THE Economic and Financial Crimes Commission (EFCC) has raised serious concerns over the involvement of some gemstone dealers and miners in the financing of terrorism and money laundering activities in Nigeria.
News Point Nigeria reports that the anti-graft agency sounded the alarm on Monday during a one-day capacity building and sensitisation workshop for miners and dealers in precious metals and stones held in Ibadan, the Oyo State capital.
The EFCC Chairman, Mr. Ola Olukoyede, while addressing participants, warned that certain individuals in the gemstone and mineral trade have become conduits for illicit financial flows that are fueling terrorism and economic sabotage in parts of the country.
“Dealers in precious metals and stones have been identified among those financing terrorism in Nigeria. This must stop,” Olukoyede said.
The workshop, organised in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and sponsored by the German International Cooperation (GIZ), was aimed at enhancing compliance and awareness among industry operators about their roles in the country’s anti-money laundering and counter-terrorism financing framework.
Represented by Mrs. Toyin Ehindero-Benson, the Zonal Coordinator of the Special Control Unit Against Money Laundering (SCUML) under the Ibadan Zonal Directorate, the EFCC boss expressed worry over the “gross insensitivity” of some legitimate miners who fail to observe regulatory compliance standards such as the Know-Your-Customer (KYC) policy.
“Many dealers neglect compliance obligations and fail to report suspicious transactions. Such negligence undermines our efforts in combating money laundering and terrorism financing in Nigeria,” he said.
Olukoyede emphasised that the extractive and gemstone industry, due to its cash-based nature and transnational trading network, remains vulnerable to exploitation by criminal financiers seeking to legitimise illicit funds.
He charged participants to familiarise themselves with SCUML’s regulatory framework, urging them to fully cooperate with law enforcement agencies in identifying and reporting suspicious financial activities.
“The nature of the industry makes it a critical focal point in the fight against financial crimes,” Olukoyede stated. “This workshop provides a valuable platform to enhance awareness, share best practices, and foster stronger collaboration between regulators and operators.”
He reiterated the federal government’s determination to stamp out economic sabotage and called for collective action to protect Nigeria’s financial system from being used to sponsor terrorism or undermine national stability.
In his remarks, Michael Etuk, Vice President of the Ojoo Gemstone Dealers Association, Oyo State, assured the EFCC of the industry’s commitment to cooperate with regulatory authorities and strengthen internal compliance mechanisms.
“We are ready to support the EFCC and other agencies in their mission to rid the sector of bad elements who bring the trade into disrepute,” Etuk said.
The EFCC’s warning comes amid increasing global concern over the use of precious stones and minerals to launder proceeds of crime and finance terrorist networks.