By Miriam Humbe
The Executive Chairman of the Economic and Financial Crimes Commission, (EFCC), Ola Olukoyede, has called for all-inclusive efforts in the implementation of the Anti-Money Laundering and Counter-Terrorist Financing, AML/CFT framework, noting that it is the only way to defeat the twin scourges of money laundering and terrorism financing in Nigeria and beyond.
Dele Oyewale, the EFCC’s Head, Media & Publicity disclosed this in a statement signed on Thursday.
Olukoyede made the observation in Abuja, at the opening ceremony of the Third African High Level Civil Society Anti-Money Laundering and Counter-Terrorist Financing AML/CFT, Conference 2026, at the Abuja Continental Hotel.
According to him, responding effectively to the threats posed by terrorism and money laundering requires not only robust legal and institutional frameworks but strong partnerships, built on trust, dialogue, and shared responsibility.
Olukoyede, who was represented by the Director, Special Control Unit against Money Laundering, SCUML, Deputy Commander of the EFCC, DCE Harry Erin, appreciated the participants from across the African Continent in the four day event, which runs from July 14–17 for their “unwavering commitment to transparency, accountability, humanitarian service, and contribution to sustainable development, growth and stability of Nigeria.”
He thanked representatives of African governments, Financial Intelligence Units, law enforcement agencies, regulatory authorities, civil society organizations, the non-profit sector, development partners, academia, and the private sector for their tireless efforts in working together to rid Africa of terrorism financing.
Speaking on the theme of this year’s conference, “Implementing FATF Recommendation Correctly: Practices, Lessons Learned and Opportunities for Reform,” he noted that the world continues to confront evolving threats from terrorist financing, violent extremism, transnational organized crimes, and illicit financial flows.
“These threats undermine peace, weaken democratic institutions, discourage investment, and divert scarce resources away from development priorities,” he said.
He clarified that the Financial Action Task Force Recommendation Eight, R8, was not about regulating or restricting all non-profit organizations, but a call on countries to identify the set of organizations that may be vulnerable to terrorist financing and to apply focused, proportionate and risk-based measures.
“Equally important, countries are expected to protect legitimate charitable and humanitarian activities from unnecessary disruption. This balanced approach is especially significant for Africa. Civil society organizations remain indispensable partners in delivering humanitarian assistance, promoting education, improving healthcare, supporting internally displaced persons, empowering women and young people, and responding to conflicts and natural disasters. They are not merely stakeholders in our AML/CFT framework; they are partners in safeguarding peace, resilience, and sustainable development,” he said.
According to the EFCC boss, Nigeria’s experience with R8 was best achieved through collaboration rather than confrontation.
“In recent years, Nigeria has undertaken far-reaching reforms to strengthen its AML/CFT framework, guided by the principles of partnership, evidence-based policymaking, and continuous stakeholder engagement”, he said, revealing that Nigeria successfully conducted a comprehensive National Terrorist Financing Risk Assessment of the Non-Profit Sector, which he disclosed was through teamwork and collaboration of inter-agency framework involving EFCC’s SCUML, the Nigerian Financial Intelligence Unit, NFIU, the Office of the National Security Adviser, ONSA, the Corporate Affairs Commission, CAC, other relevant government institutions and civil society organizations.
He stated that the assessment enabled Nigeria to move beyond broad assumptions to a more targeted understanding of terrorist financing vulnerabilities and that it strengthened Nigerian’ ability to identify organizations genuinely at risk of abuse, while ensuring that the overwhelming majority of legitimate non-profit organizations can continue their vital work without unnecessary regulatory burdens.
According to him, the experience reinforced an important lesson of effective implementation of FATF R8 which he said depends on trust. “Trust between regulators and civil society. Trust between governments and development partners. Trust built through transparency, consultation, information sharing, and mutual respect,” he said.
Speaking further, he explained that as Africa prepares for a new cycle of Mutual Evaluations, “we have an opportunity to learn from one another. This conference provides an important platform to exchange practical experiences, identify implementation challenges, showcase successful reforms, and strengthen regional cooperation. The lessons we share here can help shape more effective, context-specific approaches that reflect Africa’s realities while remaining fully aligned with international standards,” he said.
He pledged the commitment of the Commission in working with all stakeholders to strengthen Nigeria’s AML/CFT regime and to support continental efforts aimed at protecting the integrity of the financial system while preserving the legitimate role of civil society.
In her welcome address, the Executive Director, Spaces for Change|S4C West Africa, Victoria Ibezim-Ohaeri, noted that July 15, 2026, marked the 10th year anniversary of AML/CFT advocacy in Nigeria, noting that advancing R8 has been a rough ride.
“When we started engaging this issue, regarding implementing R8 correctly, ensuring that counter-measures do not hamper charitable operations, the debates were hard, tough and difficult, with governments and NPOs being very defensive. Our initial report, “Unpacking the Official Construction of Risks and Vulnerabilities for the Third Sector in Nigeria’ received a lot of pushback.”
She praised the EFCC for the first ever dialogue between NPOs and the AML/CFT security architecture in Nigeria, organised in April 2019 adding that traditional CSO-NPO dialogues have been sustained till date.
According to her, Spaces for Change has successfully worked with four SCUML directors over the years, whom she said made it possible for moving together from diagnosis to action and to the consolidation of progress made.
The Chairman, Board of Trustee, Spaces for Change, Samuel Diminas in his remarks disclosed that Africa is being drained by illicit financial flows to the tune of over $88 billion, annually. This, according to him, is despite the efforts of stakeholders in the last 10 years in strengthening AML/CFT frameworks. “These are not abstract numbers. They represent schools that remain unbuilt, hospitals left unequipped, and opportunities denied to millions,” he said.
He commended EFCC’s SCUML, and other stakeholders for their support and unflinching collaboration, noting that, “When government and civil societies converge under one roof, we send one clear message: tackling illicit finance in Africa demands collective action.”
He expressed confidence in collaborative efforts at tackling terrorist financing and money laundering, stating that it’s only through joint effort that far-reaching results can be achieved.
“So, our task this week is twofold: to strengthen the integrity of our financial systems and to safeguard the civic space that holds those systems accountable. A strong civil society is Africa’s early warning system against abuse of power, corruption, and illicit finance,” he said.
Diminas assured that in the four days event, stakeholders are going to move from diagnosis to action. “We will share practical solutions that help governments, regulators, law enforcement agencies, the private sector, especially financial institutions, as well as non-profits to comply with FATF Recommendation 8.
We will build trust between regulators, financial institutions, and civil society,” adding that compliance works best when it is collaborative, not adversarial.
