The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has called for stronger collaboration among governments, law enforcement agencies, civil society organisations, financial institutions and development partners to strengthen the implementation of Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) measures across Africa.
According to an official statement signed by the Head of Media and Publicity of the EFCC, Dele Oyewale, Olukoyede made the call at the opening of the Third African High-Level Civil Society Anti-Money Laundering and Counter-Terrorist Financing Conference 2026 held at the Abuja Continental Hotel.
Represented by the Director of the Special Control Unit against Money Laundering (SCUML), Deputy Commander of the EFCC, Harry Erin, the EFCC Chairman said effectively tackling money laundering and terrorism financing requires not only strong legal and institutional frameworks but also partnerships built on trust, dialogue and shared responsibility.
“Responding effectively to the threats posed by terrorism and money laundering requires not only robust legal and institutional frameworks but strong partnerships built on trust, dialogue and shared responsibility,” Olukoyede said.
Addressing participants drawn from across Africa, including representatives of governments, Financial Intelligence Units, law enforcement agencies, regulatory bodies, civil society organisations, academia and the private sector, he commended their commitment to promoting transparency, accountability and sustainable development.
Speaking on the conference theme, “Implementing FATF Recommendation Correctly: Practices, Lessons Learned and Opportunities for Reform,” Olukoyede noted that terrorist financing, violent extremism, transnational organised crime and illicit financial flows continue to threaten peace, democratic institutions and economic development.
“These threats undermine peace, weaken democratic institutions, discourage investment and divert scarce resources away from development priorities,” he said.
The EFCC Chairman explained that the Financial Action Task Force (FATF) Recommendation 8 is not intended to regulate or restrict all non-profit organisations but rather to identify organisations vulnerable to terrorist financing and apply targeted, proportionate and risk-based measures while protecting legitimate humanitarian and charitable activities.
He described civil society organisations as indispensable partners in delivering humanitarian assistance, improving healthcare, promoting education, supporting internally displaced persons and advancing sustainable development across Africa.
Olukoyede noted that Nigeria’s implementation of FATF Recommendation 8 has been driven by collaboration rather than confrontation, highlighting the country’s National Terrorist Financing Risk Assessment of the Non-Profit Sector as a product of coordinated efforts involving SCUML, the Nigerian Financial Intelligence Unit (NFIU), the Office of the National Security Adviser (ONSA), the Corporate Affairs Commission (CAC), other government agencies and civil society organisations.
According to him, the assessment enabled Nigeria to identify organisations genuinely vulnerable to terrorist financing while ensuring that legitimate non-profit organisations continue to operate without unnecessary regulatory burdens.
“The experience reinforced an important lesson: effective implementation of FATF Recommendation 8 depends on trust, trust between regulators and civil society, trust between governments and development partners, built through transparency, consultation, information sharing and mutual respect,” he stated.
He added that the conference provides an opportunity for African countries to exchange practical experiences, address implementation challenges, showcase successful reforms and strengthen regional cooperation ahead of a new cycle of Mutual Evaluations.
Olukoyede reaffirmed the Commission’s commitment to working with stakeholders to strengthen Nigeria’s AML/CFT framework while protecting the integrity of the financial system and preserving the legitimate role of civil society.
In her welcome address, the Executive Director of Spaces for Change | S4C West Africa, Victoria Ibezim-Ohaeri, described the implementation of FATF Recommendation 8 in Nigeria as a decade-long journey that has evolved from difficult engagements to sustained collaboration between civil society organisations and government institutions.
She commended the EFCC for initiating the first formal dialogue between non-profit organisations and Nigeria’s AML/CFT security architecture in 2019, noting that the engagement has continued to strengthen cooperation.
Also speaking, the Chairman of the Board of Trustees of Spaces for Change, Samuel Diminas, disclosed that Africa loses more than $88 billion annually to illicit financial flows, stressing that stronger collaboration among governments, regulators, financial institutions and civil society is essential to tackling money laundering and terrorist financing across the continent.
“When government and civil society converge under one roof, we send one clear message: tackling illicit finance in Africa demands collective action,” Diminas said.
