New Documents

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.

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. 


Enforcement Actions

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


Rank : 14/141
Score : 6.88/10


Rank : 149/179
Score : 25/100

Tax Justice Network i

Rank : 34/133
Score : 70/100