NFIU probes N48bn suspicious funds moved to Dubai, Hong Kong
The Nigerian Financial Intelligence Unit has sounded the alarm regarding a significant rise in questionable financial transactions originating from Nigeria to Dubai and Hong Kong, which it has now designated as emerging hotspots for illegal financial activities.
In a report published in May 2025 and acquired by our correspondent on Tuesday, the NFIU indicated that it received 401 Suspicious Transaction Reports associated with both locations between January 2021 and September 2024. The cumulative value of these transactions exceeded ₦48 billion.
Out of the Suspicious Transaction Reports, 185 were associated with Dubai, yet they represented the majority of the overall value—₦29.6 billion.
Conversely, the remaining 216 STRs were linked to Hong Kong, amounting to a total of ₦18.6 billion.
“The NFIU finds it crucial to issue this advisory to relevant stakeholders to adopt Enhanced Due Diligence in identifying, deterring, and preventing the misuse of the financial system through these hotspots,” the report emphasized. “Reporting suspicious transactions and activities stemming from these areas is essential for safeguarding the Nigerian financial system and aiding the global battle against money laundering, terrorist financing, and proliferation financing.”
The report highlighted a concerning trend—a consistent and marked increase in questionable financial transactions related to both locations.
In 2021, authorities identified only two STRs valued at ₦42 million. By 2024, this number had dramatically increased to 202 reports, reaching ₦32 billion in total.
The report revealed an alarming pattern: a considerable rise in questionable transactions connected to both sites. From merely two STRs worth ₦42 million in 2021, the total surged to 202 reports amounting to ₦32 billion by 2024.
These conditions, the agency noted, have rendered both regions enticing to criminal networks.
“Dubai, a significant financial and commercial hub in the Middle East, has emerged as a focal point in the global effort to combat money laundering. Its strategic position, thriving real estate sector, and business-friendly climate make it attractive to both legitimate investors and criminal entities,” the report stated.
The report also referenced notable cases, including the 2020 Dubai Leaks scandal, which exposed how individuals under international sanctions, alleged criminals, and politically exposed persons owned significant real estate properties in the city.
Regarding Hong Kong, the report remarked: “Hong Kong, a key financial center in Asia, faces similar challenges from money laundering activities. Its position as an international finance center and gateway to mainland China establishes it as an important node in global financial flows.
“The city has experienced numerous high-profile money laundering cases involving major international banks. These events highlight the ongoing difficulty of managing financial transparency while maintaining effective regulatory oversight.”
In response to these findings, the NFIU has urged Nigerian financial institutions and regulators to adopt Enhanced Due Diligence measures, strengthen their transaction monitoring systems, and ensure the timely reporting of suspicious transactions related to Dubai and Hong Kong.
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