EFCC Targets Illegal Mining Financiers as Nigeria Intensifies Financial Crime and Illicit Proceeds Investigations

Nigeria’s Economic and Financial Crimes Commission (EFCC) has pledged to intensify investigations into the financial networks supporting illegal mining, warning that the theft of mineral resources is increasingly connected to organised crime, illicit financial flows and insecurity.

EFCC Chairman Ola Olukoyede said enforcement efforts would extend beyond arresting individuals operating illegal mining sites to targeting financiers, mineral buyers, transporters, compromised public officials and other beneficiaries of criminal proceeds.

He made the remarks on 3 November 2026 during a public lecture and capacity-building workshop organised by the Michael Imoudu National Institute for Labour Studies in collaboration with the Human and Environmental Development Agenda in Ilorin, Kwara State.

According to the EFCC, illegal mining creates opportunities for extortion, smuggling, violence and territorial disputes, while proceeds from unlawful mineral extraction can support other forms of criminal activity.

The commission disclosed that it recorded 52 illegal mining cases between October 2023 and July 2026 and secured the forfeiture of 102 tonnes of solid minerals through its enforcement activities.

Investigations have reportedly exposed networks involving local and international participants responsible for financing extraction operations, arranging transportation, facilitating documentation, purchasing illegally obtained minerals and benefiting from the proceeds.

Olukoyede stressed that financial investigations would be central to dismantling these networks, including tracing payments, bank transactions, business relationships and asset acquisitions linked to suspected criminal proceeds.

He also clarified that the EFCC does not regulate the mining industry or issue mining licences. Its intervention focuses on suspected corruption, fraud, money laundering, illicit financial flows and the recovery of criminal assets.

The commission called for stronger collaboration among mining regulators, financial intelligence institutions, law enforcement agencies, customs authorities and revenue agencies to improve information sharing and coordinate investigations across the mineral supply chain.

For compliance professionals and financial institutions, the development highlights the importance of enhanced customer due diligence, beneficial ownership verification, transaction monitoring and scrutiny of businesses operating within high-risk extractive supply chains.

It also reinforces the need to identify the ultimate beneficiaries of mineral trading transactions and assess the source of funds and commercial legitimacy of payments involving mining operators and mineral buyers.