The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has asked miners and gemstone dealers in Nigeria to steer clear of money laundering. He also warned them against other financial crimes within the solid minerals sector.
Olukoyede issued the warning while addressing stakeholders. He emphasised that the Commission would intensify oversight of financial transactions linked to mining, mineral exports, and gemstone trading.
He noted that the EFCC remained committed to ensuring transparency and accountability in the industry.
Furthermore, he highlighted that the agency would prosecute individuals or companies found using mining operations as a cover for illicit financial activities.
This, the agency would do 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.
Finally, he advised them to observe full disclosure in all financial dealings and export documentation.