Crime
Olukoyede Charges Businesses, Professionals in Southwest on Money Laundering
Olukoyede Charges Businesses, Professionals in Southwest on Money Laundering
The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has charged Designated Non-Financial Businesses and Professionals, DNFBPs to strictly comply with the provisions of the Money Laundering (Prevention and Prohibition) Act, 2022, do due diligence on their customers and ensure that they report suspicious transactions, especially of Politically Exposed Persons, PEPs to the Commission.
He gave the charge at a one-day workshop for sensitization of DNFBPs, with the theme: “Awareness to Action: Mobilizing DNFBPs for Compliance”, which was held in Lagos, on Thursday, February 27, 2025.
The workshop, which was organized by the South-West region of the Special Control Unit against Money Laundering, SCUML, which is the Anti-Money Laundering Department of the EFCC, had in attendance professionals from various DNFBPs across the region.
Declaring the workshop open, the acting Zonal Director, Lagos Zonal Directorate, ACE I Michael Wetkas, stressed the need for the DNFBPs to strictly comply with the stipulated rules guiding their operations, as a way of contributing their quota to the fight against money laundering, and engendering economic growth and development.
“As professionals in the DNFBP sector of the economy, you are critical stakeholders in the fight against economic and financial crimes. Nigeria belongs to all of us, so you need to play your role diligently without fear or favour, because what you do in your own corner will have a multiplier impact on the country,” he said.
Also speaking, Director of SCMUL, Commander of EFCC, CE Daniel Isei, noted that the awareness campaign was part of the concerted efforts of the Commission to get Nigeria off the Financial Action Task Force, FATF’s Grey List.
“As you may be aware, Nigeria was added to the FATF Grey list in February 2023 after a 2021 Mutual Evaluation Report identified critical gaps in our financial crime prevention measures,” he said.
The grey list, he explained, included jurisdictions under increased monitoring due to deficiencies in their AML/CFT regimes. According to him, while substantial strides have been made under an action plan, jointly developed with FATF’s International Cooperation Review Group, ICRG, there was still more work to be done, particularly as it relates to the DNFBPs.
He said: “Nigeria needs to come out of the Grey List and one of the deficiencies found is that compliance is very low. In order to exit the Grey List by May 2025, some outstanding actions need to be addressed urgently to demonstrate our effectiveness, such as applying effective,
proportionate and dissuasive sanctions for breaches of AML/CFT requirements and following up to ensure remedial actions are taken by sanctioned entities. Enhance preventive measures through inspections, outreach and provision of guidance for higher-risk sectors.”
He urged participants to ensure that they complied with their obligations under the Nigerian AML/CFT regime.
In a paper titled, “Application of KYC/CDD measures (PEP Reporting) to prevent ML/TF risk for DNFBP”, the Head, SCUML, Lagos, ACEI Ibinabo Amachree, stressed the importance of the Know Your Customer, KYC obligation of DNFBPs.
“You must ensure that you carry out due diligence in knowing your customer, and ensuring proper documentation to ascertain relevant information from your prospective customers before doing business with them, and this is a continuous activity,” she said, stressing that failure to do so will mean running afoul of the law, and ignorance was not a defence in law,”
Head, SCUML, Ibadan, ACE I Toyin Ehindero, noted that the South-West region was seen as a critical stakeholder in achieving the goals of the Commission.
Olukoyede
Further highlights on targeted financial sanctions were provided by ACE II Folashade Oluwasanya, a resource person from SCUML, who emphasized the roles of the DNFBPs in combating money laundering and terrorist financing.
“The importance of vigilance in identifying suspicious activities and legal obligations of DNFBPs in reporting such transactions to relevant authorities cannot be overemphasized,” she said.
On his part, ACE II Bassey Okon, gave a detailed analysis on the administrative sanctions that can be imposed on DNFBPs for non-compliance with regulatory requirements.
He further underscored the potential repercussions of failing to adhere to financial regulations, and the importance of maintaining robust compliance frameworks.
The workshop was in furtherance of the goal of the Commission to ensure the removal of Nigeria from the FATF Grey List and ensuring compliance with extant laws by DNFBPs, particularly in the South-West region.
Police Begin Investigation Over Alleged Acid Attack On Teenager In Adamawa
Police begin investigation over alleged acid attack on teenager in Adamawa.The police command in Adamawa says it has commenced an investigation into a case of an alleged acid attack on a teenager, Walid Mohammed, in Yola South LGA.
The police command in Adamawa says it has commenced an investigation into a case of an alleged acid attack on a teenager, Walid Mohammed, in Yola South LGA.
The command’s spokesperson, SP Suleiman Nguroje, disclosed this in a statement on Thursday in Yola.
