The Sokoto Zonal Coordinator of the Special Control Unit against Money Laundering, SCUML, Assistant Commander of the EFCC, ACE1 Ahmadu Bello, has charged dealers in precious metals and stones within the Sokoto Zonal Directorate of the Economic and Financial Crimes Commission, EFCC, to ensure they conduct their activities lawfully to avoid conflict with the law.
He stated this in Sokoto on Thursday, October 23, 2025 at a one day capacity building workshop jointly organized with the German Agency for International Coorporation (GIZ) aimed at equipping the dealers with requisite provisions of the Anti-Money Laundering/ Countering Financing of Terrorism AML/CFT regime and highlighting the roles of Designated Non-Financial Institutions Businesses and Professions(DNFBPS) under the Money Laundering (Prevention and Prohibition) Act, 2022 with participants drawn from Zamfara, Kebbi and Sokoto states.
In a paper titled “Money Laundering Vulnerabilities in the DNFBPS Sector”, Bello noted “that dealers in Precious Metals and Stones (DPMS) have a unique risk profile with regard to money laundering and terrorism financing because they trade in transferable items of value”.
The zonal coordinator encouraged the dealers to stay on the right side of the law as illicit mining, trafficking and smuggling of minerals have become rampant within the zone. “Illegal gold mining has been identified as one of the underlying drivers of conflict in the North, especially in Zamfara and recently Niger states” he said.
While highlighting red flags and money laundering indicators to participants, Bello reminded the dealers of their obligations including internal policies, procedures and control; customer due diligence proportionate to identified risk; rendition of Cash Transaction Reports (CTR’s) to SCUML and more.
In an earlier presentation, the dealers were equally taken through the objectives of the Money Laundering (Prevention& Prohibition Act) 2022; offences and penalties; functions of SCUML; location of SCUML offices; limitations to make or accept cash payments; customer identification; suspicious transaction reporting, etc.
