RismadarVoice Reporters
October 5, 2026
The Economic and Financial Crimes Commission has urged operators in Nigeria’s solid minerals sector to strengthen due diligence and Know Your Customer procedures and report transactions involving politically exposed persons.
EFCC Executive 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.”
Olukoyede, represented by the Head of the Special Control Unit Against Money Laundering at the Port Harcourt Zonal Directorate, Chief Superintendent of the EFCC, Audu Suji, said stronger compliance was necessary to reduce corruption, money laundering and other financial crimes in the mining industry.
He warned that businesses operating in the sector could face sanctions for failing to comply with applicable anti-money laundering requirements.
According to the EFCC chairman, mining businesses classified as Designated Non-Financial Businesses and Professions are required to establish the identities of their customers, maintain appropriate transaction records and provide relevant information when required by regulatory authorities.
He urged operators to apply enhanced due diligence when dealing with politically exposed persons, noting that the category extends beyond elected politicians to people entrusted with prominent public functions, as well as their immediate family members and close associates.
Olukoyede said transactions involving PEPs require greater scrutiny because of the risks associated with their positions and access to public resources.
He also stressed the obligation to report transactions involving politically exposed persons and urged operators to maintain effective compliance systems.
The EFCC chairman said SCUML is responsible for monitoring and supervising designated non-financial businesses and professions to ensure compliance with anti-money laundering and counter-terrorism financing requirements.
He attributed Nigeria’s removal from the Financial Action Task Force grey list in 2025 partly to improved compliance and monitoring efforts involving the EFCC, Nigerian Financial Intelligence Unit and other relevant institutions.
Olukoyede said sustained compliance by businesses would remain important in protecting Nigeria’s financial system and consolidating progress against money laundering and other financial crimes.
Meanwhile, Chairman of the Miners Association of Nigeria, His Royal Highness Hope D.D. Opusingi, condemned illegal mining and the unauthorised export of mineral resources.
Opusingi said mineral resources worth billions of naira were being illegally extracted and exported, resulting in revenue losses to governments, host communities and legitimate operators.
He called for stronger collaboration among miners, regulators, security agencies and other stakeholders to curb illegal mining and improve accountability across the sector.
Stakeholders at the summit also stressed the need for closer cooperation between regulators and operators to protect Nigeria’s mineral resources, strengthen compliance and improve revenue generation from the industry.
