The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede has urged the management and staff of Opay to make compliance with existing regulations a watchword to ensure business integrity and block avenues for money laundering and fraudulent practices.
Olukoyede gave the charge in Abuja on December 11, 2025 when the Chief Executive Officer, CEO, Opay, Mr. Steven Wen led other top managers of the financial technology company on a courtesy visit to the EFCC headquarters.
The EFCC boss, who spoke through his Chief of Staff (CoS), Commander of the EFCC, CE Michael Nzekwe stated one of the mantras of the chairman was using the instrumentality of anti-corruption to stimulate growth in the economy. He, therefore, urged the managers to keep faith with extant laws in running their business.
“ Work on Know Your Customers (KYC) don’t give room for fraud, don’t allow your company to be used for money laundering and comply with every law of the land,” he said.
While further emphasizing the need for compliance, he commended Opay for considering local content in its employment policy.
“Your 99 percent local employees are very good, we must commend you for that, but then again it is also important to reiterate the need for compliance with local laws. It is very important because you have to ensure that it is not just by word of mouth but more by action that you comply with the local laws,” the EFCC chairman said.
Also speaking on the need for compliance, Director, Investigation, Commander of the EFCC, CE Abdulkarim Chukkol reiterated the need for systems integrity adding that Opay must ensure it safeguards itself against insider abuse in the company.
“Systems integrity is also very important to look at, secondly the KYC, it is not enough for us to say let us just follow only what the CBN has given us, but again, you have to go the extra mile.
“I also want to give advice on the people that you employ, sometimes insider abuse is very rampant, no matter how tight your system is, when you bring in somebody that can do and undo, then definitely everybody is at risk,” he said.
