Author: M1LInQfq2M

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has called for stronger collaboration from Designated Non-Financial Businesses and Professionals, DNFBPs with the EFCC against money laundering and in tackling the vulnerability of major economic sectors of the country to the crime.

He made the call on Tuesday, July 22, 2025 at the one-day outreach for high risk Designated Non-Financial Businesses and Professionals, DNFBPs, organized by the EFCC, at The Jagz Ibadan Hotel, with the theme: “Effective Implementation of AML/CFT/CPF Measures among DNFBP in Nigeria.”

Represented by the Acting Director, Ibadan Zonal Directorate of the EFCC, ACE I Hauwa Garba Ringim, Olukoyede appreciated the collaborative efforts of DNFBPs and other stakeholders towards effective implementation of the Anti-Money Laundering/ Combating Financing of Terrorism/Countering Proliferation financing, AML/CFT/CPF measures and enforcement of money laundering laws.

“Your presence here today signifies a more deliberate collaborative efforts and greater commitment towards effective implementation of the Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing measures and enforcement of the Money Laundering Law,” he said, pointing out that DNFBPs such as lawyers, real estate agents, accountants, and dealers in solid minerals and precious metals play a vital role in the nation’s economy, adding that these sectors and the professionals which are into legitimate businesses could be exploited by criminals to launder illicit funds.

He reiterated the need for DNFBPs to be more vigilant so as to protect their sectors from being used to launder illicit funds or become conduits for terrorism financing.

“This is why compliance with the Special Control Unit Against Money Laundering, SCUML, is essential. It ensures that your businesses are not used as conduits for financial crimes. In the EFCC, we have ramped up our enforcement, outreach, and intelligence-sharing efforts. Our goal is simple: to strengthen compliance across high-risk sectors and protect the integrity of our economy. Our work is guided by international standards, particularly the Financial Action Task Force, FATF recommendations,” he said.

He further noted that “Nigeria’s standing in the global financial system depends significantly on how well we implement the Anti-Money Laundering/Countering Financing of Terrorism/ and Countering the Proliferation Financing measures across both financial and non-financial sectors,” as non-compliance exposes the nation to grey-listing and international restrictions which hinders economic development.

“The legal framework for AML/CFT in Nigeria is primarily anchored on the Money Laundering (Prevention and Prohibition) Act, 2022, the Terrorism (Prevention and Prohibition) Act, 2022, and other subsidiary regulations. These laws provide a strong foundation for identifying, tracking, and penalizing illicit financial activities. The Money Laundering (Prevention and Prohibition) Act, 2022, has given the EFCC legal powers to run the SCUML Unit with full regulatory and enforcement powers and has created an administrative sanction regime which never existed in the repealed law, hence, SCUML is now given the power to sanction any deviating and non-compliant Designated Non-Financial Businesses and Professions (DNFBPs).

“The Economic and Financial Crimes Commission EFCC, as the designated financial intelligence and law enforcement agency, has the statutory responsibility to investigate and prosecute financial crimes including money laundering and terrorism financing. The Commission also plays a central role in policy enforcement through the Special Control Unit against Money Laundering, SCUML, ensuring that Designated Non-Financial Businesses and Professions adhere to preventive measures such as risk assessments, customer due diligence, and suspicious transaction reporting,” he said.

Also, he said EFCC recognizes the need to strengthen capacity and deepen understanding across all sectors, especially among non-financial businesses.

“This engagement is a step in that direction, designed to empower you with the tools and knowledge required to detect and prevent financial crimes. Let us continue to strengthen our collective resolve. With your cooperation, Nigeria can rise above the threats of illicit finance and reclaim its credibility in the international financial space. I urge all participants to be partners in this fight. Anti-money laundering compliance is not just a legal requirement, it is a moral and patriotic duty. Dirty money only thrives in silent systems. When professionals speak up and follow the rules, crime dies in the dark,” he said. 

He emphasized that all DNFBPs are expected to make their transactions open to its regulation through SCUML.

“One of the bases of supervising these businesses by SCUML is to check money laundering practices which seeks to prevent and prohibit any form of transaction considered suspicious by the regulatory authority and it is pertinent to state that the new money laundering Act is stiffer and may put many DFNBPs in trouble if not complied with.

“Let me assure you all that SCUML will continue to take all the DNFBPs through certain processes and procedures involving sensitization, guidance, warning, transactions check and monitoring. In other words, going to the businesses of DNFBPs and asking for certain information to put that business under a clear guide and watch to forestall possible abuse of that business to perpetrate money laundering,” he said.

