The Economic and Financial Crimes Commission (EFCC) has raised the alarm that some gemstone dealers and precious stone miners in Nigeria are involved in financing terrorism and laundering illicit funds.
The commission’s Chairman, Ola Olukoyede, issued the warning on Monday in Ibadan, Oyo State, during a one-day capacity-building and sensitisation workshop for miners and gemstone dealers.
The event was organised in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and supported by the German International Cooperation (GIZ).
Olukoyede, represented by Toyin Ehindero-Benson, Zonal Coordinator of the Special Control Unit Against Money Laundering (SCUML), expressed concern over what he described as “gross insensitivity” among legitimate gemstone dealers who fail to comply with anti-money laundering regulations.
“Some dealers in precious stones are being used as conduits to launder illicit funds and finance terrorism in certain parts of the country.
This practice poses a grave threat to our national security and economic stability,” the EFCC chairman warned.
He criticised the failure of many miners and dealers to implement the Know-Your-Customer (KYC) policy and to report suspicious transactions, noting that such negligence undermines Nigeria’s fight against terrorism financing and other financial crimes.
“Compliance with KYC and suspicious transaction reporting is not optional — it is a legal obligation. Ignoring it makes one complicit, whether knowingly or unknowingly,” Olukoyede added.
The EFCC boss urged stakeholders in the gemstone and mining sectors to familiarise themselves with the regulatory framework governing SCUML operations, saying such awareness would enhance compliance and strengthen the country’s financial system against abuse.
“The nature of the precious stones industry makes it a critical focal point in the fight against financial crimes.
“This workshop provides a valuable platform to enhance awareness, share best practices and foster greater collaboration between regulators and operators,” he noted.
Responding, Michael Etuk, Vice President of the Ojoo Gemstone Dealers Association in Oyo State, pledged the association’s support for the EFCC’s efforts, assuring that members would cooperate fully to ensure compliance with anti-money laundering laws.
“We are committed to working with the EFCC and other relevant agencies to rid our business of criminal elements and protect the integrity of the industry,” Etuk said.
The sensitisation workshop, according to the EFCC, is part of a broader initiative to strengthen the capacity of non-financial institutions and designated businesses to detect and prevent the use of legitimate trade channels for illicit purposes.
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