EFCC urges Nigerian miners to report PEP transactions

The Economic and Financial Crimes Commission (EFCC) has instructed operators in Nigeria’s solid minerals sector to strengthen due diligence and enhance Know Your Customer (KYC) compliance to mitigate corruption and financial crimes.

Speaking at the maiden Rivers State Mining Summit, EFCC Chairman Ola Olukoyede—represented by Audu Suji of the Special Control Unit Against Money Laundering (SCUML)—urged miners to report all transactions involving Politically Exposed Persons (PEPs). Olukoyede clarified that PEPs include not only elected officials but also government appointees, from the President down to local councillors, as well as their family members and close associates.

The EFCC emphasized that miners, as designated non-financial businesses and professions (DNFBPs), must verify client identities with valid documentation. Failure to comply with these anti-money laundering regulations and reporting requirements may result in legal penalties.