The Head of SCUML, Ibadan Zonal Directorate of the EFCC, ACE11 Oluwatoyin Ehindero, who represented the EFCC Director of SCUML, DCE Harry Erin, stated that the essence of the outreach, was essentially for the sensitization of high risk DNFBPs for “effective implementation of AML/CFT/CPF measures among DNFBPs in Nigeria,” adding that the EFCC and all relevant stakeholders are making deliberate efforts to ensure that Nigeria exits FATF Grey List.

“We need your sincere support to achieve the feat of winning the war against money laundering and financing of terrorism in the country. The EFCC, under the leadership of Ola Olukoyede, has left no stone unturned in the fight against money laundering and financing of terrorism. I want to implore us to do our best and do the right thing at all times,” she stated.

Real Estate Developers Association of Nigeria (REDAN), car dealers, estate surveyors, valuers, dealers in precious stones and metals and hoteliers, accountants and Gemstones Dealers Association were participants in the event.

The representative of REDAN, Olu Falodun who gave vote of thanks on behalf of the participants, appreciated the EFCC for the workshop, stating that it is an eye-opener on money laundering and terrorism financing. He observed that the cooperation of all stakeholders against money laundering was needed for Nigeria to exit FATF’s Grey List.

Dele Oyewale
Head, Media & Publicity
July 23, 2025 

Images from the event.

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede on Tuesday, July 8, 2025, charged the Designated Non Financial Business and Professionals, DNFBPs, not to compromise the fight against anti-money laundering and counter-terrorist financing (AML/CFT) mechanisms by failing to protect their entities from being used for financial crimes.

He made the charge at the opening ceremony of a two -day workshop for the sensitization of DNFBPs on their compliance obligations under the Anti- Money Laundering and Combating the Financing of Terrorism (AML/CFT) Regime with the theme: Effective Implementation of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Measures in the DNFBPs in Nigeria.

According to Olukoyede,  the DNFBPs sector from the National Risk Assessment,  NRA’s  analysis,   are the one of the most vulnerable sector to money laundering and terrorist financing.

Assistant Commander of the EFCC, ACE II Musa Giwa Yusuf, who represented  the Director of SCUML, Mr. Harry Erin, said necessary actions are being taken by SCUML and other AML/CFT stakeholders to protect the DNFBPs sector from the vagaries of money launderers and terrorism financiers.

“As you may be aware, the Special Control Unit against Money Laundering, SCUML, is charged with the responsibility to monitor, supervise and regulate the activities of Designated Non-Financial Businesses and Professions , DNFBPs, for the purpose of implementing AML/CFT measures in Nigeria.

According to him, the workshop was one of the outreach programmes designed to create awareness and build capacity for AML/CFT compliance in the DNFBP sector in Nigeria

He disclosed that money laundering and terrorist financing (ML/TF) are financial crimes with significant negative economic and security impacts.

“No economy can grow where money laundering is endemic. Its prevalence distorts macroeconomics policies and endangers the financial system”

“It is without doubt that money laundering and terrorism financing remains a problem in both developing and developed economies of the world”

“The dynamics of this twin evil of money laundering and terrorist financing continue to evolve just as criminals discover more ways of exploiting the vulnerabilities in regulations, standards and operations of some economic sectors to perpetrate money laundering and terrorist financing”, he said.

Erin disclosed that the Financial Action Task Force, FATF, came up with 40 Recommendations which are considered as the international standard for combating money laundering and terrorist financing as well as the financing of the proliferation of weapons of mass destruction (WMD) for countries to implement.

 Talking about the workshop,  he said  “the main objective of this workshop is to sensitize you on your compliance obligations under the Nigerian Anti- Money Laundering and Combating the Financing of Terrorism (AML/CFT) Laws and Regulations and to enhance your knowledge and capacity for effective AML/CFT compliance.

“The workshop is also designed to enhance your awareness and understanding on how your organizations could be abused by money launderers and terrorist financiers to perpetrate their unscrupulous activities”

“The workshop is also designed to enhance your knowledge and capacity for effective AML/CFT compliance,” he said.

In his opening remarks,   the Component Manager, ROLAC,  Dr Emmanuel Uche, who was represented by Patience Samuel Inyang, the Project Assistant for the Anti-Corruption component of the Rule of Law and Anti-Corruption (RoLAC) Programme, appreciated the EFCC and SCUML for the workshop,  describing it as a crucial sensitization workshop on (AML/CFT/CPF). 

He said the workshop is a testament to the collective commitment to safeguarding the integrity of the financial system and, by extension, the security and prosperity of the Nigerian nation.

