The Economic and Financial Crimes Commission (EFCC) has urged operators in Nigeria’s solid minerals sector to strengthen due diligence and report transactions involving politically exposed persons (PEPs) to help curb corruption and financial crimes.
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.”
According to a statement posted on the EFCC’s X account on Monday, October 5, Olukoyede was represented at the event by Audu Suji, Head of the Special Control Unit Against Money Laundering (SCUML), Port Harcourt Zonal Directorate.
EFCC urges miners to comply with KYC rules
Olukoyede urged miners to comply with Know Your Customer (KYC) requirements and other anti-money laundering regulations applicable to designated non-financial businesses and professions (DNFBPs).
He warned that operators who fail to meet the requirements could face penalties.
“The law wants DNFBPs to begin to do KYC, just like financial institutions do. The purpose is to verify your identity with valid identity cards. And when you are selling, you should be sure of whom you are selling to,” he said.
He added: “We don’t want to hear that your clients did something wrong and you were not able to provide information on them. As a matter of fact there are penalties.”
Miners warned over politically exposed persons
The EFCC chairman said miners must exercise caution when dealing with customers, particularly politically exposed persons.
Olukoyede clarified that PEPs are not limited to politicians but include government appointees, elected public officials, their family members and close associates.
“Anybody holding a prominent government position is also a PEP. From the President down to Councillor, all the appointees are all PEPs, including their family members and close associates,” he said.
The EFCC said stronger compliance with customer identification and anti-money laundering requirements would help operators identify and report suspicious transactions within the solid minerals sector.
