Olukoyede Tasks Stakeholders on Strict Compliance with FATF Laws

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.

The Chairman of the Economic and Financial Crimes Commission, EFCC Ola Olukoyede, spoke with members of the Nigerian Bar Association (NBA) on May 21, 2024.

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.

EFCC Restates Commitment to Fight Against Money Laundering in Real Estate Sector

EFCC Press Release

Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Abdulrasheed Bawa has reiterated the commitment of the Commission towards combating money laundering and terrorism financing in the real estate sector of the economy. He stated this in Abuja on Monday, April 25, 2022 at a Workshop by the Inter-Governmental Action Group against Money Laundering in West Africa, GIABA. 

According to him, the Nigeria Evaluation Report shows that the real estate sector is the second most vulnerable sector to money laundering practices in Nigeria. According to him,  places  like  Abuja,  Port Harcourt, Kano, Lagos are some of the  major cities where properties are  regularly purchased mostly in cash and often in foreign currencies,  with no questions asked by anybody,  about the legality of such transactions.

Bawa, who spoke through his Chief of Staff,  Hadiza Gamawa Zubairu, stressed that, based on the existing realities of the real estate sector, the EFCC will leave no stone unturned in combating money laundering practices in the sector. “Just last year in July, the EFCC launched an App called  “The Eagle  Eye” which has eased the processes  of reporting economic and financial crimes and also exposed  the flow of illicit funds in the real estate sector.  This indeed has provided useful intelligence and goes to show the level of commitment that EFCC has in the real estate sector”, she said.

Hadiza Gamawa Zubairu

She restated  the readiness  of the EFCC to  collaborate with relevant stakeholders  in its  efforts towards combating the menace, while also strengthening the capacity of the  Special Control Unit against Money Laundering, SCUML  to effectively discharge its responsibilities in enforcing compliance in the real estate sector. The EFCC boss added that, loopholes being exploited to launder funds in the real estate sector are weak regulations, lack of strict parameters for business practices by the regulatory bodies, poor compliance to laws, among others.

Also, Director of the Nigerian Financial Intelligence Unit, NFIU Modibbo Hamman Tukur called  for collaboration and coordination among agencies, locally and regionally,  in combating money laundering and illicit financial flows .  He proposed stronger legislative regulations, including the need for every citizen in GIABA member states to be linked to a unified identification number, in order to make it easier to track culprits.

In his own submissions,  Secretary,  Real Estate Developers Association of Nigeria, REDAN, Yunusa Shuaibu, called for stricter regulation and coordination in the real estate sector, stressing that “the sector is currently free for all”.  “We are ready to cooperate at all times to achieve this feat and this is why we decided to sponsor a bill at the National Assembly”, he said.

Director of Evaluation and Compliance, GIABA, Dr. Bruno Nduka, particularly thanked  Bawa for taking keen interests  in the activities of GIABA and providing  tremendous support to the association. He said the real estate sector is one of the main drivers  of economic growth and engine of social development across GIABA- member states.

Wilson Uwujaren Head, Media & Publicity 25 April, 2022

COURTESY VISIT TO SELF-REGULATORY ORGANIZATIONS (SROs) AND TRADE ASSOCIATIONS (TAs)

In the spirit of collaboration and cooperation, the Director of SCUML, Mr. Daniel Isei, having the mandate of the new Executive Chairman of the EFCC, paid courtesy visits to the Leadership of the DNFBP SROs. The visits were aimed at seeking partnership and synergy in the fight against money laundering, terrorism financing and proliferation financing amongst the DNFBPs in Nigeria.

During the visits, the Director also used the opportunity to enlighten and sensitize the leadership of the SROs on the AML/CFT obligations, duties and liabilities of their members and need for collaboration.  

On their part, the Leadership of the SROs pledged their unalloyed supports for SCUML and by extension, the EFCC in its new drive in the fight against Money Laundering and Terrorism Financing. They also reiterated their commitment to ensure that their members comply with the Nigeria AML/CFT laws and supplementary regulations.

The Director, in a company of some of his senior officers visited the SROs at their respective Corporate Headquarters, in Lagos and Abuja. The following SROs and TAs were:

  1. Institute of Chartered Accountants of Nigeria (ICAN)
  2. Chartered Institute of Taxation of Nigeria (CITN)
  3. Association of Professional Bodies of Nigeria (APBN)
  4. Nigeria Institution of Estate Surveyors and Valuers (NIESV)
  5. Association of National Accountants of Nigeria (ANAN)
  6. Real Estate Developers Association of Nigeria (REDAN)
  7. Lagos State Lottery Board
  8. Nigeria Network of NNGo
  9. Spaces for Change
  10. Association of Casinos Operators of Nigeria (ACON)
  11. Jewelry Marketers Association of Nigeria (JEMA)
  12. Precious Metal Gold Processors and Exporters Association of Nigeria (PMGPEAN)
  13. Nigeria Lottery Operators Forum (NLOF)
  14. Association of Motor Dealers of Nigeria

Sensitisation Workshop for SRBs

SCUML organised a 2-day zonal sensitisation workshop for Self Regulatory Bodies (SRBs) in the Designated Non-Financial Business and Profession (DNFBP) Section on Anti-Money Laundering and Countering Financing of Terrorism (AML & CFT). This porgramme was funded by the European Union and held on 30th and 31st January 2019.