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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has tasked financial technology companies across the country to remain vigilant and safeguard their networks against the manipulative antics of fraudsters.
He gave the charge in Abuja on Thursday, April 30, 2026, while addressing chief executive officers (CEOs) of fintech companies at an industry engagement meeting held at the Commission’s corporate headquarters.
Olukoyede, while applauding the executives for their strides in expanding the global financial space and digital asset platforms through inclusion and innovation, cautioned that fraudsters are increasingly exploiting the same platforms to perpetrate criminal activities.
“The opportunities you have created have also given criminals the chance to perpetrate crimes. Over the years, we have discovered the need for us to meet from time to time, even in the interest of your businesses. We will also share insights on areas of your operations and services that criminals are exploiting, and how to block those gaps and strengthen the regulatory framework around your business,” he said.
He called for stronger collaboration between the EFCC and fintech companies, emphasizing the importance of intelligence sharing and a sound working relationship. He urged the executives to jealously guard the integrity and reputation of their businesses, stressing that reputation is critical to sustainable growth.
“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; it is the most valuable asset you need to grow your business, not even money. Once a reputation is damaged, it is difficult to recover. We want to collaborate and work with you, and that is one of the ways to fulfill our mandate,” he said.
He further stated that all business players in the country must work in synergy to strengthen the regulatory environment and build resilience against threats to the economy, including insecurity. He specifically cautioned fintech companies to reinforce their systems against terrorism financing by complying with existing regulations on suspicious transaction reporting.
“We have been concerned about insecurity in Nigeria. We are also empowered to investigate terrorism financing, and one of the areas these actors exploit is your space. It is time to address this. Ransoms are often paid through POS systems. What can we do to close this gap? Whether through stronger KYC processes or other innovative solutions,” he added.
Discussions at the meeting covered a wide range of operational and regulatory issues, all aimed at sanitizing the fintech ecosystem and strengthening safeguards against fraud and other financial crimes.
Dele Oyewale
Head, Media & Publicity
April 30, 2026
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