By Atoyebi Nike
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has urged stronger cooperation from Designated Non-Financial Businesses and Professionals (DNFBPs) in the fight against money laundering and terrorism financing. Speaking through the Acting Director of the EFCC’s Ibadan Zonal Office, Hauwa Garba Ringim, during a one-day sensitization in Ibadan, Olukoyede emphasized that sectors such as real estate, law, accounting, and precious stones trade remain vulnerable to financial crimes.
He noted that compliance with the Special Control Unit Against Money Laundering (SCUML) is critical in ensuring these sectors are not exploited for illegal financial activities. “Our goal is to strengthen compliance across high-risk sectors and protect the integrity of our economy,” he said.
Olukoyede warned that non-compliance with the 2022 Money Laundering Act could expose Nigeria to international sanctions and economic isolation, urging professionals to view anti-money laundering not just as legal compliance but as a patriotic duty.
The EFCC also used the outreach to highlight its new enforcement powers under the updated law, allowing SCUML to monitor, guide, and sanction defaulting businesses.
Representatives from key sectors including the Real Estate Developers Association of Nigeria (REDAN), gemstone dealers, hoteliers, and accountants attended the event. Olu Falodun, who represented REDAN, commended the EFCC for organizing the workshop, describing it as “an eye-opener” on the risks and responsibilities facing professionals.
