Nigeria · Nigeria NFIU
Nigerian Financial Intelligence Unit (Establishment) Act 2018
Primary LegislationIn Force
- Issuing authority
- NFIU (autonomous body)
- Effective date
- Signed into law July 2018
- Scope
- NFIU (autonomous body)
Key requirements
Created NFIU as Nigeria's Financial Intelligence Unit. Crucially, it also made NFIU independent from EFCC. Before 2018, NFIU sat inside EFCC, which caused Nigeria to be suspended from the Egmont Group (the global FIU network) over independence concerns. Making NFIU autonomous fixed that. NFIU receives all Suspicious Transaction Reports (STRs) from banks and other reporting entities, analyses them, and shares intelligence with law enforcement (EFCC, ICPC, NPF) and foreign FIUs. If you're in compliance in Nigeria, NFIU is where your STRs go.