The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called for deeper collaboration with Designated Non-Financial Businesses and Professionals (DNFBPs) to curb money laundering and shield Nigeria’s economy from exploitation by financial criminals.
Speaking at a one-day sensitisation outreach for high-risk DNFBPs in Ibadan, themed “Effective Implementation of AML/CFT/CPF Measures among DNFBPs in Nigeria,” Olukoyede, represented by ACE I Hauwa Garba Ringim, stressed the vulnerability of sectors such as law, real estate, accounting, and solid minerals trading to illicit financial flows.
He urged professionals in these sectors to remain vigilant, warning that legitimate businesses are often exploited by criminals to launder illicit funds or finance terrorism.
“This is why compliance with the Special Control Unit Against Money Laundering (SCUML) is critical. It ensures your businesses are not used as conduits for financial crimes,” he said.
Highlighting the EFCC’s intensified efforts in enforcement, outreach, and intelligence-sharing, Olukoyede noted that Nigeria’s reputation in the global financial system hinges on how well AML/CFT/CPF measures are enforced across both financial and non-financial sectors.
He cautioned that failure to comply exposes the country to grey-listing by the Financial Action Task Force (FATF), which could lead to international sanctions and economic stagnation.
“Our legal framework, including the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022, empowers the EFCC and SCUML to enforce compliance through sanctions. DNFBPs who fail to adhere risk administrative penalties and other enforcement actions,” he warned.
Olukoyede emphasized that anti-money laundering is not just a legal obligation but a patriotic duty.
“Dirty money thrives in silence. But when professionals act with integrity and report suspicious activity, we weaken the grip of crime on our economy,” he said.
He further urged DNFBPs to open their operations to regulatory oversight through SCUML, noting that the new Money Laundering Act carries stricter provisions and heightened consequences for non-compliance.
Also speaking at the event, Head of SCUML in Ibadan, ACE II Oluwatoyin Ehindero, representing the EFCC Director of SCUML, DCE Harry Erin, reiterated the agency’s commitment to getting Nigeria off the FATF Grey List. She appealed for sincere support from all stakeholders in the fight against illicit financial activities.
Participants at the workshop included members of the Real Estate Developers Association of Nigeria (REDAN), estate surveyors, car dealers, accountants, hoteliers, and precious stones traders. Representatives expressed appreciation for the training, with REDAN’s Olu Falodun describing it as an “eye-opener” and reaffirming the group’s commitment to AML/CFT compliance.
