The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyode, has called on  Designated Non-Financial Institutions and Businesses (DNFBPs) across the country to always comply with extant laws and regulations  to strengthen the  country’s efforts to combat money laundering and terrorist financing.

 He gave the charge on Tuesday,  July 1, 2025  in Kano while addressing representatives from sectors like real estate, solid minerals, automobile,  hospitality and others at a stakeholders’ meeting themed “Building a Fortress Against Illicit Financial Flows – Our Collective Responsibility”.

  The EFCC’s boss, who spoke through the Kano Zonal Director of the EFCC,   Commander of the EFCC,  CE Ibrahim Shazali,  emphasized that Kano’s status as the “commercial heartbeat of Northern Nigeria” makes it a prime target for criminals seeking to launder illicit funds.  He, therefore, called on DNFBPs to be compliant with existing laws in order to safeguard Nigeria’s financial system.

”Your presence signifies a vital commitment to a shared national imperative, safeguarding the integrity of our economy and our society from the corrosive effects of financial crime,” he said.

He underscored the legal obligations placed on DNFBPs by the Money Laundering (Prevention and Prohibition) Act, 2022 and the Terrorism (Prevention and Prohibition) Act, 2022, highlighting Suspicious Transaction Reporting (STR) as the cornerstone of compliance.

”Compliance is not optional, it is a legal requirement and a civic duty,” he said.  He outlined core obligations, including  Know Your Customer (KYC) & Customer Due Diligence (CDD) procedures, vigilance in recognizing red flags, and the mandatory filing of STRs with SCUML upon reasonable suspicion, as imperative.

The anti-graft czar detailed common red flags DNFBPs must watch for, such as unusual complexity, large inconsistent cash transactions, evasion of record-keeping, structuring (smurfing), and transactions linked to high-risk jurisdictions without clear basis.

”Let me be unequivocal: Non-compliance is not an option,” he warned, outlining severe consequences including significant financial penalties, suspension or revocation of operating licenses, reputational damage, and criminal prosecution for individuals facilitating money laundering or wilfully failing to report.

Referencing EFCC and SCUML as partners, Olukoyode assured DNFBPs of support but stressed the value of their reports: ”your reports are invaluable; they are the lifeblood of our financial intelligence and the catalyst for successful investigations and prosecutions", he said. 

He issued a clear call to action for Kano’s DNFBPs encouraging them to leverage SCUML by constant engagement and investing in training their personnel to boost robust system and commitment to compliance with relevant laws.

He also reinforced the collective responsibility theme, stressing that, ”by fulfilling your obligations diligently, you are not just complying with the law, you are actively protecting your businesses, safeguarding the integrity of Kano’s thriving economy and contributing immeasurably to the security and prosperity of our beloved nation, Nigeria.” He urged participants to make Kano a model of compliance, maintaining that,  ”together, we can build an impenetrable fortress against illicit financial flows.”

Media & Publicity

July 1, 2025