EFCC Chair Seeks Stronger Partnership Against Money Laundering

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called for stronger cooperation from Designated Non-Financial Businesses and Professionals (DNFBPs) in the fight against money laundering and the financial vulnerabilities affecting key sectors of Nigeria’s economy.

Olukoyede made this appeal on Thursday during a one-day outreach programme for high-risk DNFBPs in Ibadan, Oyo State, organized by the EFCC under the theme: “Effective Implementation of AML/CFT/CPF Measures Among DNFBPs in Nigeria.”

According to a statement from EFCC spokesperson Dele Oyewale, the chairman was represented by the Acting Director of the EFCC’s Ibadan Zonal Directorate, ACE I Hauwa Ringim.

Olukoyede acknowledged the contributions of DNFBPs and other stakeholders in implementing Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and Countering the Proliferation Financing (CPF) measures. He stressed that professionals such as lawyers, real estate agents, accountants, and dealers in solid minerals are essential to the economy but are also susceptible to being exploited for money laundering.

“Your presence here today demonstrates a shared commitment to implementing AML/CFT/CPF measures effectively. Compliance with the Special Control Unit Against Money Laundering (SCUML) is crucial to ensure your sectors are not misused for illicit finance,” he said.

Olukoyede highlighted the EFCC’s increased efforts in enforcement, outreach, and intelligence-sharing, aligned with global standards, especially those set by the Financial Action Task Force (FATF). He warned that non-compliance could lead to Nigeria remaining on FATF’s grey list, which would damage the country’s economic prospects.

He also emphasized the robust legal framework now in place, including the Money Laundering (Prevention and Prohibition) Act, 2022, and the Terrorism (Prevention and Prohibition) Act, 2022. The updated legislation empowers SCUML to enforce compliance and sanction erring DNFBPs.

“This outreach is designed to equip you with the tools and knowledge needed to detect and prevent financial crimes. AML compliance is not just a legal obligation—it is a patriotic responsibility. Dirty money thrives in silence, but when professionals follow the rules, crime is exposed and defeated,” Olukoyede said.

The Head of SCUML at the EFCC’s Ibadan Zonal Office, ACE II Oluwatoyin Ehindero—representing SCUML Director DCE Harry Erin—added that the outreach aimed to sensitize high-risk DNFBPs and promote compliance efforts to help Nigeria exit the FATF grey list.