NFIU flags over N48 billion in suspicious transactions to Dubai and Hong Kong

The Nigerian Financial Intelligence Unit (NFIU) has raised significant concerns over a sharp increase in suspicious financial transactions flowing from Nigeria to Dubai and Hong Kong—two destinations it now considers major global hubs for illicit financial activity.

In a report released in May 2025 and obtained by our correspondent on Tuesday, the NFIU disclosed that it received 401 Suspicious Transaction Reports (STRs) linked to both cities between January 2021 and September 2024. The total value of these suspicious transactions is said to be over N48 billion.

According to the data, Dubai was connected to 185 of the reports, accounting for the larger share of the total amount at N29.6 billion. Meanwhile, Hong Kong was linked to 216 reports, valued at N18.6 billion.

The agency stated that this trend points to a growing pattern of financial system abuse involving these international destinations.

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The NFIU stressed the importance of closely monitoring transactions coming from Dubai and Hong Kong, emphasizing that it is crucial not only for protecting Nigeria’s financial system but also for contributing to the global effort against money laundering, terrorism financing, and the illegal movement of funds.

A breakdown of the data shows a troubling rise in suspicious activity over the years.

In 2021, only two suspicious transactions to the regions were reported, totaling N42 million.

By 2024, the number had skyrocketed to 202 transactions, valued at a staggering N32 billion.

The NFIU’s warning is expected to prompt tighter scrutiny from banks, regulators, and financial institutions, particularly in dealing with cross-border transactions involving the flagged jurisdictions.