The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has warned miners and dealers in precious metals and gemstones across Nigeria to desist from being used as channels for laundering illicit funds or financing terrorism.
Olukoyede issued the warning in Ibadan, Oyo State, on Friday, October 24, 2025, during a one-day capacity-building and sensitization workshop for miners and gemstone dealers. The event was organised by the EFCC in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and supported by the German International Cooperation (GIZ).
Represented by the Zonal Coordinator of the Special Control Unit Against Money Laundering (SCUML), Ibadan Zonal Directorate, Chief Superintendent of the EFCC (CSE) Toyin Ehindero-Benson, Olukoyede decried the poor compliance of legitimate dealers with Know-Your-Customer (KYC) requirements and failure to report suspicious transactions.
He described the attitude as grossly insensitive and counterproductive to the government’s efforts to combat insecurity and financial crimes.
“The nature of this industry makes it a critical focal point in the fight against financial crimes,” Olukoyede said. “This workshop provides a valuable platform to enhance awareness, share best practices, and foster greater collaboration between regulators and operators.”
The EFCC boss urged participants to acquaint themselves with the regulatory framework governing SCUML operations and adhere strictly to anti-money laundering (AML) and counter-terrorism financing (CTF) obligations in the mineral resources sector.
The workshop featured technical presentations by experts, including Assistant Commander of the EFCC (ACE II) Musa Giwa Yusuf, Assistant Director at the NFIU, Mr. Kalu Aja, and Superintendent of the EFCC (SE) Murtala Adamu.
In his presentation, Yusuf identified key vulnerabilities and risks within the precious metals and stones sector, emphasizing the need for vigilance and compliance to prevent criminal exploitation.
Aja, in his paper on “Suspicious Transaction Reporting Within the DNFBP Sector,” called for the appointment of dedicated compliance officers within mining and gemstone firms to ensure timely filing of reports and responsiveness to regulatory inquiries.
Adamu, who spoke on “How to Submit Statutory Reports,” walked participants through the process of registering for SCUML certification and the various statutory reports required from operators.
Participants described the session as an eye-opener, acknowledging that their businesses could unknowingly be used for illicit financial activities.
In a closing remark, the Vice President of the Ojoo Gemstone Dealers Association, Oyo State, Mr. Michael Etuk, pledged the association’s full cooperation with the EFCC and other regulatory bodies to strengthen the fight against money laundering and terrorist financing in the sector.
