Nigeria

New Documents

Nigeria EFFC Announces Arraignment of Binance Holdings Ltd., Executive

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

April 8, 2024

Nigerian EFCC Pursues Arrest Against Niger Delta Development Commission Director for Conspiracy, ML

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.

March 28, 2024

Nigeria EFCC Arraigns Former Governor on Corruption Charges

March 28, 2024

Nigerian EFCC Clarifies Chairman Remarks on ML Involving Religious Sect

March 28, 2024

Nigerian EFCC Arrests Pastor for ML, Fraud Scheme

March 28, 2024

News

Weekly Roundup: World-Check Database Hacked, Treasury Appeals CTA Case, and More

Adult children robbing elderly parents, and more, in the weekly roundup.

April 19, 2024

Midweek Roundup: ‘Swazi Secrets’ Fallout Begins, Canada Unveils AML Reforms, and More

Compliance officers rethink travel plans, FinCEN renews GTOs, and more, in the midweek roundup.

April 17, 2024

Binance Executive’s Nigeria Arrest Has Compliance Officers Rethinking Travel Plans

April 17, 2024

Midweek Roundup: Panama Papers Trial Begins, Nigeria Charges Binance AML Chief, and More

April 10, 2024

Midweek Roundup: Nigeria Prepares Binance Charges, ‘Micro-Debit’ Scheme Duped Banks, and More

April 3, 2024

Enforcement Actions

0 Items Found

Key Documents

Nigeria Publishes AML/CFT Examination Manual

August 24, 2011

Nigeria Amends Terrorism Prevention Act, Strengthens Terrorist Financing Offenses

February 21, 2013

Nigeria Strengthens Its Money Laundering Prohibition Act

November 29, 2012

Nigeria Regulator Finalizes AML/CFT Regulation

May 5, 2010

Nigeria Issues AML/CFT Requirements for Insurers

January 14, 2011

Nigeria Publishes AML Manual for Capital Market Operators

July 28, 2010

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)

Rankings

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.

BASEL i

Rank : 14/141

Score : 6.88/10

TRANSPARENCY INTERNATIONAL i

Rank : 149/179

Score : 25/100

Tax Justice Network i

Rank : 34/133

Score : 70/100