The Nigerian Financial Intelligence Unit (NFIU) has issued a warning about a sharp increase in suspicious money transfers from Nigeria to Dubai and Hong Kong, naming both destinations as rising centers for global financial crimes.
In a new report made public in May 2025 and reviewed by our correspondent on Tuesday, the NFIU revealed that 401 Suspicious Transaction Reports (STRs) connected to these two regions were received between January 2021 and September 2024. The total amount of the flagged transactions has reached over N48 billion.
A breakdown of the figures shows that Dubai was linked to 185 of the reports, accounting for N29.6 billion—making up most of the suspicious funds. Meanwhile, the remaining 216 STRs involved Hong Kong, totaling N18.6 billion.
The NFIU noted in the report, “The NFIU finds it pertinent to issue this advisory to relevant stakeholders to employ Enhanced Due Diligence in the detection, deterrence, and prevention of abuse of the financial system through these hotspots.”
The agency raised concern over the rapid rise in these transactions, describing it as a growing threat to Nigeria’s financial integrity. In 2021, only two STRs were recorded with a combined value of N42 million. However, by 2024, that number had increased dramatically to 202 STRs amounting to N32 billion.
This jump, the NFIU notes, is due to weak regulations, the use of shell companies, offshore banking, and poor enforcement in both Dubai and Hong Kong. These conditions, the report adds, have made both locations attractive to criminal groups seeking to move money quietly and without scrutiny.
Dubai, known for its luxury lifestyle and booming real estate market, has long drawn investors from around the world. But the NFIU report also notes, “Dubai, a major financial and commercial centre in the Middle East, has become a focal point in the global fight against money laundering.”
The report mentioned previous scandals like the 2020 Dubai Leaks, which exposed how people under international sanctions and others with questionable backgrounds held major assets in the city.
On Hong Kong, the report added, “Hong Kong, a major financial hub in Asia, is similarly challenged by money laundering activities… The city has witnessed a number of high-profile money laundering cases involving major international banks.”
Given these developments, the NFIU is calling on Nigerian banks and financial institutions to tighten checks on cross-border transactions, particularly those connected to these two regions. It urged stronger monitoring and more consistent reporting.
“This advisory is a call to arms for Nigerian financial stakeholders,” the report concluded. “Failure to act decisively could expose the country to deeper financial crime risks and serious international reputational damage.”
