The Economic and Financial Crimes Commission (EFCC), on Monday, raised the alarm that dealers in precious metals and stones in Nigeria are among those financing terrorism in some parts of the country.

The anti-graft agency therefore warned miners and dealers to desist from being used as conduits for laundering illicit funds and financing terrorism, urging them to support the federal government’s efforts to end insecurity and economic sabotage.

The Chairman of the EFCC, Ola Olukoyede, issued the warning on Monday in Ibadan, Oyo State capital, during a one-day capacity building and sensitization workshop for Miners and Dealers in Precious Metals and Stones in the State.

Daily Trust reports that the sensitization programme was organised by the EFCC in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and sponsored by the German International Cooperation (GIZ).

Olukoyede, who criticised some miners for their conduct, decried what he described as “the gross insensitivity” among legitimate miners and dealers in gemstones who neglect compliance with the Know-Your-Customer (KYC) policy.

He lamented the failure of many dealers to report suspicious transactions, saying such negligence undermines the Commission’s efforts in combating money laundering and terrorism financing in Nigeria.

The EFCC boss, represented by the Zonal Coordinator of the Special Control Unit Against Money Laundering (SCUML) of the Ibadan Zonal Directorate, Toyin Ehindero-Benson, charged the participants to familiarize themselves with the regulatory framework guiding SCUML operations.

According to him, this would enhance their understanding of their obligations and compliance with the anti-money laundering and counter terrorism financing frameworks as stakeholders and major players in the mineral resources industry.

“The nature of the industry makes it a critical focal point in the fight against financial crimes and this workshop provides a valuable platform to enhance awareness, share best practices and foster greater collaboration between the regulators and operators,” Olukoyede was quoted to have said in a statement issued by the spokesman of the commission, Dele Oyewale.

In his remark, Michael Etuk, Vice President of Ojoo Gemstone Dealers Association, Oyo State, assured the EFCC that dealers and miners in the state are committed to fulfilling their regulatory responsibilities and supporting the fight against money laundering and terrorist financing. (Daily Trust)