The Executive Chairman of the Economic and Financial Crimes
Commission, EFCC, Ola Olukoyede, has cautioned financial technology companies
across Nigeria to stay alert and protect their platforms from fraudsters.
He gave the warning in Abuja on Thursday, April 30, 2026,
while addressing chief executive officers of fintech firms at an industry
engagement meeting held at the commission’s corporate headquarters.
Olukoyede, while commending the executives for expanding
financial access and driving innovation across the country, warned that the
same opportunities have also been exploited by criminals to carry out
fraudulent activities.
“The opportunities you have created have also given
criminals the opportunity to perpetrate crimes, and over the years, we have
discovered that there is a need for us to meet from time to time, even in the
interest of your business. We will also tell you the things that we are privy
to in respect of your operations and services that we think criminals are
actually exploiting and how to block those spaces and strengthen the regulatory
regime around the business you do,” he said.
The EFCC boss stressed the need for closer cooperation
between the Commission and fintech operators, urging them to build a strong
working relationship through information sharing.
He also advised the companies to protect their reputation,
noting that trust remains their most valuable asset.
“It has taken some of you years to get to where you are, and
I tell you, one mishandled transaction can destroy what you have built over ten
years. You must be conscious of your reputation; that is the most valuable
thing you need to grow in a business, not even the money. Once a reputation is
damaged, you can hardly get it back. We want to collaborate with you, work with
you, and that is one of the ways to fulfil our own mandate,” he said.
Olukoyede further urged stakeholders in the sector to work
together to strengthen regulations and protect the economy from threats such as
insecurity.
He specifically warned fintech firms to tighten their
systems against terrorism financing by complying with existing rules on
reporting suspicious transactions.
“We have been complaining about insecurity in Nigeria. Of
course, we are also vested with the power to investigate terrorism financing,
and one of the areas we have seen that these people exploit is your space. We
think it is high time we did something about that. People pay ransom, and we
discover that most times they collect the ransom through POS, so what can we do
to tidy up this loose end, whether by virtue of doing your KYC or coming up
with other ideas?” he said.
By
TheTimes Nigeria
