase from four per cent to 10 per cent, while farmers rose from two per cent to six per cent.

However, the report found significant distress among borrowers. About 45.8 per cent of formal-credit users reported some or serious repayment stress, while 83.8 per cent experienced ongoing financial stress.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Business

NAFDAC seizes N300m banned drinks in Lagos

Published

on

The National Agency for Food and Drug Administration and Control has seized alcoholic beverages worth an estimated N300m packaged in sachets and PET bottles below 200ml during enforcement operations in Lagos State.

NAFDAC disclosed this in a statement shared on its Facebook page on Sunday, adding that some distributors and retailers involved in the sale of the prohibited products were arrested.

The agency said the enforcement operations were carried out at Ile-Epo Market, Ojuwoye Market in Mushin and Oke-Arin Market on Lagos Island.

“Officials evacuated several cartons of alcoholic beverages packaged in sachets and PET bottles below 200ml from these locations.

“Distributors and retailers were arrested during operations at Ile-Epo Market, while raids were also conducted at Ojuwoye Market, Mushin, and Oke-Arin Market, Lagos Island,” the statement said.

NAFDAC said investigations revealed that some distributors and retailers were hoarding the prohibited products amid increased demand and rising prices.

The agency said the enforcement was part of efforts to ensure compliance with the ban on the sale and distribution of alcoholic beverages packaged in sachets and PET bottles below 200ml.

It warned distributors, retailers and other operators against selling, distributing or hoarding the prohibited products.

“NAFDAC emphasises that the ban remains in force and warns distributors, retailers and other operators against the sale, distribution or hoarding of the prohibited products.

“The value of the seized products is estimated at N300m,” it stated.

PUNCH Metro reported on August 25 that NAFDAC ordered manufacturers of banned alcoholic beverages packaged in sachets and polyethylene terephthalate bottles below 200ml to recall the products nationwide or risk closure of their facilities.

See also  Free zones attract $200bn FDI, create 500,000 jobs – FG

NAFDAC had also vowed to fully enforce the Federal Government-approved prohibition of alcoholic beverages packaged in sachets and PET or plastic bottles below 200ml, warning that the ban was irrevocable.

The agency had stated that the years of grace given to manufacturers by the Federal Government to stop producing the products had expired.

Source: punchng.com

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

INSTAGRAM

Continue Reading

Trending