EFCC Tells Opay to Make Full Compliance Its Daily Practice.
There was a measured sense of urgency at the EFCC headquarters in Abuja on Thursday as the leadership of the commission reminded mobile money operator Opay that strict obedience to Nigeria’s financial regulations must remain at the heart of its operations. The Executive Chairman of the Economic and Financial Crimes Commission, Mr Ola Olukoyede, delivered the message through his Chief of Staff, Commander Michael Nzekwe, during a courtesy visit by Opay’s Chief Executive Officer, Mr Steven Wen, and senior managers of the company. Nzekwe, speaking for the EFCC chair, stressed that regulatory discipline is essential for business integrity and for shutting the door against money laundering. His words carried the weight of routine warnings that have too often been ignored in the sector. He reminded the visiting delegation that the EFCC boss believes in using anti corruption measures to drive economic growth. In his quiet but firm remarks, he urged the company to strictly follow existing rules. “Work on Know Your Customers, KYC, do not give room for fraud, do not allow your company to be used for money laundering and comply with every law of the land,” he said. While acknowledging Opay’s high number of Nigerian staff, he warned that local content alone is not enough without full adherence to local laws. “Your ninety nine 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 caution was echoed by the Director of Investigation, Commander Abdulkarim Chukkol, who focused on the need for internal safeguards. He explained that a company could invest in strong digital systems yet remain vulnerable if it does not guard against insider threats. “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. In his response, Opay’s CEO, Mr Wen, described compliance as the cornerstone of the company’s values and noted that customer satisfaction and revenue growth follow closely behind. “The most important thing in our company is compliance with local laws, compliance with local regulations, second is customer certification, how we use innovative solutions to solve our customer problems to provide them value. Then, number three is how to grow our revenue. We believe that compliance with the law is a red line we cannot cross,” he said. The meeting ended with a quiet understanding that the mobile money giant will be judged not by statements but by how closely its actions follow the rules in the months ahead.
| 2025-12-12 11:59:07