Nigeria: Money Laundering

Nigeria faces a mounting crisis as digital asset fraud schemes have defrauded citizens of nearly ₦911 billion between 2000 and 2023, with recent collapses like CBEX affecting hundreds of thousands of victims. As cryptocurrency transactions shift from formal banking channels to peer-to-peer networks, Nigerian regulators struggle to balance innovation with investor protection in an increasingly complex digital financial landscape.

A recurring question in Nigerian real estate practice is whether a seller of land can lawfully accept cash payment from a buyer for the transfer of property. For decades, many Nigerians...

This comprehensive review examines Nigeria's major policy developments introduced in March 2026, spanning tax reform, education verification, humanitarian protection, health regulation, climate risk management, security...

In today's globalized economy, the intricacies of international business transactions have resulted in a marked increase in cross-border economic crimes, including money laundering.

The Central Bank of Nigeria (CBN) is pressing forward with regulatory reforms to modernise antimoney laundering compliance. On 20 May 2025, it released the Exposure Draft on Baseline Standards...

At the October 2025 plenary meeting of the Financial Action Task Force ("FATF") in Paris, Nigeria, alongside South Africa, Mozambique and Burkina Faso, was officially removed...

The Pan-African Payment and Settlement System (PAPSS), launched in January 2024, is a centralized payment infrastructure designed to facilitate faster and more cost-effective cross-border trade transactions in local African currencies. It was adopted as a key mechanism to support the implementation of the African Continental Free Trade Area (AfCFTA).

The fight against money laundering and terrorist financing remains a critical priority for global financial systems. As financial transactions have become increasingly digitized...

This month, the Central Bank of Nigeria (the "CBN") and the Securities and Exchange Commission (the "SEC") issued relevant guidelines and market updates.