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The Economic and Financial Crimes Commission (EFCC) has directed operators in the solid minerals sector to strengthen customer checks and report transactions involving politically exposed persons (PEPs).
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.”
Olukoyede, represented by the Head of the Special Control Unit Against Money Laundering (SCUML), Port Harcourt Zonal Directorate, Chief Superintendent Audu Suji, said miners must comply with Know Your Customer (KYC) requirements and conduct proper due diligence on their clients.
He warned that failure to comply with the requirements could attract sanctions, stressing that miners must be able to identify the persons they conduct business with and provide relevant information when required.
According to him, miners must exercise greater caution when dealing with PEPs and file reports on transactions involving them, regardless of the transaction threshold.
Olukoyede explained that PEPs were not limited to politicians, but included persons occupying prominent government positions, elected public officials, their family members and close associates.
He urged miners to apply enhanced due diligence when dealing with such persons because of the potential risks associated with access to public funds.
The EFCC chairman said SCUML, established to monitor Designated Non-Financial Businesses and Professions (DNFBPs), has the statutory responsibility to supervise the mining sector and ensure compliance with anti-money laundering and counter-terrorism financing regulations.
He attributed Nigeria’s removal from the Financial Action Task Force (FATF) Grey List in 2025 partly to compliance monitoring efforts by the EFCC, the Nigerian Financial Intelligence Unit (NFIU) and other intelligence agencies.
Meanwhile, the Chairman of the Miners Association of Nigeria, His Royal Highness Hope D.D. Opusingi, condemned illegal mining and the illicit export of mineral resources.
Opusingi said mineral resources worth billions of naira were being illegally mined and exported daily, resulting in revenue losses to governments, local communities and legitimate miners.
He called for stronger collaboration between the EFCC and other regulatory agencies to curb illegal mining and protect the country’s mineral resources.
