By Nkechi Eze
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has warned miners and dealers in precious metals and gemstones across Nigeria to steer clear of being used as conduits for laundering illicit funds or financing terrorism. He cautioned that the Commission will not hesitate to take decisive action against anyone found sabotaging the Federal Government’s efforts to curb insecurity, economic sabotage, and financial crimes.
In an official statement signed by the Commission’s spokesperson, Dele Oyewale, Olukoyede gave the warning in Ibadan, Oyo State, on Friday, October 24, 2025, during a one-day capacity-building and sensitization workshop for miners and dealers in precious metals and stones. The event was organised by the EFCC in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and supported by the German International Cooperation (GIZ).
Represented by the Zonal Coordinator of the Special Control Unit Against Money Laundering (SCUML) at the EFCC Ibadan Zonal Directorate, Chief Superintendent of the EFCC (CSE) Toyin Ehindero-Benson, the EFCC Chairman decried the gross insensitivity of some legitimate operators who, through negligence, fail to comply with the Know-Your-Customer (KYC) policy and reporting obligations. He said such lapses undermine the Commission’s efforts in combating money laundering and terrorism financing in the country.
Olukoyede urged participants to familiarise themselves with the regulatory framework guiding SCUML operations, stressing the need for strict adherence to compliance requirements. “The nature of the industry makes it a critical focal point in the fight against financial crimes,” he stated. “This workshop provides a valuable platform to enhance awareness, share best practices, and foster stronger collaboration between regulators and operators.”
The capacity-building workshop featured insightful paper presentations from experts drawn from the EFCC and the NFIU. Assistant Commander of the EFCC (ACE II) Musa Giwa Yusuf delivered a paper titled “Money Laundering Vulnerability in the Miners and Dealers in Precious Metals and Stones (DPMS) Sector.” He outlined the risks faced by operators and emphasised the importance of understanding their obligations under the anti-money laundering and counter-terrorism financing framework.
Similarly, NFIU Assistant Director, Mr. Kalu Aja, who spoke on “Suspicious Transaction Reporting Within the DNFBP Sector,” underscored the need for every firm to designate a compliance officer responsible for filing reports of suspicious transactions and responding promptly to regulatory queries.
Superintendent of the EFCC (SE) Murtala Adamu also presented a paper titled “How to Submit Statutory Reports,” guiding participants on the procedures for registering with SCUML and filing the various categories of statutory reports expected from operators.
The interactive session provided participants with a deeper understanding of how legitimate businesses in the gemstone and mining sectors could unknowingly become channels for laundering illicit funds. They were therefore urged to document and report all transactions, suspicious or otherwise to relevant regulatory authorities.
In his closing remark, Vice President of the Ojoo Gemstone Dealers Association, Oyo State, Mr. Michael Etuk, commended the EFCC for the enlightenment session and assured that gemstone dealers and miners in the state would fully comply with all regulatory obligations to strengthen the fight against money laundering and terrorist financing.
The workshop, according to the EFCC, forms part of ongoing national efforts to ensure that Designated Non-Financial Businesses and Professions (DNFBPs) adhere to global standards on transparency, accountability, and anti-money laundering compliance.
