EFCC Chairman Olukoyede Calls for Enhanced Collaboration to Combat Money Laundering, Illicit Financial Flows

The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has intensified his call for stronger synergy and collaboration among all stakeholders in the fight against money laundering and other economic and financial crimes. This urgent appeal comes as Nigeria strives to strengthen its financial integrity and exit the Financial Action Task Force (FATF) grey list.

Speaking on Thursday, July 24, 2025, at a one-day outreach program for high-risk Designated Non-Financial Businesses and Professions (DNFBPs) in Ibadan, Olukoyede emphasized that collaborative efforts are paramount to tackling the increasing sophistication of financial crimes. The workshop, themed “Effective Implementation of AML/CFT/CPF Measures among DNFBP in Nigeria,” brought together professionals from sectors highly vulnerable to illicit funds.

“Your presence here today signifies a more deliberate collaborative effort and greater commitment towards effective implementation of the Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing measures and enforcement of the Money Laundering Law,” Olukoyede stated. He highlighted that sectors such as law, real estate, accounting, solid minerals, and precious metals, while vital to the economy, are frequently exploited by criminals to launder illicit funds.

The EFCC boss underscored the critical need for DNFBPs to be more vigilant and ensure strict compliance with regulations overseen by the Special Control Unit Against Money Laundering (SCUML). “Compliance with SCUML is essential. It ensures that your businesses are not used as conduits for financial crimes,” he reiterated.

Olukoyede has consistently championed collaboration, recently making similar calls at regional workshops organized with Interpol and the Japan International Cooperation Agency (JICA), and at various stakeholders’ engagements. He stressed that security challenges across West and Central African regions are often fueled by money laundering and illicit financial flows, necessitating enhanced inter-agency coordination, intelligence sharing, joint tactical operations, and robust capacity building for law enforcement personnel.

“Nigeria’s standing in the global financial system depends significantly on how well we implement the Anti-Money Laundering/Countering Financing of Terrorism/ and Countering the Proliferation Financing measures across both financial and non-financial sectors,” Olukoyede added, warning that non-compliance exposes the nation to the risk of remaining on the FATF grey list.

He urged all participants to see anti-money laundering compliance not just as a legal requirement, but as a “moral and patriotic duty,” emphasizing that “dirty money only thrives in silent systems. When professionals speak up and follow the rules, crime dies in the dark.”

The EFCC’s renewed push for collaboration is aimed at building a credible, transparent, and resilient AML/CFT system that will strengthen investor confidence, foster economic growth, and protect Nigeria’s national and international reputation from the corrosive effects of financial crimes.