AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
The Nigerian Financial Intelligence Unit (NFIU) is the agency that receives and analyses suspicious transaction reports from banks and other institutions. Under section 7 of the Money Laundering Act 2022 it can defer a transaction or place a stop order of up to 72 hours, and ask the Federal High Court to block funds for longer; it does not hold or operate accounts, so any freeze is carried out by your bank on its instruction or on a court's order.
The NFIU's name often appears in news about frozen accounts, and sometimes in a bank's explanation to a customer. Its role is narrower than many people assume, and understanding it helps you know where a freeze can and cannot be resolved.
What the NFIU does
Section 30 of the Money Laundering (Prevention and Prohibition) Act 2022 defines 'the Unit' as the NFIU. Section 7 sets out its part in the reporting chain:
- Receives reports
- Banks and designated non-financial businesses must report a suspicious transaction to the Unit immediately (s7(1)) and file a written report within 24 hours after the transaction, with the actions they took (s7(2)). This applies whether or not the transaction was completed (s7(3)).
- Asks for more
- The Unit may request further information (s7(4)).
- Defers
- Its acknowledgment of a report may defer the transaction for up to 72 hours (s7(5)).
- Stops
- The Unit or the EFCC may place a stop order of up to 72 hours on an account or transaction (s7(6)).
- Goes to court
- If the origin of funds cannot be established within that period, the Federal High Court may, at the Unit's or the EFCC's request, order the funds blocked (s7(8)), and the order is enforced at once (s7(9)).
Directs, does not operate
The NFIU does not hold your money or have access to your app. When it issues a stop order, your bank applies the restriction. When a court blocks funds at its request, the bank enforces the order. This matters in two ways:
- Your bank is your point of contact for what restriction is on the account, from when, and whether a court order exists.
- The release comes from the instruction's source. A stop order lapses after 72 hours without a court order; the Court of Appeal in UBA v Eje (2022) held that the bank must then unfreeze. A court order is lifted only by the court.
Why banks say little about NFIU reports
Section 19(1)(a) makes it an offence for a financial institution's director or employee to warn or 'in any other way intimate' to the owner of funds that a report has been made or action taken. Section 19(2)(a) sets a minimum ₦10,000,000 fine or two years' imprisonment. Section 7(11) protects staff who report in good faith. So you are unlikely to be told that a suspicious transaction report exists. What you can ask for is the type and date of the restriction and what is needed to lift it.
Things that can lead to a report
The Act leaves 'suspicious' to the institution's judgement. Two triggers appear in the sources we checked:
- Name changes on a BVN. A CBN circular of 24 February 2016 says totally or partially different names can be changed with documents but are reported to the NFIU as suspicious (RegAlert copy).
- Fraud-linked inflows. Money that another bank reports as fraud can lead your bank to restrict and report under CBN fraud-desk rules (Templars).
A report is not an accusation. If a stop order follows, the 72-hour clock starts.
Worked example: how a report can become a freeze
Example only. On Monday at 2pm a trader's account receives ₦1,500,000 from a payer the bank's system flags. The bank reports to the NFIU immediately and files its written report by Tuesday at 2pm, within the 24 hours in s7(2). On Tuesday the NFIU places a stop order at 4pm. The stop order can last until 4pm on Friday, 72 hours later. If by then the origin of the funds is unclear, the NFIU or EFCC can ask the Federal High Court to block the money under s7(8). If it does not, the stop order lapses and, following UBA v Eje, the bank should release the account. The trader may hear only that there is a 'compliance restriction'.
What to check first
- Ask your bank in writing for the restriction type, date and authority, and whether a court order exists.
- If more than 72 hours have passed with no court order, ask a lawyer to write to the bank citing s7(6) and UBA v Eje.
- If a Federal High Court order exists, have a lawyer obtain it and the supporting affidavit.
- Gather documents showing where the funds came from.
For the full text and its limits, see freezing under the Money Laundering Act 2022; for the EFCC side, EFCC froze your account; for AI tools in compliance, AI for KYC and AML monitoring.
Where Pryme fits
Pryme Naira accounts are held by Solid Allianze Microfinance Bank, which has the same reporting duties to the NFIU as any Nigerian bank. For businesses, Pryme's Compliance agent prepares work, a person approves anything above a set ceiling, and actions are recorded, so there is a trail if a payment is ever queried.
Questions people ask
Can the NFIU freeze my account?
It can place a stop order of up to 72 hours under s7(6) of the Money Laundering Act 2022, which your bank applies. Longer blocks need a Federal High Court order.
What is a suspicious transaction report?
A report a bank must send to the NFIU immediately, and in writing within 24 hours, when it considers a transaction suspicious, under s7(1) and (2) of the Act.
Will my bank tell me it reported me to the NFIU?
Unlikely. Section 19 makes it an offence for bank staff to tip off the owner of funds about a report or action taken.
Who lifts an NFIU stop order?
It lapses after 72 hours unless the Federal High Court orders the funds blocked. If a court order exists, only the court can lift it.
Sources
- Money Laundering (Prevention and Prohibition) Act 2022 – text via RegAlert · accessed Oct 2026
- LawPavilion: UBA Plc v Eriba Jude-Bela Eje (2022) LPELR-57973(CA), judgment 1 Jul 2022 · accessed Oct 2026
- CBN circular BPS/DIR/GEN/CIR/16/003 on BVN data changes (24 Feb 2016), via RegAlert · accessed Oct 2026
- Templars: Freezing Bank Accounts in Nigeria – Emerging Judicial Trends (19 Nov 2025) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.