The Economic and Financial Crimes Commission (EFCC) has urged the management and staff of OPay to make strict compliance with existing regulations a core operational principle to promote business integrity and prevent money laundering and other fraudulent practices.
The charge was given by the Executive Chairman of the EFCC, Mr. Ola Olukoyede, during a courtesy visit to the Commission’s headquarters in Abuja on Thursday, December 11, 2025, by the Chief Executive Officer of OPay, Mr. Steven Wen, alongside other top executives of the company.
Speaking through his Chief of Staff, Commander of the EFCC, CE Michael Nzekwe, Olukoyede said one of the guiding principles of his leadership was the use of anti-corruption measures as a tool for stimulating economic growth. He stressed that adherence to extant laws and regulations was critical to achieving this objective.
He advised the company to strengthen its Know Your Customer (KYC) processes, block loopholes for fraud, and ensure that its platform is not exploited for money laundering activities. According to him, full compliance with all applicable laws remains non-negotiable.
The EFCC chairman also commended OPay for its employment policy, particularly its emphasis on local content, noting that about 99 per cent of its workforce is made up of Nigerians. However, he stressed that compliance with local laws must go beyond declarations and be demonstrated through concrete actions.
Also speaking, the Director of Investigation at the EFCC, Commander CE Abdulkarim Chukkol, underscored the importance of system integrity and internal controls within financial institutions. He warned against insider abuse, noting that even the most robust systems could be compromised if internal safeguards are weak.
Chukkol added that compliance should not be limited to regulatory guidelines issued by the Central Bank of Nigeria (CBN), but should involve going the extra mile to strengthen internal processes, particularly in staff recruitment and monitoring.
Earlier, OPay CEO, Mr. Steven Wen, said regulatory compliance, customer satisfaction and revenue growth were the company’s top priorities. He emphasized that adherence to local laws and regulations remained a “red line” the company would not cross.
Wen noted that OPay places strong emphasis on customer verification and the use of innovative solutions to address customer needs while creating value, adding that sustainable revenue growth could only be achieved within the bounds of the law.
The visit, according to the EFCC, reflects ongoing engagement with stakeholders in the financial sector aimed at strengthening compliance, promoting transparency and safeguarding Nigeria’s financial system.
The statement was issued by the Head of Media and Publicity of the EFCC, Mr. Dele Oyewale, on December 11, 2025.
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