By Promise Toyon
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has cautioned miners and dealers in precious metals and gemstones across Nigeria to desist from serving as channels for laundering illicit funds or financing terrorism.
He stressed that such illegal practices undermine the Federal Government’s efforts to curb insecurity and economic sabotage.
Olukoyede expressed concern over the lack of compliance among legitimate miners and dealers with the Know Your Customer (KYC) policy and their failure to report suspicious transactions, describing the trend as a major setback to the Commission’s anti-money laundering and counter-terrorism financing efforts.
The EFCC boss gave the warning in Ibadan, Oyo State on October 24, 2025, during a one-day capacity-building and sensitization workshop for miners and gemstone dealers. The event was organized by the EFCC in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and supported by the German Agency for International Cooperation (GIZ).
Represented by Chief Superintendent of the EFCC, Mrs. Toyin Ehindero-Benson, Zonal Coordinator of the Special Control Unit Against Money Laundering (SCUML), Ibadan Directorate, Olukoyede urged participants to familiarize themselves with the regulatory framework guiding SCUML operations. This, he said, would help deepen their understanding of compliance obligations under the nation’s anti-money laundering and counter-terrorism financing regime.
“The nature of the industry makes it a critical focal point in the fight against financial crimes. This workshop provides a valuable platform to raise awareness, share best practices, and foster stronger collaboration between regulators and operators,” he stated.
The workshop featured presentations by key experts, including Assistant Commander of the EFCC, ACE II Musa Giwa Yusuf; NFIU Assistant Director, Mr. Kalu Aja; and Superintendent of the EFCC, SE Murtala Adamu.
In his paper, “Money Laundering Vulnerability in the Miners and Dealers in Precious Metals and Stones (DPMS) Sector,” Yusuf highlighted common money laundering and terrorism financing risks within the industry and emphasized the need for strict adherence to regulatory obligations.
NFIU’s representative, Aja, in his presentation titled “Suspicious Transaction Reporting within the DNFBP Sector,” underscored the importance of appointing compliance officers in gemstone and mining firms to handle transaction reports and regulatory engagements.
Similarly, Adamu, in his paper on “How to Submit Statutory Reports,” guided participants through the SCUML registration process and outlined the various categories of mandatory reports expected from operators in the sector.
The highly interactive session enlightened participants on how easily their firms could be exploited for money laundering if proper documentation and reporting procedures were not followed.
In his closing remarks, Mr. Michael Etuk, Vice President of the Ojoo Gemstone Dealers Association, Oyo State, pledged the commitment of miners and gemstone traders in the state to comply fully with regulatory requirements and support the EFCC in the fight against financial crimes.
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