EFCC Warns DNFBPs: Ignorance of Anti-Money Laundering Law No Excuse

By Musbahu Basirka

Abeokuta, Ogun State – October 17, 2025

The Economic and Financial Crimes Commission (EFCC) has cautioned Designated Non-Financial Businesses and Professions (DNFBPs) to strengthen internal controls and ensure full compliance with Nigeria’s Anti-Money Laundering (AML) laws, warning that ignorance of the law will not be tolerated as an excuse.

The warning came during the maiden sensitization programme for DNFBPs in Ogun State, themed “Sensitization of DNFBPs on Their Compliance Obligations in Ogun State.” The event was organized by the Special Control Unit against Money Laundering (SCUML), a department of the EFCC responsible for monitoring compliance among non-financial entities.

Declaring the session open, the Acting Zonal Director, Lagos Directorate II of the EFCC, Assistant Commander of the EFCC (ACE I) Ahmed Ghali, noted that the Commission’s anti-corruption strategy rests on two key pillars enforcement and prevention.

“In our over two decades of operation, the EFCC has consistently deployed two main mechanisms: the investigation and prosecution of offenders, and preventive strategies through partnerships and collaborations with key stakeholders,” Ghali explained.

He highlighted that under the leadership of Mr. Ola Olukoyede, the Commission has intensified its preventive approach, particularly through increased stakeholder engagement and public education.

Ghali further underscored the importance of the sensitization exercise, especially as Nigeria works to exit the Financial Action Task Force (FATF) grey list.

“We must demonstrate through collective effort—that Nigeria is committed to global best practices in financial integrity and compliance. Entities that repeatedly fail in registration, record-keeping, or suspicious transaction reporting will face sanctions. Ignorance of the law is never an excuse,” he warned.

During the technical session, ACE I Ibinabo Amachree, Head of SCUML Lagos, presented a paper on “Overview of Money Laundering and Terrorism Financing.” She explained the stages and techniques of money laundering, as well as Nigeria’s AML/CFT/CPF legal framework.

“Illicit proceeds are dirty. The process that attempts to make them appear legitimate is known as money laundering,” she noted, stressing that the ultimate goal of laundering is to evade prosecution and asset confiscation.

Also speaking, ACE II Folasade Oluwasanya facilitated a detailed session on compliance and reporting obligations, covering Currency Transaction Reports (CTR), Suspicious Transaction Reports (STR), Politically Exposed Persons (PEPs), Targeted Financial Sanctions (TFS), and implementation of the EFCC Administrative Sanctions Regime. She urged DNFBPs to embed compliance culture in their daily business operations.

In his goodwill message, Ogun State Commissioner for Agriculture, Hon. Bolu Owotobo, commended the EFCC for organizing what he described as a “timely and impactful workshop,” stressing the importance of combating financial crimes across all sectors, including agriculture.

“In today’s interconnected world, fighting money laundering must be comprehensive—even in sectors often overlooked. A culture of compliance is essential for economic stability and national security,” he said.

Similarly, Ogun State Commissioner for Housing, Hon. Jagunmolu Akande, represented by Mr. Kola Agemo, the Senior Special Assistant to the Governor on Housing, emphasized the real estate sector’s vulnerability to illicit financial activities.

“Criminal elements have long used real estate to launder funds. Regulators, developers, and policymakers must work together to promote transparency and due diligence,” he stated.

The programme drew strong participation from key government ministries, including Agriculture, Housing, and Culture & Tourism, as well as industry associations such as the Real Estate Developers Association of Nigeria (REDAN), National Association of Nigerian Travel Agencies (NANTA), National Hoteliers Association, and the Federal Ministry of Solid Minerals.

Dr. Adeyemi Adeniyi, Chairman of REDAN, Ogun State Chapter, pledged continued collaboration with the EFCC to strengthen compliance and integrity in the real estate industry.

The sensitization workshop, held in Abeokuta, recorded a robust turnout from stakeholders across various sectors reflecting Nigeria’s growing commitment to strengthening its Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) framework.

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