EFCC warns precious metals and gemstones dealers on financing terrorism

The Economic and Financial Crimes Commission (EFCC) has raised an alarm that some dealers in precious metals and gemstones are being used to finance terrorism in parts of Nigeria. The commission warned miners and dealers to stop facilitating money laundering and terrorism financing.
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The warning came from EFCC Chairman Ola Olukoyede on Monday during a sensitization workshop held in Ibadan, Oyo State. The one-day event targeted miners and dealers in precious metals and stones, organized in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and supported by the German International Cooperation (GIZ).
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Olukoyede expressed concern over the negligence shown by some legitimate miners and gemstone dealers who fail to comply with the Know-Your-Customer (KYC) regulations, a critical tool in preventing illicit financial flows. Many dealers also neglected to report suspicious transactions, undermining efforts to combat money laundering and terror financing nationwide.
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Represented by Toyin Ehindero-Benson, Zonal Coordinator of the Special Control Unit Against Money Laundering (SCUML), the EFCC urged participants to fully understand the regulatory frameworks to improve compliance within the mineral resources sector.
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Michael Etuk, Vice President of the Ojoo Gemstone Dealers Association in Oyo State, assured the commission that dealers and miners were committed to supporting anti-money laundering and counter-terrorism financing goals.
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The EFCC remains committed to cracking down on financial crime networks using the gemstone industry as a conduit. Follow-up inspections and continuous education are underway to ensure full compliance.