EFCC Calls for Stronger DNFBPs Collaboration on Anti-Money Laundering Compliance in Nigeria
By LEVI JOHNSON
The Economic and Financial Crimes Commission (EFCC) has called on Designated Non-Financial Businesses and Professionals (DNFBPs) to intensify their collaboration with the agency in combating money laundering, terrorism financing, and illicit financial flows in Nigeria. This renewed push comes amid ongoing efforts to protect Nigeria’s economy and rebuild trust in the global financial system.
Speaking at a one-day outreach in Ibadan, themed “Effective Implementation of AML/CFT/CPF Measures among DNFBPs in Nigeria”, EFCC Chairman Ola Olukoyede, represented by ACE I Hauwa Ringim, stressed the crucial role DNFBPs play in safeguarding economic sectors from financial crimes.
“Your presence today demonstrates a collective commitment to implementing effective Anti-Money Laundering, Combating the Financing of Terrorism, and Countering Proliferation Financing measures,” Olukoyede said.
DNFBPs Must Act as Gatekeepers of Economic Integrity
The EFCC chairman highlighted that DNFBPs—such as lawyers, real estate agents, accountants, and dealers in solid minerals and precious metals—operate in sectors highly vulnerable to exploitation by money launderers and terrorist financiers.
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He urged these professionals to adopt proactive compliance strategies, particularly by adhering to the regulatory oversight of the Special Control Unit Against Money Laundering (SCUML).
“SCUML ensures that your businesses are not used as conduits for financial crimes,” Olukoyede stated.
Nigeria’s Global Financial Standing Depends on AML Measures
Olukoyede warned that non-compliance with AML/CFT standards could result in grey-listing by the Financial Action Task Force (FATF)—a designation that could hinder foreign investment, economic growth, and access to global financial services.
“Nigeria’s standing in the global financial system depends significantly on how well we implement AML/CFT/CPF measures across both financial and non-financial sectors,” he said.
Legal and Regulatory Frameworks Back EFCC’s Efforts
The EFCC boss emphasized that Nigeria’s AML regime is grounded in solid legislation, including:
- Money Laundering (Prevention and Prohibition) Act, 2022
- Terrorism (Prevention and Prohibition) Act, 2022
- Various subsidiary regulations
These laws empower the EFCC and SCUML to monitor, enforce, and penalize non-compliant DNFBPs.
Olukoyede noted that the 2022 Money Laundering Act gives SCUML administrative sanction powers, allowing it to hold non-financial professionals accountable for lapses in compliance.
Stakeholders Urged to Join the Fight Against Dirty Money
In her remarks, ACE II Oluwatoyin Ehindero, representing DCE Harry Erin, said the EFCC is focused on sensitizing high-risk DNFBPs about their role in ensuring Nigeria exits the FATF grey list.
“This outreach is part of deliberate efforts to ensure Nigeria’s financial system is safeguarded from illicit financing threats,” she explained.
Olukoyede also called for capacity building and knowledge sharing across sectors, so professionals can identify red flags and implement effective risk-based controls.
Compliance is Both a Legal and Moral Obligation
Olukoyede emphasized that beyond regulatory requirements, AML compliance should be viewed as a moral and patriotic duty.
“Dirty money thrives in silence. When professionals speak up and follow the rules, crime dies in the dark,” he said.
He urged all DNFBPs to register with SCUML and submit their transactions for regulatory scrutiny.
Highlights of the AML Outreach in Ibadan
| Key Focus Areas | Summary |
|---|---|
| AML/CFT/CPF Compliance | Enforce standards across DNFBPs |
| FATF Grey List Risks | Non-compliance could restrict international financial access |
| Legal Frameworks | Empower EFCC and SCUML to sanction defaulting entities |
| Sector Vulnerability | Real estate, legal, accounting, and mineral trade most affected |
| Moral Responsibility | Professionals must act as gatekeepers |
Conclusion: Strengthening Nigeria’s Anti-Money Laundering Ecosystem
The EFCC’s call to Designated Non-Financial Businesses and Professionals marks a crucial step in Nigeria’s fight against illicit finance. By working hand in hand with SCUML and embracing their compliance roles, DNFBPs can play a vital part in restoring global confidence in Nigeria’s financial system.
As the country works to exit the FATF grey list and bolster its financial reputation, robust AML compliance is not just necessary—it is non-negotiable.
