EFCC warns Opay to prevent money laundering
The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged Opay to deepen its adherence to regulatory standards to safeguard the financial system from money laundering and fraudulent activities.
Olukoyede gave the charge yesterday, December 11, 2025, during a courtesy visit by Opay’s Chief Executive Officer, Mr. Steven Wen, and his management team to the EFCC headquarters in Abuja. He was represented by his Chief of Staff, Commander of the EFCC (CE) Michael Nzekwe.
According to him, strengthening compliance frameworks is central to the Commission’s efforts to use anti-corruption tools to stimulate economic growth. He advised the company to reinforce Know Your Customer (KYC) procedures and ensure strict conformity with all operational laws.
“Work on Know Your Customer (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.
Olukoyede also commended Opay for its largely local workforce, describing its 99 percent Nigerian staffing structure as commendable, but stressed that compliance must reflect in concrete actions, not just policy statements.
The Director of Investigations and Commander of the EFCC, CE Abdulkarim Chukkol, highlighted the need for robust system integrity, warning against insider threats and urging Opay to go beyond CBN-prescribed KYC standards.
“Systems integrity is very important. Sometimes insider abuse is very rampant. No matter how tight your system is, if you bring in someone capable of compromising it, then everyone is at risk,” he cautioned.
Responding, Opay CEO Steven Wen reaffirmed the company’s commitment to regulatory compliance, customer satisfaction, and sustainable revenue growth.
“The most important thing for our company is compliance with local laws and regulations. We believe compliance with the law is a red line we cannot cross,” Wen stated.
He added that Opay will continue to invest in innovation to improve customer experience and deliver value across its operations.
