The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has cautioned miners and gemstone dealers across Nigeria to steer clear of money laundering and other financial crimes within the solid minerals sector.
Olukoyede issued the warning while addressing stakeholders, emphasizing that the Commission will intensify oversight of financial transactions linked to mining, mineral exports, and gemstone trading.
He noted that the EFCC remains committed to ensuring transparency and accountability in the industry, warning that individuals or companies found using mining operations as a cover for illicit financial activities would face prosecution under the Money Laundering (Prevention and Prohibition) Act.
“The solid minerals sector has huge potential for economic growth, but it must not be turned into a channel for laundering proceeds of crime,” Olukoyede stated.
The EFCC boss further urged operators to comply with existing anti-money laundering and counter-terrorism financing regulations, stressing the need for full disclosure in all financial dealings and export documentation.