Olukoyede calls for enhanced stakeholders’ collaboration in fight against financial crimes
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has called for stronger synergy between the Commission and stakeholders in tackling the menace of economic and financial crimes in Nigeria.
Olukoyede made the call on Tuesday, June 3, 2025, in Benin City during a one-day sensitization and engagement workshop on Anti-Money Laundering, Combating the Financing of Terrorism, and Counter Proliferation Financing (AML/CFT/CPF). The event was organised by the Special Control Unit Against Money Laundering (SCUML), an arm of the EFCC.
Represented by the Acting Director of the Benin Zonal Directorate, Assistant Commander of the EFCC (ACE I) Effa Okim, Olukoyede stated that the workshop aimed to deepen collaboration and enlighten stakeholders on SCUML’s activities. He emphasized that compliance with AML laws is crucial to achieving Nigeria’s removal from the FATF grey list.
In his presentation titled “Predicate Offences Identification and Reporting,” EFCC Superintendent Chika Uneke listed offences such as terrorism financing, drug trafficking, corruption, bribery, fraud, currency counterfeiting, forgery, and piracy. He urged Designated Non-Financial Businesses and Professions (DNFBPs) to report customer activities related to these offences to SCUML or the Nigerian Financial Intelligence Unit.
Also speaking at the workshop, Ibrahim Boyi, Head of SCUML at the Benin Zonal Directorate, presented a paper titled “Roles and Responsibilities of Self-Regulatory Organisations/Trade Associations/Trade Unions (SRO/TA/TU).” He stressed that these bodies must monitor members for compliance, impose sanctions where necessary, and develop internal compliance systems and training programmes.
Boyi noted that SCUML is legally mandated to register, monitor, and supervise DNFBPs regarding AML/CFT/CPF compliance. He urged new businesses to register before commencing operations and advised all business entities to implement Know Your Customer (KYC) and Customer Due Diligence (CDD) measures.
“Businesses must provide standard data forms for their customers, including name, address, phone number, email, and other relevant details,” Boyi said. “They must verify this information using valid identification.”
He further stated that DNFBPs are required to report transactions exceeding N5 million for individuals and N10 million for corporate bodies within seven days. Even in the absence of suspicious transactions, monthly nil reports must still be filed. Among the participants at the workshop were automobile dealers, real estate agents, student union leaders, and officers from the National Orientation Agency (NOA).
