The Nigerian Financial Intelligence Unit (NFIU) has raised the alarm over a surge in suspicious financial transactions from Nigeria to Dubai and Hong Kong, describing them as jurisdictions emerging as global hotspots for illicit financial flows.

NFIU revealed that it received 401 Suspicious Transaction Reports (STRs) linked to regions between January 2021 and September 2024, with the total value of the flagged transactions exceeding N48bn.

The agency reported that while it accounted for the bulk of the total value N29.6bn, only 185 of the STRs were connected to Dubai. According to reports, the remaining 216 STRs were traced to Hong Kong, valued at N18.6bn.

NFIU  reports a disturbing trend, a steady and significant rise in suspicious financial activity to the destinations.

The agency attributed the trend to a mix of complex regulatory loopholes, the proliferation of shell companies, offshore accounts, and weak enforcement mechanisms in Dubai and Hong Kong.