By Nkechi Eze
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged the management of Opay to make strict compliance with regulatory standards a core principle of its operations, stressing that adherence to the law is essential to preventing money laundering, fraud, and other financial crimes.
In an official signed statement, the Commission’s spokesperson, Dele Oyewale, disclosed that Olukoyede delivered the charge on Thursday, 11 December 2025, when Opay’s Chief Executive Officer, Mr. Steven Wen, led a delegation of senior executives on a courtesy visit to the EFCC headquarters in Abuja.
Speaking through his Chief of Staff, Commander of the EFCC (CE) Michael Nzekwe, the EFCC Chairman noted that the Commission’s anti-corruption mandate is also aimed at stimulating economic growth by ensuring a transparent and accountable business environment. He urged Opay to consistently uphold Know Your Customer (KYC) standards and safeguard its platform against exploitation by criminals.
“Work on KYC; don’t give room for fraud; don’t allow your company to be used for money laundering, and comply with every law of the land,” Nzekwe stated, commending the company for employing a predominantly Nigerian workforce. He, however, emphasized that compliance must be demonstrated not only in words but through concrete action.
Director of Investigation, CE Abdulkarim Chukkol, reinforced the call, stressing the importance of system integrity and internal controls. He warned that insider abuse remains a major risk factor for financial institutions.
“Systems integrity is very important. It is not enough to follow only what the CBN has given. You must go the extra mile. Be mindful of the people you employ, insider abuse is rampant, and no matter how tight your system is, the wrong person can compromise it,” he cautioned.
Responding, Opay CEO Steven Wen assured the EFCC that the company places the highest priority on regulatory compliance, customer satisfaction, and sustainable revenue generation.
“The most important thing in our company is compliance with local laws and regulations. Second is customer satisfaction, how we use innovative solutions to solve customer problems. Third is revenue growth. Compliance with the law is a red line we cannot cross,” Wen said.
The meeting underscored the EFCC’s ongoing engagement with financial institutions to ensure better oversight, accountability, and protection of Nigeria’s financial ecosystem.
