Lagos, Nigeria – 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 programme, held over the weekend, was designed to reinforce corporate governance, regulatory compliance, and risk management across the group and its subsidiaries.
Delivering the keynote, Ibinabo Mary Amachree, Head of SCUML Lagos, underscored the importance of board-level responsibility in compliance. She emphasised that under the Money Laundering (Prevention and Prohibition) Act 2022 and the Terrorism Financing Prevention and Prohibition Act 2022, directors now face both personal and corporate liability for systemic failures.
Reinforcing this regulatory warning with a strategic vision, Mr. Mutiu Sunmonu, Chairman of Still Earth Holdings, framed governance as both a moral compass and a competitive differentiator for the group.
“Our responsibility as leaders is not only to deliver profits but to safeguard the reputation and resilience of the institutions we steward,” Sunmonu noted. He asserted that the board’s role is to ensure that every subsidiary—whether in construction, energy, or finance—operates under the same uncompromising ethical framework. “Governance is not a department; it is the DNA of Still Earth,” he added, highlighting that the company’s legacy depends on its ability to harmonize compliance with innovation.
The training session covered critical areas including board responsibilities in AML/CFT oversight, fundamentals of money laundering, terrorism financing risks, legal frameworks, preventive measures, and governance duties. Participants were trained on Know Your Customer (KYC) procedures, customer due diligence, suspicious transaction reporting, targeted financial sanctions screening, and record keeping.
Interactive case studies exposed sector-specific risks across subsidiaries such as Tirex Petroleum & Energy, Still Earth Construction, and Still Earth Capital Finance. Discussions highlighted issues including over-invoicing, shell companies, offshore payments, contract splitting, and the identification of politically exposed persons (PEPs).
Commenting on the operational impact of this vision, Kingsley Inyama, Head of Credit Risk, described the programme as both timely and essential.
He noted: “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 stressed the importance of identifying beneficial owners in transactions, noting that “the penalties for failing to do so can include fines, sanctions, and even imprisonment.”
The training concluded with a commitment to several high-level board resolutions aimed at cultivating a brand synonymous with probity and excellence:
• Adoption of a zero-tolerance policy on money laundering and terrorism financing.
• Establishment of compliance committees to ensure constant oversight.
• Mandating annual training programmes for staff and management.
• Approval for independent audits to validate internal compliance claims.
The annual compliance programme was attended by staff and management of Still Earth Holdings and its subsidiaries, reinforcing the group’s commitment to embedding integrity at the heart of its operations and building a corporate legacy that transcends financial earnings.
