EFCC to OPAY: Make Compliance with Regulations Your Watchword

The Executive Chairman of the Economic and Financial Crimes Commission, Mr Ola Olukoyede, has charged the management and staff of Opay to make compliance with existing regulations a watchword to ensure business integrity and block avenues for money laundering and fraudulent practices.
Olukoyede gave the charge in Abuja on Thursday, December 11, 2025, when the Chief Executive Officer, CEO, Opay, Mr Steven Wen, led other top managers of the financial institution on a courtesy visit to the EFCC headquarters.
The EFCC boss, who spoke through the Chief of Staff, CoS, to the Chairman, Commander of the EFCC, CE Michael Nzekwe, stated that one of Olukoyede’s mantras was using the instrumentality of anti-corruption to stimulate economic growth.

He, therefore, charged the managers to keep faith with extant laws in running their business.
“ Work on Know Your Customers, 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. While further emphasising the need for compliance, he commended Opay for considering local content in its employment policy.
“Your ninety-nine per cent local employees are outstanding, we must commend you for that, but then again, it is also important to reiterate the need for compliance with local laws. It is essential because you have to ensure that you comply with local laws not just by word of mouth but also by action.
Also speaking on the need for compliance, Director, Investigation, Commander of the EFCC, CE Abdulkarim Chukkol, reiterated the need for systems integrity, adding that Opay must ensure it safeguards itself against insider abuse in the company.

“Systems integrity is also essential 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 advise 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.
Earlier in his presentation, Wen disclosed that compliance with regulations, customer satisfaction and revenue generation are priorities his company considered very important.
“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 customers 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.