The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), 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) of 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 to the Chairman, Commander of the EFCC (CE) Michael Nzekwe, stated that one of the core principles of Olukoyede’s leadership is using anti-corruption mechanisms to stimulate economic growth.
He, therefore, urged the Opay management team to adhere strictly to extant laws in the course of their operations.
“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.
While further emphasizing the importance of compliance, he commended Opay for prioritizing local content in its staffing structure.
“Your ninety-nine percent local employees are commendable, and we appreciate that. However, it is also important to reiterate the need for compliance with local laws. It must go beyond words into practical, consistent action.”
Also speaking, the Director of Investigations and Commander of the EFCC, CE Abdulkarim Chukkol, stressed the importance of system integrity, adding that Opay must safeguard itself against insider abuse.
“Systems integrity is very important. Secondly, in terms of KYC, it is not enough to rely solely on what the CBN has provided. You must go the extra mile. I also want to advise you on the type of people you employ. 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 said.
Earlier in his remarks, Wen stated that compliance with regulations, customer satisfaction, and revenue growth are top priorities for the company.
“The most important thing for our company is compliance with local laws and regulations. Second is customer satisfaction—how we use innovative solutions to solve customer problems and deliver value. Third is how to grow our revenue. We believe compliance with the law is a red line we cannot cross,” he said.
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