By Nkechi Eze
The Executive Chairman of the Economic and Financial Crimes Commission, Mr Ola Olukoyede, has charged compliance officers of banks operating in the South-East to uphold professionalism and strict adherence to anti-money laundering regulations, warning that they must remain gatekeepers of the financial system and not facilitators of criminal activities.
Olukoyede gave the charge on Thursday, 18 December 2025, in Enugu, at a one-day sensitisation programme organised by the Enugu Zonal Directorate of the EFCC for banks’ compliance officers in the region.
In an official statement signed by the Commission’s spokesperson, Dele Oyewale, the EFCC Chairman, who was represented by the Zonal Director of the Enugu Zonal Directorate, Commander of the EFCC, CE Daniel Isei, described compliance officers as the “watchdogs” responsible for guiding banks and ensuring that their operations align with national anti-money laundering and counter-terrorism financing frameworks.
He stressed that compliance in the financial sector is a clear-cut responsibility and urged compliance officers to collaborate fully with the Commission, particularly by responding promptly whenever investigators request information.
“What we basically expect from you is a clear understanding of cooperation. A simple Letter of Investigation should be honoured. Where information is required, it should be provided quickly because delay in releasing such information is also stalling investigation,” he said.
Olukoyede warned that the Commission would not tolerate situations where individuals are allowed to operate bank accounts without valid Bank Verification Numbers, dismissing excuses that such lapses are caused by system failures.
“As compliance officers, what we expect is that you help the bank to build a robust and steady growth. Your job is not to destroy the revenue base of the bank or attract regulatory sanctions unnecessarily. You are to remain professional, stand your ground and say, ‘this is contrary to the rules and guidelines,’” he stated.
While commending banks for their critical roles in Nigeria’s removal from the Financial Action Task Force grey list, the EFCC Chairman warned that any bank staff who deliberately withholds vital information from the Commission would face the full weight of the law.
“The essence of our job is to serve as a deterrent. You are gatekeepers, not facilitators of criminal activities. What you allow to pass through your gate determines what gets out. The dynamics have changed and cases of willful blindness will no longer be tolerated,” he said.
Olukoyede also condemned the practice of some bankers tipping off customers whenever the EFCC directs banks to place a No Debit restriction on accounts under investigation, describing such actions as criminal and a threat to national security.
“You do not know the volume or nature of information available to investigators. The customer may be flagged under a United Nations list or be the subject of a national security investigation. Calling such customers because they are ‘prime clients’ is unacceptable, and we know these things happen. It must stop,” he warned.
He, however, commended banks for sharing vital intelligence with the Commission and urged them to sustain professionalism and provide the EFCC with the necessary support required to discharge its mandate effectively in the region.
The EFCC Chairman further enjoined financial institutions in the South-East to strengthen customer due diligence and Know Your Customer procedures, noting that robust compliance remains critical to deepening collaboration with the Commission in the fight against corruption and other economic and financial crimes.
