By RismadarVoice Media
December 13, 2025
To ensure business integrity while preventing money laundering, fraudulent activities, the Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has asked the management and staff of opay Digital Services to priorities compliance with existing regulations.
This message was conveyed in a statement released to the media in Kaduna.
According to the statement,
Mr. Olukoyede issued this directive in Abuja during a courtesy visit by Opay’ Chief Executive Officer, Mr. Steven Wen, along with other senior managers of the financial institution, to the EFCC headquarters.
Speaking through his Chief of Staff, Commander of the EFCC, CE Michael Nzekwe, Olukoyede emphasized that one of his key mantras is to use anti-corruption measures to stimulate economic growth. He therefore encouraged Opay’s leadership to adhere strictly to relevant laws in their operations.
“Focus on knowing your customers (KYC), preventing fraud, and ensuring that your company is not exploited for money laundering. Comply with all laws of the land,” he emphasized.
He also lauded Opay for its commitment to local content in its employment policy, noting, “having 99 percent local employees is commendable, but it is crucial to ensure adherence to local laws, compliance should be evident not only in words, also in actions.”
Similarly, the Director of Investigation at the EFCC, Commander CE Abdulkarim Chukkol, highlighted the importance of maintaining system integrity, stressing that Opay must protect itself against threats from insiders.
“It’s crucial to ensure system integrity and focus on KYC. It’s not sufficient to follow only the guidelines provided by the Central Bank of Nigeria (CBN); you need to go the extra mile. I also advise on the importance of hiring the right personnel.
” Insider abuse can be rampant, and even the most secure systems can be compromised by wrong hires,” he warned.
Earlier in his remarks, Mr. Wen stressed that compliance with regulations, customer satisfaction, and revenue generation are top priorities for Opay.
He said: “The most important aspect of our operation is compliance with local laws and regulations. Following closely is customer satisfaction, how to use innovative solutions to address customer needs.
“We focus on revenue growth. We believe that compliance with the law is a line we cannot cross.”
