The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged the management and staff of Opay to make strict compliance with existing regulations a core priority in order to safeguard business integrity and prevent money laundering and other fraudulent activities.
Olukoyede gave the charge in Abuja on Thursday, December 11, 2025, during a courtesy visit to the EFCC headquarters by Opay’s Chief Executive Officer, Mr. Steven Wen, who was accompanied by other top executives of the financial institution.
Speaking on behalf of the EFCC Chairman, the Chief of Staff to the Chairman, Commander of the EFCC, CE Michael Nzekwe, said one of Olukoyede’s guiding principles is the use of anti-corruption measures as a tool to stimulate economic growth. He therefore emphasized the importance of strict adherence to all relevant laws and regulations in the conduct of Opay’s business.
“Ensure robust Know Your Customer (KYC) processes, do not give room for fraud, do not allow your platform to be used for money laundering, and comply fully with every law of the land,” he said.
Nzekwe also commended Opay for its strong local content policy, noting that 99 percent of the company’s workforce is made up of Nigerians. However, he stressed that compliance must go beyond declarations.
“Your ninety-nine percent local employment is commendable, but it is equally important to ensure full compliance with local laws. Compliance must not be by word of mouth alone, but clearly demonstrated through action,” he added.
Also speaking, the Director of Investigation at the EFCC, Commander CE Abdulkarim Chukkol, underscored the importance of systems integrity and warned against insider abuse.
“Systems integrity is critical. KYC compliance should go beyond minimum regulatory requirements. You must go the extra mile. Insider abuse is a major risk — no matter how strong your systems are, bringing in the wrong individuals can expose the entire organization,” Chukkol said.
Earlier, Opay CEO Mr. Steven Wen reaffirmed the company’s commitment to regulatory compliance, customer satisfaction, and sustainable revenue growth.
“The most important priority in our company is compliance with local laws and regulations. Second is customer satisfaction — using innovative solutions to solve customer problems and deliver value. Third is revenue growth. Compliance with the law is a red line we will not cross,” Wen said.
