EFCC Warns Gemstone Miners and Dealers Against Money Laundering

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede has warned miners and dealers in precious metals and stones in Nigeria to desist from being used as conduit pipes to launder illicit funds and finance terrorism and refrain from sabotaging the efforts of the federal government geared towards ending insecurity and economic infractions

He also frowned at the gross insensitivity of legitimate miners and dealers in gemstones evident in their negligence in conforming with Know-Your-Customer (KYC) policy and non-reportage of suspicious transactions, thereby undermining the Commission’s efforts in combating money laundering and terrorism financing in Nigeria.

He gave the warning in Ibadan, Oyo State on Friday, October 24, 2025 at a one-day capacity building /sensitization workshop for Miners and Dealers in Precious Metals and Stones in Oyo State, organised by the EFCC in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and sponsored by the German International Cooperation, GIZ.

Olukoyede who was represented by the Zonal Coordinator of Special Control Unit Against Money Laundering, SCUML of the Ibadan Zonal Directorate, Chief Superintendent of EFCC, CSE Toyin Ehindero-Benson charged the participants to familiarize themselves with “the regulatory framework guiding SCUML operations to enhance deep understanding of obligations and compliance with the anti-money laundering and counter terrorism financing frameworks as stakeholders and major players in the mineral resources industry”.

He stated that “the nature of the industry makes it a critical focal point in the fight against financial crimes and this workshop provides a valuable platform to enhance awareness, share best practices and foster greater collaboration between the regulators and operators”.

Furthermore, the capacity building workshop featured paper presentations by Assistant Commander of EFCC, ACE II Musa Giwa Yusuf, NFIU representative; Assistant Director, Kalu Aja and Superintendent of EFCC, SE Murtala Adamu.

In his paper titled “Money Laundering Vulnerability in the Miners and Dealers in Precious Metals and Stones (DPMS) Sector”, Yusuf identified possible money laundering and terrorist financing activities and the risks faced by DPMS, which mandates DPMS to understand their obligations associated with the regulatory framework.

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Representative from the NFIU, Aja who spoke on “Suspicious Transaction Reporting Within the DNFBP Sector”, harped on the need for a ‘compliance staff’ that would be saddled with the responsibilities of filing procedural transaction report and actively responsive to regulatory requests within firms that deal and trade in mining, gemstones etc.

In the same vein, SE Murtala Adamu presented a paper titled “How to Submit Statutory Reports” and took the participants through the required processes on how to register for SCUML Certificate and identified types of statutory reports expected from the participants as operators.

The eye-opening interactive workshop made all participants realise that their firms could be used to launder illicit funds without their knowledge, hence, all transactions, whether suspicious or non-suspicious, must be documented and reported.

In his remark, Michael Etuk, Vice President of Ojoo Gemstone Dealers Association, Oyo State assured the EFCC that dealers in gemstones and miners in Oyo State shall fulfil all obligatory responsibilities to strengthen the fight against money laundering and terrorist financing.