By Nkechi Eze
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has issued a stern warning to Designated Non-Financial Businesses and Professionals (DNFBPs) against compromising Nigeria’s anti-money laundering and counter-terrorist financing (AML/CFT) framework by failing to shield their operations from exploitation by criminal elements.
Speaking on Tuesday, July 8, 2025, at the opening ceremony of a two-day sensitization workshop themed “Effective Implementation of Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) Measures in the DNFBPs in Nigeria”, Olukoyede urged stakeholders in the sector to be alert and proactive in protecting their entities.
According to a statement signed by the EFCC spokesperson, Dele Oyewale, the EFCC Chairman highlighted that the DNFBPs, based on the National Risk Assessment (NRA), remain the most vulnerable sector to the threats of money laundering and terrorist financing.
He warned that criminal actors continue to evolve in exploiting loopholes within regulatory systems, emphasizing the need for constant vigilance and improved compliance.Representing the EFCC Chairman at the event, Assistant Commander of the EFCC (ACE II), Musa Giwa Yusuf, explained that strategic efforts are underway, in collaboration with the Special Control Unit Against Money Laundering (SCUML) and other stakeholders, to fortify the sector.
He described SCUML as the body statutorily mandated to monitor, supervise, and regulate the activities of DNFBPs to ensure compliance with AML/CFT standards.“This workshop is one of the outreach programmes designed to create awareness and build capacity for AML/CFT compliance in the DNFBP sector in Nigeria,” Yusuf said. He emphasized that money laundering and terrorist financing are not only financial crimes but significant threats to national security and economic stability. “No economy can grow where money laundering is endemic.
Its prevalence distorts macroeconomic policies and endangers the financial system,” he added.Olukoyede also referenced the Financial Action Task Force (FATF)’s 40 Recommendations, noting that they constitute the international benchmark for combating money laundering, terrorist financing, and the proliferation of weapons of mass destruction (WMD).
He stressed that the primary objective of the workshop was to educate DNFBPs on their obligations under Nigeria’s AML/CFT laws and equip them with the tools and awareness to prevent the misuse of their operations by illicit actors.“The workshop is also designed to enhance your awareness and understanding of how your organizations could be abused by money launderers and terrorist financiers to perpetrate their unscrupulous activities,” he stated.
In his opening remarks, Dr. Emmanuel Uche, the Component Manager for the Rule of Law and Anti-Corruption (RoLAC) Programme, represented by Patience Samuel Inyang, praised the EFCC and SCUML for organizing what he described as a “crucial sensitization workshop on AML/CFT/CPF.” He said the initiative reflected a shared commitment to safeguarding the nation’s financial integrity and overall security.
Inyang reiterated that money laundering and terrorist financing are not just financial offenses, but serious threats that erode national security, deepen corruption, and obstruct 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 said, calling for increased collaboration among stakeholders to build a safer and more secure financial system.
The event drew participants from key regulatory and professional bodies, including the Nigerian Bar Association (NBA), the Institute of Chartered Accountants of Nigeria (ICAN), the Real Estate Developers Association of Nigeria (REDA), the Lottery Regulatory Office, and the Nigerian Institution of Estate Surveyors and Valuers.
