EFCC tightens compliance of non-financial sectors in push to exit FATF grey list
The Economic and Financial Crimes Commission (EFCC) has intensified its drive to strengthen compliance among Designated Non-Financial Businesses and Professions (DNFBPs) as Nigeria works to exit the Financial Action Task Force (FATF) grey list.
Just as EFCC also warned that ignorance of Nigeria’s anti-money laundering laws will not be accepted as an excuse by DNFBPs, urging operators across sectors to strengthen internal controls and embrace full compliance.
This was disclosed during the maiden sensitisation workshop for DNFBPs in Ogun State, themed “Sensitisation of DNFBPs on Their Compliance Obligations in Ogun State,” organised by the EFCC’s Special Control Unit Against Money Laundering (SCUML).
The event, held in Abeokuta, drew participants from the real estate, hospitality, travel, and agriculture sectors, alongside key government ministries and professional associations, according to a statement by the Commission.
Declaring the event open, Ahmed Ghali, Acting Zonal Director of the EFCC Lagos Directorate II, said the Commission’s mandate operates on two major pillars — enforcement and prevention.
“In our over 20 years of operation, the EFCC has always deployed two main mechanisms in fighting corruption and financial crimes, investigation and prosecution on one hand, and prevention through partnerships and stakeholder engagement on the other,” Ghali said.
He noted that under the current leadership of Ola Olukoyede, EFCC chairman, the Commission has intensified its preventive approach, strengthening partnerships with regulatory bodies and private operators to curb financial crimes before they occur.
Ghali further highlighted the urgency of Nigeria’s efforts to exit the Financial Action Task Force (FATF) grey list, stressing that “progress is real, expectations are high, and sustained commitment from all stakeholders is essential.”
“Entities that repeatedly fail in registration, record-keeping, customer due diligence, or suspicious transaction reporting will be sanctioned in line with the law. Ignorance of the law is never an excuse”, he warned.
In her presentation on “Overview of Money Laundering and Terrorism Financing,” Ibinabo Amachree, Head of SCUML Lagos, explained the various forms of money laundering, the legal framework governing anti-money laundering and counter-terrorism financing in Nigeria, and the risks posed by non-compliance.
“The goal of laundering is to avoid prosecution, conviction, and confiscation. Illicit proceeds are dirty and the process that attempts to make them appear legitimate is money laundering,” Amachree stated.
Representing the Ogun State Government, Bolu Owotobo, commissioner for Agriculture, praised the EFCC for organising what he described as a “timely and impactful workshop,” adding that money laundering undermines economic stability and national security.
“Even sectors often overlooked, such as agriculture-related businesses must embrace a culture of compliance,” Owotobo said.
Also speaking, Jagunmolu Akande, Ogun State commissioner for Housing, represented by Kola Agemo, senior special assistant to the Governor on Housing, emphasised the real estate sector’s exposure to illicit financial flows.
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“Criminal elements have long exploited real estate to launder funds. Regulators, developers, and policymakers must work together to promote transparency, due diligence, and strict adherence to AML regulations,” he said, reaffirming the state’s resolve to close loopholes that enable financial crimes.
Adeyemi Adeniyi, chairman of REDAN (Ogun State), pledged continued collaboration with the EFCC to promote integrity and compliance within the real estate sector.
