The Economic and Financial Crimes Commission (EFCC) has urged operators in Nigeria’s solid minerals sector to strengthen due diligence and report transactions involving politically exposed persons (PEPs) to help curb corruption and financial crimes. EFCC Chairman, Ola Olukoyede, gave the charge at the maiden Rivers State Mining Summit, themed, “Repositioning……
The Economic and Financial Crimes Commission (EFCC) has urged operators in Nigeria’s solid minerals sector to strengthen due diligence and report transactions involving politically exposed persons (PEPs) to help curb corruption and financial crimes.
EFCC Chairman, Ola Olukoyede, gave the charge at the maiden Rivers State Mining Summit, themed, “Repositioning the Mining Sector in Rivers State for Optimal Beneficiation of All Stakeholders.”
According to a statement via the X handle of the EFCC, on Monday, October 5, Olukoyede, who was represented by the Head of the Special Control Unit Against Money Laundering (SCUML), Port Harcourt Zonal Directorate, Chief Superintendent of the EFCC, Audu Suji, also urged miners to comply with Know Your Customer (KYC) requirements and other anti-money laundering regulations.
He warned that failure to comply with the requirements would attract penalties.
“The law wants DNFBPs to begin to do KYC, just like financial institutions do. The purpose is to verify your identity with valid identity cards. And when you are selling, you should be sure of whom you are selling to,” he said.
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“We don’t want to hear that your clients did something wrong and you were not able to provide information on them. As a matter of fact there are penalties.”
The EFCC chairman said miners must exercise caution when dealing with customers, particularly politically exposed persons, adding that PEPs were not limited to politicians.
He explained that the category included government appointees, elected public officials, their family members and close associates.
“Anybody holding a prominent government position is also a PEP. From the President down to Councillor, all the appointees are all PEPs, including their family members and close associates,” Olukoyede said.
“So, when dealing with a PEP, carry out enhanced due diligence, because it is believed that they have access to public funds and there is a likelihood of abuse, so ensure enhanced due diligence on them, and that a report is filed on them on any transaction that occurs, not minding the threshold.”
Olukoyede said the EFCC’s SCUML was among agencies mandated to monitor and supervise Designated Non-Financial Businesses and Professions (DNFBPs), which include operators in the mining sector.
He said effective monitoring and compliance in the sector had contributed to Nigeria’s removal from the Financial Action Task Force (FATF) Grey List in 2025.
“Our duty is to ensure that all these businesses are monitored and duly registered with SCUML and are in compliance with the provisions of the AML/CFT regulations,” he said.
“We all know of the country’s exit from FATF’s Grey list last year. Nigeria was delisted from this list through the efforts of the EFCC, NFIU and other intelligence agencies.”
The Chairman of the Miners Association of Nigeria, His Royal Highness Hope D.D. Opusingi, condemned illegal mining, saying mineral resources worth billions of naira were being illegally mined and exported daily.
He said the development had resulted in revenue losses for the government at all levels, local communities and legitimate mining operators.
Opusingi commended the EFCC and other regulatory agencies for their efforts and called for stronger collaboration to tackle illegal mining in the country.
