EFCC chairman tasks Guinness Nigeria on compliance with regulations

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has urged the management of Guinness Nigeria Plc to sustain compliance with rules and regulations in the course of doing business in the country.

Olukoyede gave the charge on Tuesday while receiving the management team of the company, led by its Managing Director and Chief Executive Officer, Girish Sharma, at the EFCC headquarters.

The EFCC chairman stressed that regulatory compliance remained essential for sustainable business operations, noting that organisations that fail to comply with regulations often suffer greater losses in the long run.

“I keep telling people that it is cheaper for you to comply than not to. Whatever you think you are saving by not complying, you will lose with time. It is never too expensive to comply. The cost you put into compliance is never lost,” he said.

He also commended Guinness Nigeria for its corporate social responsibility initiatives, saying the company had demonstrated commitment not only to profit-making but also to giving back to society. According to him, the EFCC is determined to use its mandate to stimulate economic growth by working closely with responsible corporate organisations.

Olukoyede explained that beyond investigation and prosecution, the commission also focuses on preventing financial crimes through risk assessment and control measures carried out in collaboration with ministries, departments, agencies and private organisations.

He further stated that the EFCC regularly monitors tax compliance, warning that failure to file tax returns, underpayment of taxes or non-payment of taxes constituted criminal offences under the law.

Speaking earlier, Sharma reaffirmed Guinness Nigeria’s confidence in the Nigerian economy, noting that the company had remained in the country for 76 years despite economic challenges. Also speaking, the company’s Corporate Relations and Legal Director, Rotimi Odusola, said Guinness Nigeria remained committed to conducting its business in line with laws and regulations, stressing that compliance remained a core value of the organisation.