• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Tuesday, July 1, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

NFIU Begins Crackdown On Fraudulent Wire Transfers

by Ejike Ejike
1 year ago
in News
Nfiu
Share on WhatsAppShare on FacebookShare on XTelegram

The Nigerian Financial Intelligence Unit (NFIU) has announced stringent measures to combat the rise of fraudulent telegraphic transfers, also known as wire transfers.

Advertisement

The NFIU stated this in an advisory released to journalists on Friday.

The advisory comes in response to numerous petitions from financial institutions, government agencies, and third parties, which have sought the NFIU’s assistance in tracing and recovering funds transferred from foreign sources to business partners in Nigeria.

Part of the advisory stated that the initiative aims to identify and investigate individuals, groups, and entities involved in deceptive financial practices, ensuring that fraudulent activities are curtailed before they can negatively impact the financial system.

Part of the advisory stated that, “We have seen a worrying trend of forged documents being used by fraudsters to defraud unsuspecting members of the public. The forged documents include fake SWIFT messages, Memoranda of Understanding (MoUs), and other supporting documents meant to deceive.

RELATED

Nigeria Is In Our DNA, Says Lucian PM

Nigeria Is In Our DNA, Says Lucian PM

6 hours ago
Adeyanju Fingers Burna Boy In Speed Darlington’s Fresh Arrest

Speed Darlington Threatens NAPTIP With N2.5bn Lawsuit For Declaring Him Wanted

6 hours ago

“The NFIU has received multiple complaints involving entities claiming to be victims of criminal conversion of funds. These cases often involve the alleged violation of the right to withdraw large sums of money transferred from overseas business partners. The petitions, often backed by contradictory statements of accounts and forged documents, have raised significant concerns.”

The NFIU further warned that, “False allegations and misrepresentation of material facts can lead to a loss of confidence in the banking system. Such actions could damage the reputation of the financial industry and cause a decline in patronage.”

The NFIU urged the general public to be vigilant about fraudulent individuals and fictitious telegraphic inflows, noting that, “It’s crucial for potential investors to scrutinize business opportunities thoroughly before committing financial resources.”

The NFIU has issued several recommendations for financial institutions to mitigate the risks associated with these fraudulent activities. These include: banks should immediately conduct enhanced due diligence upon receiving notification of anticipated large inflows, ensuring the authenticity of the documents presented; financial institutions must quickly respond in writing to customers when forgery is suspected, stating the non-existence of such transactions to prevent the misuse of acknowledgment letters for fraudulent purposes, and banks are advised to file Suspicious Activity Reports (SAR) to the NFIU for any entity or individual presenting frivolous claims.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: NFIU
SendShareTweetShare
Previous Post

Binance Executive Facing Lawful Trial, Accessing Quality Medicare — Federal Gov’t

Next Post

Fubara Removes Awuse, Names New Chairman For Rivers Traditional Rulers

Ejike Ejike

Ejike Ejike

You May Like

Nigeria Is In Our DNA, Says Lucian PM
News

Nigeria Is In Our DNA, Says Lucian PM

2025/06/30
Adeyanju Fingers Burna Boy In Speed Darlington’s Fresh Arrest
Entertainment

Speed Darlington Threatens NAPTIP With N2.5bn Lawsuit For Declaring Him Wanted

2025/06/30
Edo Govt Seals Ighodalo Campaign DG’s Hotel
News

Pastor, Woman Stripped Naked Over Alleged Infidelity In Edo

2025/06/30
Ex-Lawmaker Mashood Mustapha Arraigned For Alleged Defamation Of Kwara Gov
News

Ex-Lawmaker Mashood Mustapha Arraigned For Alleged Defamation Of Kwara Gov

2025/06/30
Gwarzo Hails North’s First Clinical Pharmacy Prof, Hadiza Ma’aji, On Professorial Elevation
Education

Gwarzo Hails North’s First Clinical Pharmacy Prof, Hadiza Ma’aji, On Professorial Elevation

2025/06/30
Renowned Businessman, Philanthropist, Aminu Dantata, Dies At 94
News

JUST-IN: Dantata’s Burial Postponed To Tuesday 

2025/06/30
Leadership Conference advertisement

LATEST

Nigeria Is In Our DNA, Says Lucian PM

Speed Darlington Threatens NAPTIP With N2.5bn Lawsuit For Declaring Him Wanted

Pastor, Woman Stripped Naked Over Alleged Infidelity In Edo

Ex-Lawmaker Mashood Mustapha Arraigned For Alleged Defamation Of Kwara Gov

Gwarzo Hails North’s First Clinical Pharmacy Prof, Hadiza Ma’aji, On Professorial Elevation

JUST-IN: Dantata’s Burial Postponed To Tuesday 

Court Jails Cab Driver For Unlawful Trafficking Of 12 Live Parrots

Jega Harps On Modernisation Of Nigeria’s Livestock Sector

Minister Inaugurates 11-man NPA Governing Board

Navy Arrests Suspected Militant With Firearm In Bayelsa

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.