By James Ogunnaike, Abeokuta

The Economic and Financial Crimes Commission (EFCC), through its Special Control Unit against Money Laundering, SCUML, has conducted an intensive Anti-Money Laundering and Counter-Financing of Terrorism, AML/CFT, compliance training for the board and senior management of Still Earth Holdings.

The training programme, was aimed at strengthening corporate governance, regulatory compliance, and risk management across the company and its subsidiaries.

Speaking during the session, Head of SCUML Lagos, Mrs. Ibinabo Mary Amachree, stressed the need for stronger board-level accountability in compliance matters. She warned that under the Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism Financing Prevention and Prohibition Act 2022, directors could face both personal and corporate liability for systemic compliance failures.

Amachree explained that the evolving regulatory environment requires organisations to adopt proactive measures in identifying and preventing financial crimes. She urged directors and senior executives to institutionalise compliance culture within their operations.

Chairman of Still Earth Holdings, Mr. Mutiu Sunmonu, described governance as both a moral obligation and a strategic advantage for the company.

“Our responsibility as leaders is not only to deliver profits but to safeguard the reputation and resilience of the institutions we steward,” Sunmonu said.

According to him, the board remains committed to ensuring that all subsidiaries of the group operate under a unified ethical framework.

“Whether in construction, energy, or finance, every subsidiary must adhere to the same uncompromising governance standards. Governance is not a department; it is the DNA of Still Earth,” he stated.

Sunmonu added that the long-term sustainability and legacy of the company would depend on its ability to combine innovation with strict regulatory compliance.

The training covered key areas including board responsibilities in AML/CFT oversight, money laundering risks, terrorism financing threats, legal frameworks, preventive measures, and governance obligations. Participants were also trained on Know Your Customer, KYC, procedures, customer due diligence, suspicious transaction reporting, targeted financial sanctions screening, and record-keeping requirements.

Interactive case studies highlighted sector-specific risks within subsidiaries such as Tirex Petroleum & Energy, Still Earth Construction, and Still Earth Capital Finance. Discussions focused on issues including over-invoicing, shell companies, offshore payments, contract splitting, and the identification of politically exposed persons, PEPs.

Head of Credit Risk at Still Earth Holdings, Mr. Kingsley Inyama, described the programme as timely and critical to strengthening operational compliance.

“The essence of the training is to understand when anti-money laundering violations or terrorism financing may be taking place. In business, especially in the international sector, it is important to know the source of funds,” Inyama said.

He further stressed the importance of identifying beneficial owners in transactions, warning that failure to comply could result in severe penalties.

“The penalties for failing to identify beneficial ownership can include fines, sanctions, and even imprisonment,” he added.

At the end of the programme, the board adopted several resolutions aimed at reinforcing integrity and accountability within the organisation. These include the adoption of a zero-tolerance policy on money laundering and terrorism financing, establishment of compliance committees for continuous oversight, mandatory annual compliance training for staff and management, and approval of independent audits to validate internal compliance processes.

The annual compliance programme was attended by staff and management of Still Earth Holdings and its subsidiaries, further underscoring the group’s commitment to embedding integrity, transparency, and accountability at the core of its operations.