The Executive Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has urged members of the Association of Motor Dealers of Nigeria (AMDON) to stay alert and avoid being used by individuals who attempt to launder criminal proceeds through vehicle transactions.
Speaking during a one-day sensitisation workshop organised by the Special Control Unit Against Money Laundering (SCUML) of the EFCC’s Ibadan Zonal Directorate for the Osun State chapter of AMDON, Olukoyede stressed the need for car dealers to know their customers and verify every transaction.
Represented by the SCUML Coordinator in Ibadan, ACE II Toyin Ehindero-Benson, the EFCC boss said the training, themed “The Importance of Know Your Customer (KYC) and Customer Due Diligence (CDD),” was aimed at strengthening the fight against money laundering and terrorist financing. He warned that illegal financial activities not only fuel insecurity but also threaten Nigeria’s economic stability.
Olukoyede called on car dealers to ensure that vehicles are not used to disguise illicit funds, adding that compliance with EFCC and SCUML guidelines helps protect their businesses from legal and reputational harm. “KYC and CDD are vital tools for safeguarding your dealership and the country. Compliance should be seen not as a burden but as a mark of integrity. Together, we can create a safer, more transparent business environment,” he said.
He explained that the workshop was part of the EFCC’s broader effort to deepen cooperation with key stakeholders and encourage adherence to anti-money laundering laws. Dealers, he added, must verify the identities of their customers, document transactions properly, and report any suspicious financial activity.
The Chairman of AMDON, Osun State chapter, Aliu Aribidesi Azeez, described the engagement as a major step toward promoting transparency, accountability, and ethical practices in the automobile industry. He reaffirmed the association’s commitment to aligning its operations with both national and international standards on financial integrity.
Azeez commended the EFCC and SCUML for their continued collaboration, urging members to take advantage of such workshops to strengthen their business ethics and improve compliance practices.
