November 19, 2021

EFCC warns motor dealers against money laundering


Stock photo

By Adeola Badru, Ibadan

The Economic and Financial Crimes Commission, EFCC, has warned members of the Association of Motor Dealers of Nigeria (AMDON), Oyo State chapter, against doing business with criminals and money launderers.

The anti-graft agency, through its Special Control Unit on Money Laundering (SCUMOL), gave the warning yesterday, at a workshop organised to sensitise the members of the association on the activities of criminals and money launderers and how motor dealers can protect themselves under the Money Laundering Prohibition Act 2011 as amended.

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While speaking at the workshop, the Director Special Control Unit on Money Laundering, Mr Daniel Essie represented by Mr Mathew Eno, said that the money laundering act is not against the business of mother dealers, rather it was enacted to protect their business because motor dealing business is vulnerable to money laundering activities.

He noted that a lot of criminals and money launderers found it easy to use the business of motor dealing to perpetuate their criminal activities thus, the law was made for the protection of motor dealers against the evils of money launderers.

While sensitizing members of the association, the director stated that EFCC through SCUMOL, has decide to partner with AMDON national executives, by making it mandatory for for all members of AMDON to register with SCUMOL and failure to do so will attract severe penalty.

He said: “the registration with SCUMOL is compulsory and it is very simple. All you need is your CAC certificate whether you have registered as a business name or a liability company, you must upload the documents with your membership certificate of AMDON. After the registration, a certificate will be issued and it is free.”

Mr Essie who further enlightened members of AMDON on why the law requires that they must be registered with SCUMOL, noting that the business is very lucrative and deals with a lot of cash and that because there was no entry requirements for the business, saying anybody can be a car dealer without any scrutiny from anybody.

While speaking to journalists, the coordinator of SCUMOL in Oyo State, Mrs Toyin Dehindero Benson advised AMDON members to yield to all they have been told in the workshop to avoid facing the wrath of the law. 

She urged them to make sure that they give hundred percent compliance to the provisions of the law.

“We are doing a sensitization workshop and talking friendly now expecting a hundred percent compliance and if there’s anything that fall short of that, then we can start to enforce that law,” Benson said.