Nigeria

New Documents

Investment Firm Owner Maintains Innocence in Nigerian Money Laundering Case

Ismaila Mustapha, owner of Ismalob Global Investment Limited, pleaded not guilty in federal court in Lagos, Nigeria to charges that accuse him of laundering more than 5 billion Nigerian naira. His bail was set at N200 million as part of the court proceedings.

May 31, 2022

Nigerian Anti-Corruption Commission Shares Updates on Public Projects Monitoring Efforts

Nigeria’s Independent Corrupt Practices and Other Related Offences Commission discussed anti-corruption efforts in the implementation of constituency projects during a Twitter Space meeting organized by the Center for Fiscal Transparency and Transparency Watch. 

May 27, 2022

Nigeria to Intensify Corruption Investigations Into Real Estate Sector

May 25, 2022

Nigerian Agency Arraigns N30.4 Million Fraud Perpetrators

May 25, 2022

EFCC: Lagos Man Pleaded Not Guilty in Money Laundering Case

May 25, 2022

News

Midweek Roundup: Binance Handled Billions of Dollars in Suspicious Funds, Guptas Arrested in Dubai, and More

U.K. lawmakers target legal entities in Northern Ireland, Hong Kong arrests 16 suspected money launderers, and more, in the midweek roundup.

June 8, 2022

Legal Brief: Ineffective AML Regimes Proliferate in West Africa

In the latest installment of our series, the ACAMS moneylaundering.com legal team covers recent AML/CTF developments in west African nations.

May 31, 2022

Weekly Roundup: US Official Threatens Secondary Sanctions, SEC Tags Wells Fargo, and More

May 20, 2022

Midweek Roundup: BitMex Founder Faces Prison, FATF Praises France, and More

May 18, 2022

Weekly Roundup: Barclays Flagged Suspicious UK Campaign Contribution, Mexican Court Favors AML Over Privacy, and More

May 13, 2022

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 : 7 High : 0
Largely Compliant : 14 Substantial : 0
Partially Compliant : 17 Moderate : 2
Non-Compliant : 2 Low : 9

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