Nigerian Financial Intelligence Unit denies alleged link to BNBEX

Thursday, May 15, 2025 - The Nigerian Financial Intelligence Unit (NFIU) has formally disassociated itself from an online platform known as BNBEX, warning the public against a fraudulent circular that falsely claims the agency is reviewing transactions of Nigerian users on the platform.

In a statement released on Wednesday, May 14, and signed by Sani Tukur, Head of the Strategic Communications Department at the NFIU, the agency stated categorically that it has no affiliation with BNBEX and has not initiated or approved any compliance exercise related to the platform. The NFIU emphasized that it has not validated BNBEX’s operations in any capacity.

“The circular was not issued by the NFIU and bears no connection whatsoever to any of the Unit’s current regulatory or compliance initiatives,” the statement said.

The agency further debunked the existence of a so-called “Nigerian Financial Surveillance Regulation,” which was cited in the widely circulated document. According to the NFIU, no such regulation exists within Nigeria’s legal or financial oversight framework.

The NFIU said the contentious circular, posted on the BNBEX website, falsely alleged that the NFIU was conducting a compliance review of all transactions carried out by Nigerians on the platform. The NFIU described the document as entirely fake, fabricated, and misleading, stressing that the logo and insignia used were not those of the agency and were likely forged to deceive the public.

The Unit also clarified that it has no offices in the Central Business District of Abuja or in any other location outside its official headquarters at No. 1 Monrovia Street, Wuse II, Abuja. This clarification comes amid reports that the fake circular attempted to give credibility to its claims by referencing non-existent NFIU branches.

In light of this, the NFIU urged Nigerians to exercise caution and to verify all communications purportedly from the agency through its official channels. It encouraged the public to report any suspicious material or misinformation to the Strategic Communications Department via info@nfiu.gov.ng.

The NFIU serves as the national centre for receiving and analyzing financial disclosures concerning suspected proceeds of crime, in addition to its role in combating money laundering, terrorism financing, and other related offenses.