The Nigerian Financial Intelligence Unit (NFIU) has raised concerns over a significant increase in suspicious financial transactions from Nigeria to Hong Kong and Dubai, identifying these regions as emerging hubs for illicit financial flows.

In its May 2025 report, the NFIU noted a sharp rise in Suspicious Transaction Reports (STRs) related to these destinations. In 2021, only two STRs valued at ₦42 million were reported. By 2024, this number had escalated to 202 STRs worth ₦32 billion.

Between January 2021 and September 2024, the NFIU received 401 STRs amounting to over ₦48 billion, with 185 linked to Dubai and 216 to Hong Kong.

The report highlights that the “Dubai-Hong Kong axis,” as termed by researchers, has become a primary channel for illicit financial flows due to its strategic positioning and varying regulatory standards, facilitating the movement of “dirty money” into Western financial markets.

The NFIU urges financial institutions, designated non-financial businesses, and regulatory bodies to implement enhanced due diligence, robust transaction monitoring, and comprehensive reporting measures for transactions involving these regions to mitigate associated risks.