He said that the incident occurred on January 14, at Shagari quarters, when the suspect, one Idris Hamza, sprayed a substance suspected to be acid on the victim on his way to the mosque.
“On January 14, 2026, the victim, a 17-year-old, ran to the Shagari Division Headquarters in distress, that while on his way to mosque, he was sprayed with a substance suspected to be acidic by one Idris Hamza, a resident of Shagari, Yola South LGA.
Adamawa
“Following the report, the victim was immediately rushed to a hospital, where he is currently receiving medical treatment, while the alleged suspect was taken into custody,” he said.
Mr Nguroje said that police commissioner Dankombo Morris has directed the State Criminal Investigation Department to take over the case and conduct a thorough investigation.
Exchange Commission Partners Police To Tackle Illegal Scheme Operators, Crypto Fraudsters
Exchange Commission partners police to tackle illegal scheme operators, crypto fraudsters. The Securities and Exchange Commission (SEC) and the Nigeria Police Force have forged an alliance against illegal scheme operators, investment frauds, and cryptocurrency frauds in a bid to protect the hard-earned savings and the financial dreams of the Nigerian people.
The director-general of the SEC, Dr Emomotimi Agama, stated this during a meeting with the Inspector General of Police, Kayode Egbetokun, held yesterday in Abuja.
Agama said the SEC, as the sentinel at the gate of Nigeria’s formal capital markets, had the mandate to protect investors, maintain fair, efficient, and transparent markets, and promote the growth of a vibrant economy built on trust, which is done by setting rules, licensing operators and market surveillance.
He, however, stated that the Commission faced adversaries who operate in the shadows, outside regulated gates by exploiting the trust of people and promising miraculous returns such as 200 per cent in 30 days.
“Currently, there is a gap, a seam between identification and enforcement that these scammers exploit. Today, we aim to close that gap permanently. Therefore, we propose a robust, institutionalised collaboration with the following pillars: Joint Intelligence and Operations Task Force: Capacity Building and Knowledge Transfer; Streamlined Processes for Enforcement and National Public Awareness Campaign,” he stated.
The SEC DG advocated, “the establishment of a dedicated SEC-NPF team that combines market intelligence, forensic accounting, and understanding of complex financial schemes with investigative and intelligence-gathering capabilities. This team will be the rapid-response unit to new frauds.”
Agama also sought the permission of the IGP to go into a Memorandum of Understanding with the Cyber Security Unit of the Police Force in a bid to ensure that cyberspace is safe for all Nigerians
In his response, the IGP Kayode Egbetokun assured the SEC team that the Nigerian police Force is ready to collaborate with the Commission, strengthen partnership in all the ways possible, and ensure that the Commission achieves its aims.
He said, “Your role in the Securities and Exchange Commission is very crucial to the Nigerian Economy, and with our supervision and support from the government, we will ensure economic recovery and growth. If the police unit in SEC is strengthened, it is going to make such an impact on your enforcement drive.
Exchange Commission Partners Police
What you said speaks so much to your determination to ensure effective drive in the Capital market, and when we can achieve effective enforcement, it comes with so many benefits.
Egbetokun also congratulated the Commission on the recent achievement of the N100 trillion market capitalisation mark, adding that it will aid economic growth and development.
Ogun Police To Probe ‘Assault’ On Portable In Custody
Ogun Police to probe ‘assault’ on Portable in custody. The Ogun state police command has ordered an investigation into a now-viral video depicting the controversial singer Portable being assaulted in custody.
In the footage, Portable is seen shirtless, handcuffed, and tearfully pleading while seated on a chair in what appears to be a police holding area.
There were rumours that he was beaten by police officers at the station where he was held. In the video, Portable could also be heard lamenting about being alone and having no one but God to turn to.
“My mum is late. It’s only God I have, I have no one else,” he said tearfully.
Reacting to the video via a statement, the command’s spokesperson Oluseyi Babaseyi confirmed that Portable was in police custody over a “different issue”.
He, however, condemned the alleged assault shown in the footage, stressing that the police do not support mistreating suspects or exposing them publicly.
“Yes, he was arrested, and he is with us, but that is a different issue. What is important is the assault that was happening at the station,” he said.
Portable
“We don’t condone it. We don’t condone videoing suspects. We don’t even put suspects’ faces out. No matter who the suspect is, nobody should be treated in such a manner.”
Babaseyi added that an investigation has begun to identify the officers behind the act. He said any officer culpable would be handed over to the appropriate authorities.
“The investigation is ongoing, and the officers involved, if found culpable, will be sent to the appropriate authorities. That process has already started,” he said.
Portable’s arrest follows social media reports claiming that a petition was filed by Ashabi Simple, one of his baby mamas.
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