NFIU Issues Strong Warning Against Fraudulent Circular Linked to BNBEX Platform: What Nigerians Need to Know
The Nigerian Financial Intelligence Unit (NFIU) has officially disassociated itself from an online platform known as BNBEX. In a clear and direct warning issued to the public, the NFIU has condemned a fraudulent circular circulating online that falsely claims the agency is currently reviewing or monitoring the transactions of Nigerian users on this platform. This misleading information has caused confusion and concern among Nigerians, prompting the NFIU to step forward and clarify its position in no uncertain terms.
On Wednesday, May 14, the NFIU released a formal statement signed by Sani Tukur, who is the Head of the Strategic Communications Department at the NFIU. In this statement, the agency emphasized that it has absolutely no affiliation whatsoever with BNBEX. Furthermore, the NFIU made it clear that it has not initiated, approved, or been involved in any form of compliance exercise or review related to the BNBEX platform.
To underscore the point, the NFIU declared:
“The circular was not issued by the NFIU and bears no connection whatsoever to any of the Unit’s current regulatory or compliance initiatives.”
This strong language leaves no room for doubt — the so-called circular floating around is completely fake and unauthorized by the NFIU.
Additionally, the fraudulent document referenced something called the “Nigerian Financial Surveillance Regulation.” The NFIU has categorically denied the existence of such a regulation, clarifying that:
“No such regulation exists within Nigeria’s legal or financial oversight framework.”
This means that anyone referring to this regulation in connection with the NFIU is spreading false information.
The problematic circular, which was posted directly on the BNBEX website, falsely claims that the NFIU is conducting a comprehensive compliance review of every transaction made by Nigerian users on the platform. The NFIU strongly condemned this assertion as entirely fabricated, misleading, and deceptive. They noted that the logos and official insignia used on the circular are not genuine NFIU marks but were likely forged to give the false document a misleading appearance of authenticity.
Furthermore, the NFIU clarified its official locations to counter another misleading claim made in the fake circular. The fraudulent document suggested the agency has offices in the Central Business District (CBD) of Abuja or other unspecified locations outside of its official headquarters. The NFIU set the record straight by confirming that its only official office is located at:
No. 1 Monrovia Street, Wuse II, Abuja.
There are no other branches or offices, and any reference to such is false.
In light of this troubling situation, the NFIU urged all Nigerians to be extremely cautious when receiving or seeing any communication that claims to be from the agency. It encouraged the public to always verify the authenticity of such communications through official NFIU channels before taking any action. To help combat the spread of misinformation and fraudulent activities, the NFIU also invited Nigerians to report any suspicious messages, circulars, or materials to its Strategic Communications Department at:
Finally, it is important to remind everyone about the core role of the NFIU in Nigeria. The agency acts as the national centre for receiving and analyzing financial disclosures related to suspected proceeds of crime. This includes fighting money laundering, terrorism financing, and other related offenses that threaten the security and financial stability of Nigeria.
By issuing this clear and detailed warning, the NFIU hopes to protect Nigerian citizens and financial consumers from falling victim to scams or fraudulent schemes like the one linked to BNBEX. It is a call to stay vigilant, verify sources, and always trust official channels for accurate information.
