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💰 EFCC Raises Alarm: Precious Metal Dealers Funding Terrorism in Nigeria

 


The Economic and Financial Crimes Commission (EFCC) has raised serious concerns that dealers in precious metals and gemstones across Nigeria are helping to finance terrorism and launder illicit funds.

The warning came from EFCC Chairman, Ola Olukoyede, during a sensitisation workshop in Ibadan, Oyo State, on Monday. The event was organised in partnership with the Nigerian Financial Intelligence Unit (NFIU) and supported by the German development agency, GIZ.

“The trade in precious metals and stones has become a major avenue for money laundering and terror financing. These materials are high in value, easy to conceal, and easily moved across borders,” Olukoyede said.

The EFCC boss explained that some unscrupulous dealers exploit loopholes in the mineral trade system to move funds to terror groups and criminal networks operating within and outside Nigeria.

He emphasised that many traders fail to comply with financial laws such as Know Your Customer (KYC) verification and suspicious transaction reporting, making the sector vulnerable to abuse.

The Commission urged miners, exporters, and traders to adhere to the Money Laundering (Prevention and Prohibition) Act and adopt transparent business practices to avoid sanction.

The EFCC announced plans to strengthen oversight on the trade in precious stones and metals, particularly in states known for mining activities such as Zamfara, Kaduna, Plateau, and Oyo.

Security agencies are also expected to tighten monitoring around mineral export routes and ensure that proceeds are not diverted to fund terrorism or organised crime.

💎Nigeria’s mineral sector is estimated to be worth billions of naira annually, but illegal trading and smuggling continue to undermine national security and economic development.

The EFCC’s latest alert serves as a wake-up call for stakeholders in the mining and jewelry industries to clean up their operations and cooperate with law enforcement.

#EFCC #TerrorismFinancing #MoneyLaundering #NigeriaSecurity #PreciousMetals #GoldTrade #GemstoneDealers #BreakingNews #DailyGist #DailyGuide

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