According to her, the workshop is designed to equip the stakeholders with the knowledge and tools necessary to effectively combat the threats posed by money laundering and terrorist financing. 

She revealed that money laundering and terrorism financing are not mere financial crimes,   adding that they are serious threats that undermine national security, fuel corruption, and hinder sustainable development.

“We are gathered here today because we recognize the critical role that each of you plays in the fight against these illicit activities”

She affirmed that the fight against money laundering and terrorist financing is a continuous one, stating that it requires constant vigilance, adaptation, and collaboration.

She called on the stakeholders to work together, with the EFCC and the SCUML, to create a safer and more secure financial system for all Nigerians. The engagements had in attendance lawyers, representatives of Institute of Chartered Accountants of Nigeria, ICAN, Real Estate Developers Association of Nigeria, REDA, Lagos State Lottery and Gaming Authourity, and the Nigerian Institution of Estate Surveyor and Valuers.

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has charged  all stakeholders  involved in tackling money laundering,  including Designated Non-Financial Businesses and Professions (DNFBPs), Licensing Authorities and Self-Regulatory Bodies, to strictly adhere to the rules and regulations of the ongoing reforms in  Anti-Money Laundering Law/ Countering Terrorist Financing/ Countering Proliferation Financing AML/CFT/CPF.

He gave the charge on Thursday, June 19, 2025 at a stakeholders’ engagement in Abuja.

In his opening address, Director, Special Control Unit against Money Laundering (SCUML), Harry Erin, who spoke for the EFCC’s Chairman appreciated the critical roles of stakeholders in their consistent collaboration in the fight against money laundering, terrorist financing and proliferation and sued for stronger collaboration.

According to him, the meeting was crucial as Nigeria is approaching a landmark in its ongoing appointment with the Financial Action Task Force (FATF) and the International Cooperation Review Group (ICRG) billed to visit the country soon.

“This meeting is timely and strategic. It comes at a point when Nigeria is approaching a decisive milestone in its ongoing engagement with the Financial Action Task Force (FATF) International Cooperation Review Group (ICRG)”, he said.  He assured the stakeholders that through the combined efforts of government institutions, supervisory bodies, law enforcement agencies and private sector operators , Nigeria has made significant progress in addressing identified strategic deficiencies in its AML/CFT/CPF regime and “action items in our ICRG Action Plan.”

 Notable among the action items, he stressed, are the implementation of a full range of AML/CFT market entry controls, improvements in risk-based supervision across sectors, the implementation of targeted financial sanctions and the strides made in improving beneficial ownership transparency. He further stated that progress made so far have been recognised during past reviews and are a testament to what can be achieved through coordinated national efforts.

 However, Erin reminded the stakeholders that “we are now entering a critical phase. The FATF Joint Group will be conducting an onsite visit to Nigeria in the coming weeks. This visit is not merely a formality. It is a rigorous, evidence-based assessment of our sustained implementation of the ICRG Action Plan”.

He demanded high-level stakeholders’ commitment and responsiveness of supervisory authorities, adding that SRBs will be under scrutiny during the visit. To this end, he pointed out that, “We must collectively demonstrate that Nigeria’s AML/CFT/CPF reforms are not only well-intentioned, but also deeply institutionalised, effectively enforced, and consistently applied”.

 He stressed the need for all stakeholders to abide by the rules, adding that enforcement of sanctions for non-compliance will be applied.

 “While SCUML continues to engage and build capacity among DNFBPs, we must now match these efforts with robust enforcement. Compliance cannot be optional. Entities that repeatedly fail to meet their obligations, whether in registration, record keeping, customer due diligence, or suspicious transaction reporting, must be held accountable

  “Sanctions, where necessary, will be imposed in accordance with the law. The era of impunity in our compliance landscape must come to an end if we are to retain the gains we have made and be fully delisted from the FATF grey list”, he said.

He also pointed out that “our goal is not merely to pass the FATF test—it is to build a credible, transparent, and resilient AML/CFT system that strengthens investor confidence, fosters economic growth and protects our national and international reputation.”

President and Chairman of Council of the Real Estate Developers Association of Nigeria, REDAN, Prince Akintoye Adeoye, in his goodwill message commended the EFCC and SCUML for their steadfast commitment to sanitizing Nigeria’s financial and non-financial sectors against the threat of money laundering and illicit financing.

Adeoye explained that the real estate sector is undeniably a key driver of economic growth, both nationally and globally, stressing that its strategic position also makes it vulnerable to abuse by criminal elements, seeking to launder illicit funds.

