The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has charged all stakeholders involved in tackling money laundering, including Designated Non-Financial Businesses and Professions (DNFBPs), Licensing Authorities and Self-Regulatory Bodies, to strictly adhere to the rules and regulations of the ongoing reforms in Anti-Money Laundering Law/ Countering Terrorist Financing/ Countering Proliferation Financing AML/CFT/CPF.
He gave the charge on Thursday, June 19, 2025 at a stakeholders’ engagement in Abuja.
In his opening address, Director, Special Control Unit against Money Laundering (SCUML), Deputy Director of the EFCC, DCE Harry Erin, who spoke for the EFCC’s Chairman appreciated the critical roles of stakeholders in their consistent collaboration in the fight against money laundering, terrorist financing and proliferation and sued for stronger collaboration.
According to him, the meeting was crucial as Nigeria is approaching a landmark in its ongoing appointment with the Financial Action Task Force (FATF) and the International Cooperation Review Group (ICRG) billed to visit the country soon.
“This meeting is timely and strategic. It comes at a point when Nigeria is approaching a decisive milestone in its ongoing engagement with the Financial Action Task Force (FATF) International Cooperation Review Group (ICRG)”, he said. He assured the stakeholders that through the combined efforts of government institutions, supervisory bodies, law enforcement agencies and private sector operators , Nigeria has made significant progress in addressing identified strategic deficiencies in its AML/CFT/CPF regime and “action items in our ICRG Action Plan.”
Notable among the action items, he stressed, are the implementation of a full range of AML/CFT market entry controls, improvements in risk-based supervision across sectors, the implementation of targeted financial sanctions and the strides made in improving beneficial ownership transparency. He further stated that progress made so far have been recognised during past reviews and are a testament to what can be achieved through coordinated national efforts.
However, Erin reminded the stakeholders that “we are now entering a critical phase. The FATF Joint Group will be conducting an onsite visit to Nigeria in the coming weeks. This visit is not merely a formality. It is a rigorous, evidence-based assessment of our sustained implementation of the ICRG Action Plan”.
He demanded high-level stakeholders’ commitment and responsiveness of supervisory authorities, adding that SRBs will be under scrutiny during the visit. To this end, he pointed out that, “We must collectively demonstrate that Nigeria’s AML/CFT/CPF reforms are not only well-intentioned, but also deeply institutionalised, effectively enforced, and consistently applied”.
He stressed the need for all stakeholders to abide by the rules, adding that enforcement of sanctions for non-compliance will be applied.
“While SCUML continues to engage and build capacity among DNFBPs, we must now match these efforts with robust enforcement. Compliance cannot be optional. Entities that repeatedly fail to meet their obligations, whether in registration, record keeping, customer due diligence, or suspicious transaction reporting, must be held accountable
“Sanctions, where necessary, will be imposed in accordance with the law. The era of impunity in our compliance landscape must come to an end if we are to retain the gains we have made and be fully delisted from the FATF grey list”, he said.
He also pointed out that “our goal is not merely to pass the FATF test—it is to build a credible, transparent, and resilient AML/CFT system that strengthens investor confidence, fosters economic growth and protects our national and international reputation.”
President and Chairman of Council of the Real Estate Developers Association of Nigeria, REDAN, Prince Akintoye Adeoye, in his goodwill message commended the EFCC and SCUML for their steadfast commitment to sanitizing Nigeria’s financial and non-financial sectors against the threat of money laundering and illicit financing.
Adeoye explained that the real estate sector is undeniably a key driver of economic growth, both nationally and globally, stressing that its strategic position also makes it vulnerable to abuse by criminal elements, seeking to launder illicit funds.
Speaking on the expectations and DNFBP Sector’s role during the FATF Joint Onsite visit in supporting Nigeria’s exit from the FATF Grey List, Head, Compliance & Enforcement, SCUML, Kazeem Oseni, gave a background of FATF Onsite Visit and the expectations from DNFBPs’ strategic roles and preparations for the visit and consequences of non-cooperation, describing it as a call to action.
“Expectations from DNFBPS must show compliance evidence. The DNFNPs must also be able to show compliance evidence such as, submitting STRs to NFIU, maintaining AML/CFT policies and procedures, provide evidence of staff training records and show internal monitoring and compliance documentation.”
She urged them to cooperate with SCUML, SRBs, and other regulators, by attending stakeholders’ engagements and outreaches in preparation for the onsite and participate in FATF preparatory sessions and be available for interviews or documentation reviews.
Addressing the stakeholders on the overview of Nigeria’s progress on the FATF ICRG Action Plan, ACE 1 Korede Abdul-Aziz said Nigeria has made key progress areas by completing the 2nd National Risk Assessment (NRA) and disseminated findings across sectors.
According to her, the country has also completed Sectoral Risk Assessment across the DNFBPs sub-sectors and has established National AML/CFT/CPF Inter-Ministerial Committee (IMC) for effective inter-agency collaboration and developed a comprehensive AML/CFT Strategy aligned with risk outcomes.
The engagements had in attendance representatives from the Mining Cadastral Office, Nigerian Bar Association, Institute of Chartered Accountants of Nigeria, Real Estate Developers Association of Nigeria, FCT Lottery Regulatory Office, and the Jewelers Marketers Association.
