EFCC Warns Opay: “Compliance Must Be Your Watchword”
At a time when Nigeria’s digital finance sector is expanding at breakneck speed, the Economic and Financial Crimes Commission (EFCC) says innovation must never outpace integrity.
The EFCC Chairman, Mr Ola Olukoyede, gave this charge on Thursday, December 11, 2025, urging Opay to place strict regulatory compliance at the centre of its operations to safeguard the financial system from fraud and money laundering.
Speaking through his Chief of Staff, Commander Michael Nzekwe, during a visit by Opay’s CEO, Mr Steven Wen, and senior executives, Olukoyede stressed that the Commission’s focus is to use anti-corruption tools to promote economic growth.
“Work on Know Your Customer, 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 warned, while commending Opay for employing 99 per cent local staff.
Director of Investigation, Commander Abdulkarim Chukkol, also urged Opay to strengthen system integrity and guard against insider abuse.
“No matter how tight your system is, one wrong employee can put everyone at risk,” he cautioned.
Responding, Wen reaffirmed the company’s commitment to compliance, customer satisfaction, and sustainable revenue growth.
“Compliance with the law is a red line we cannot cross,” he noted.
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