On March 6, 2025, EFCC Executive Chairman Ola Olukoyede directed Designated Non-Financial Businesses in Benin City (DNFBPs) to prioritize compliance, emphasizing strict adherence to the 2022 Anti-Money Laundering Act.
He underscored the critical role of transparency, highlighting collaborative efforts and proactive reporting to combat financial crimes effectively.
Speaking through Acting Zonal Director Effa Okim, he stressed their vital economic role during SCUML’s AML workshop, themed “From Awareness to Action.”
Meanwhile, Olukoyede warned of severe financial risks tied to non-compliance, clarifying, “We aim to guide, not hinder—report suspicious activities promptly.
” Furthermore, Pascal Samu of SCUML underscored global threats from illicit financing, urging unified action against terrorism and money laundering.
By positioning compliance as a growth catalyst, the event energized stakeholders to align awareness with actionable accountability.
Next, it connected regulatory standards to market expansion, demonstrating how transparent frameworks unlock sustainable economic opportunities.
Finally, the initiative solidified Nigeria’s global leadership in championing innovation through ethical, well-regulated business ecosystems.
He underscored the vulnerability of DNFBPs to being exploited as conduits for illicit funds entering the legitimate economy.
“The fight against money laundering and terrorism financing requires our collective efforts. It is crucial that DNFBPs are equipped to identify and mitigate these risks effectively,” Samu said.
The workshop provided participants with insights into Know-Your-Customer (KYC) and Customer Due Diligence (CDD) protocols, emphasizing their role in combating financial crimes.
Samu noted that understanding customers and conducting due diligence are essential measures to safeguard against unwholesome practices.
“The more an organization knows about its customers, the greater its ability to prevent money laundering.
While simplified KYC/CDD may suffice in some cases, extensive measures may be necessary in others,” he explained.
ACE II Morris Keiriama, Compliance and Enforcement Officer with SCUML, presented a paper on administrative sanctions for non-compliance by DNFBPs.
He outlined penalties such as fines, suspensions, license revocations, and warning letters as potential consequences for regulatory breaches.
In another presentation, Keiriama urged DNFBPs to remain vigilant in identifying suspicious transactions and promptly report them to relevant authorities.
“Emphasizing vigilance, he warned, ‘Suspicious transactions indicate potential ties to money laundering, terrorism financing, or criminal activities.’”
Finally, the workshop urged DNFBPs to adopt proactive compliance measures and leverage expertise to reinforce Nigeria’s financial safeguards.
By prioritizing education and strict regulation adherence, stakeholders strive to curb risks, fortify defenses, and ultimately advance national security against illicit finance.