Speaking on the expectations and DNFBP Sector’s role during the FATF Joint Onsite visit in supporting Nigeria’s exit from the FATF Grey List, Head, Compliance & Enforcement, SCUML, Kazeem Oseni, gave a background of FATF Onsite Visit and the expectations from DNFBPs’ strategic roles and preparations for the visit and consequences of non-cooperation, describing it as a call to action.

  “Expectations from DNFBPS must show compliance evidence.  The DNFNPs must also be able to show compliance evidence such as, submitting STRs to NFIU, maintaining AML/CFT policies and procedures, provide evidence of staff training records and show internal monitoring and compliance documentation.”

She urged them to cooperate with SCUML, SRBs, and other regulators, by attending stakeholders’ engagements and outreaches in preparation for the onsite and participate in FATF preparatory sessions and be available for interviews or documentation reviews.

Addressing the stakeholders on the overview of Nigeria’s progress on the FATF ICRG Action Plan, ACE 1 Korede Abdul-Aziz said Nigeria has made key progress areas by completing the 2nd National Risk Assessment (NRA) and disseminated findings across sectors.

According to her, the country has also completed Sectoral Risk Assessment across the DNFBPs sub-sectors and has established National AML/CFT/CPF Inter-Ministerial Committee (IMC) for effective inter-agency collaboration and developed a comprehensive AML/CFT Strategy aligned with risk outcomes. The engagements had in attendance representatives from the Mining Cadastral Office, Nigerian Bar Association, Institute of Chartered Accountants of Nigeria, Real Estate Developers Association of Nigeria, FCT Lottery Regulatory Office, and the Jewelers Marketers Association.

Images from the event.

This significant event occurred at the prestigious Auditorium of the NBA Secretariat in Abuja. The engagement underscores the importance of the collaboration between the NBA and the EFCC in addressing Anti-Money Laundering and Terrorist Financing compliance.

Representing the Chairman was CE Daniel Isei, Director of the Special Control Unit against Money Laundering.

Delivering the Chairman’s goodwill message, CE Daniel Isei expressed the Chairman’s joy in seeing collaboration between the EFCC and the Nigerian Bar Association on the issue of lawyers’ compliance with the Anti-Money Laundering and Countering Financing of Terrorism regime in Nigeria.

“I feel very strongly that the lawyers who are pillars of justice are the critical component in the fight against money laundering and terrorist financing”, Olukoyede said. The Chairman noted that he would spare no effort to see that the collaboration is enhanced and works seamlessly to the overall interest of all parties and Nigeria.

The Chairman commended the NBA President for proactively integrating essential AML/CFT measures into the NBA Rules of Professional Conduct (RPC), demonstrating a commitment to upholding the highest standards in the legal profession.

He also informed the participants that the collaboration was necessary at a time when Nigeria was putting all hands on deck to ensure that the country exited the FATF grey list. He mentioned that the event is one of the activities that will showcase strong collaboration between competent government authorities and self-regulating bodies to address the issues of money laundering and terrorist financing.

The representative of the EFCC Chairman appreciated the large number of participants, which showed the willingness of legal practitioners to implement the NBA AML/CFT Rules of Professional Conduct.

In his welcome address, the NBA President, Mr Yakubu Chonoko Maikyau OON, SAN, appreciated the Chairman’s collaboration. He stated that the NBA needed to collaborate with the EFCC to fill the gaps identified in discharging their responsibilities. He said lawyers should take the lead in the fight against corruption as they are vested with the knowledge of the law in any society.

He said that legal practitioners must understand the laws to guide the nation. He also mentioned that the collaboration demonstrates the lawyers’ responsibility to contribute to the fight against corruption.

The President further announced the establishment of the NBA Anti-Money Laundering Committee (NBA AMLC). This significant step will serve as a crucial interface between law enforcement agencies and the NBA, facilitating effective communication and collaboration in the fight against money laundering and terrorist financing.

ACE II Ngunan Kakwagh and CSE Temitope Erinomo of the EFCC delivered insightful presentations titled ‘Overview of AML/CFT Global Requirements for Legal Practitioners’ and ‘Guidelines for Conducting Market Entry Controls and KYCs,’ respectively. A panel discussion ensued after these presentations, featuring distinguished panellists, including Prof. Ernest Ojukwu SAN and Mr. Babajide Ogundipe, a renowned member of the NBA who contributed significantly to the development of the NBA Rules of Professional Conduct Guidelines 2023, and Dr Emmanuel Sotande from the Nigerian Financial Intelligence Unit (NFIU). The panellist engaged with participants, addressing questions and sharing their expertise on the topic.