EFCC Chairman, Mr. Ola Olukoyede
By EZEKIEL OBI, Abuja-
Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has issued a strong warning to car dealers across the country to be vigilant and avoid being used by individuals seeking to launder illicit funds or finance terrorism through vehicle purchases.
According to a statement released in Abuja by EFCC spokesperson, Dele Oyewale, the anti-graft agency’s boss gave the advice during a one-day capacity-building and sensitisation workshop organised for members of the Association of Motor Dealers of Nigeria (AMDON), Osun State chapter, in Osogbo.
Olukoyede, who was represented by the Coordinator of the Special Control Unit Against Money Laundering (SCUML), Ibadan Zonal Directorate, ACE II Toyin Ehindero-Benson, spoke on the theme “The Importance of Know Your Customer (KYC) and Customer Due Diligence (CDD).”
He described the forum as an important step in strengthening the fight against money laundering and terrorist financing, urging business operators to stay alert and not allow their platforms to be exploited for criminal purposes.
> “Prevent vehicles from being used to conceal illicit funds and ensure compliance with SCUML and EFCC regulations,” Olukoyede cautioned.
“KYC and CDD are essential tools for protecting your business and the nation. Every dealer has a role to play in stopping financial crimes. Compliance is not a burden; it’s a badge of integrity. Together, we can build a safer and more transparent business environment.”
The EFCC chairman emphasised that illegal financial dealings contribute to insecurity and stifle the nation’s economic growth. He encouraged car dealers to always verify their customers’ identities, confirm the legitimacy of transactions, and promptly report any suspicious activity.
Olukoyede further explained that applying KYC and CDD principles helps prevent financial crimes, safeguards business integrity, and fosters trust between dealers and regulatory agencies. He urged AMDON members to collect and verify clients’ personal details, monitor irregular transactions, and carefully assess risks before doing business.
In his remarks, the Chairman of AMDON, Osun State Chapter, Mr. Aliu Azeez, commended the EFCC for the initiative, describing the workshop as “a significant milestone in promoting transparency, compliance, and accountability in the automobile industry.”
> “As responsible stakeholders, we fully recognise the importance of aligning our operations with both national and international standards on anti-money laundering and counter-terrorist financing,” Azeez said.
He also praised SCUML’s ongoing collaboration with Designated Non-Financial Businesses and Professionals (DNFBPs) to enhance awareness and ensure compliance with regulatory standards, calling on AMDON members to take such training seriously as a way to improve ethical business conduct.
