Nigeria Nigeria

New Documents

Nigeria’s Economic and Financial Crimes Commission announced the arraignment of Binance Holdings Ltd. and its executive, Tigran Gambaryan.

On Jan. 31, 2024, the Nigerian Economic and Financial Crimes Commission requested the arrest of former Niger Delta Development Commission Executive Director, Tuoyo Omatsuli, for fraud and conspiracy to launder approximately 3.6 billion naira.

Enforcement Actions

0 Items Found

Important Facts

  • The U.S. State Department labels Nigeria as a major money laundering country and a significant center for cyber crimes. Criminal proceeds laundered in Nigeria are largely derived from foreign drug trafficking, illicit gains from cybercrime, corruption, various types of fraud and other illegal activities. Money laundering occurs through the misuse of legal persons and companies, real estate investment, wire transfers to offshore entities, deposits into foreign banks, jewelry and bulk cash smuggling, reselling of luxury goods, among other methods. Money laundering vulnerabilities occur given the country's cash-based economy, weaknesses in anti-money laundering legal frameworks, inadequate identification procedures particularly with respect to beneficial owners, corruption, porous borders, and unregistered exchange houses. The proliferation of cryptocurrency exchanges in Nigeria poses an additional challenge for the investigation and prosecution of money laundering crimes.
Source: 2021 International Narcotics Control Strategy Report (INCSR)


FATF i | 2013

Technical Effectiveness
Compliant : 13 High : 0
Largely Compliant : 19 Substantial : 0
Partially Compliant : 8 Moderate : 2
Non-Compliant : 0 Low : 9

Nigeria's technical compliance was re-rated in a Jan. 30, 2024 follow-up report.


Rank : 14/141
Score : 6.88/10


Rank : 149/179
Score : 25/100

Tax Justice Network i

Rank : 34/133
Score : 70/100