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Senate passes bill to amend Money Laundering Act   

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Nigerian Senate
Senate in Session
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The Senate on Wednesday passed a bill to amend the Money Laundering Act 2011.

The passage of the bill tagged, “Money Laundering (Prevention and Prohibition) Act 2022”,  followed the consideration of a report by the Committee on Anti-Corruption and Financial Crimes.

The provisions of the Money Laundering Bill 2022, makes it mandatory for Banks and other Financial Institutions to report in writing to the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission, any single transaction or lodgment in excess of N5 million naira for an individual, and N10 million in the case of a corporate body.

It provides in Section 11(3) that, “any Financial Institution or Designated Non-Financial Business and Profession that contravenes the provisions of this section commits an offence and is liable on conviction to a fine of not less than N250,000 and not more than N1 million for each day the contravention continues.”

In addition, the provisions of the bill in Section 12 prohibits the opening of numbered or anonymous accounts in fictitious names and shell banks.

It provides that any person or financial institution that contravenes the provisions of Section 12 subsections (1), (2) and (3) commits and offence and is liable to imprisonment of not less than 2 years and not more than 5 years in the case of an individual; and a fine of not less than N10 million but not more than N50 million for a Financial Institution, in addition to the prosecution of the principal officers of the body, and winding up and prohibition of its constitution or incorporation.

The provisions of Section 13 further mandates financial institutions and designated non-financial businesses and professions to identify and asses the money laundering and terrorism financing risks that may arise in relation to the development of new products and new business practices.

Chairman of the Committee, Senator Suleiman Abdu Kwari (Kaduna North), in his presentation, said the bill seeks to repeal the institutional and legal framework on money laundering prohibition in Nigeria.

According to him, the amendment to the Money Laundering Act, would “provide for effective and comprehensive legal framework to re-invigorate the fight against money laundering in the country by leaning more on prevention as a useful tool to strengthen the existing legal regime in combating money laundering and other related crimes in the country.”

He added that the re-enactment bill provides appropriate penalties and expands the scope of supervisory bodies to effectively address the challenges faced in the implementation of anti-money laundering laws in Nigeria.

Kwari explained further that, the bill upon becoming law, would provide protection for employees of various anti-graft institutions, and see to the establishment of the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission.

He said that the unit when established, would be charged with the effective implementation of the money laundering laws in relation to designated Non-Financial Businesses and or Professions in Nigeria.

“The enactment of this bill will resolve the institutional issues regarding the establishment of the Special Control Unit against Money Laundering under the Federal Ministry of Trade and Investment, being implemented by the Economic and Financial Crimes Commission.

“The bill seeks to introduce certain supervisory and enforcement mechanism, through the imposition of administrative penalties for breach of any requirement imposed by law”, the lawmaker said.

The bill was passed by the upper chamber after consideration by the Committee of the Whole.
 

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Adubiaro Expresses Gratitude to Oyebanji Over Reappointment as Ekiti SSG

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Prof. Habibat Omolara Adubiaro
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Prof. Habibat Omolara Adubiaro has expressed profound gratitude to Ekiti State Governor, Biodun Abayomi Oyebanji, for reappointing her as Secretary to the State Government (SSG), describing the renewed mandate as an honour and a call to greater service.

Adubiaro, in a statement issued following the announcement of her reappointment, appreciated the governor for the confidence reposed in her capacity, dedication and commitment to the development of the state.

She pledged continued loyalty, diligence and commitment to the ideals and objectives of the Oyebanji administration, assuring that she would work towards the successful implementation of its policies, programmes and development agenda.

The SSG said her renewed appointment offered another opportunity to contribute meaningfully to building a peaceful, prosperous and progressive Ekiti State.

She also expressed appreciation to the First Lady of Ekiti State, Prof. Olayemi Oyebanji, for her encouragement, support and contributions to the growth and development of the state.

Adubiaro extended her gratitude to the Ewi of Ado-Ekiti, Oba Dr. Rufus Adeyemo Adejugbe Aladesanmi III, and Olori Abosede Adejugbe for their goodwill, prayers and support, noting the important role of traditional institutions in promoting peace, unity, cultural heritage and sustainable development.

She equally appreciated the Grand Imam of Ekiti State and President-General of the League of Imams and Alfas in Southwestern Nigeria, including Edo and Delta States, Sheikh Jamiu Kewulere, as well as the Muslim community in the state, for their prayers, spiritual guidance and encouragement.

The SSG also acknowledged the leadership and members of the All Progressives Congress (APC) for their solidarity and support, reaffirming her commitment to the ideals of the party and collaboration with political leaders, government officials and other stakeholders to advance the administration’s development agenda.

She did not leave out her family members, friends, associates and well-wishers, whom she thanked for their congratulatory messages, prayers and expressions of goodwill following the announcement of her reappointment.

Adubiaro further pledged to discharge her responsibilities with professionalism, accountability, transparency, teamwork, humility and integrity, stressing that she remained conscious of the high expectations associated with public service.

She assured the people of Ekiti State of her determination to work closely with relevant stakeholders to translate the governor’s vision into tangible benefits for residents.

The SSG also prayed for God’s continued guidance, wisdom, strength and good health for Governor Oyebanji, while seeking peace, unity and prosperity for the state’s traditional institutions, religious leaders, political stakeholders, public servants and residents.

She reiterated her resolve to justify the confidence reposed in her through dedicated service and an unwavering commitment to the progress and development of Ekiti State.

 

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Oyebanji Makes First Appointments in Second Term, Retains SSG, Chief of Staff, CPS

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Ekiti State Governor,Biodun Abayomi Oyebanji
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Ekiti State Governor, Biodun Oyebanji, has made his first set of appointments following his inauguration for a second term in office, retaining three key members of his administration.

The governor approved the reappointment of Professor Habibat Adubiaro as Secretary to the State Government (SSG), Mr Oyeniyi Adebayo as Chief of Staff, and Mr Olayinka Oyebode as Chief Press Secretary (CPS) to the Governor.

The appointments were announced on Friday, October 16, 2026, shortly after Oyebanji and his deputy, Chief (Mrs.) Monisade Christianah Afuye, were inaugurated for another term in office in Ado-Ekiti, the Ekiti State capital.

According to a statement signed by the Chief Press Secretary to the Governor, Olayinka Oyebode, the appointments take immediate effect.

The decision to retain the three principal officials ensures continuity in key administrative, executive and communication positions as the governor begins his second term.

As Secretary to the State Government, Professor Adubiaro occupies a strategic position in the coordination of government policies, administrative processes and inter-agency relations.

Similarly, Adebayo, as Chief of Staff, is responsible for supporting the governor’s office and coordinating executive activities, while Oyebode oversees official communications and media relations for the state government.

The reappointments constitute the first official appointments announced by Oyebanji since his inauguration for a second term, signalling the continuation of the existing leadership structure in these critical offices.

The statement did not indicate whether further appointments would be announced in the coming days.

The announcement was signed by Olayinka Oyebode, Chief Press Secretary to the Governor of Ekiti State.

 

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Bamidele Hails Oyebanji’s First Term, Says Peaceful Politics Drove Ekiti Development

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Senate Leader, Senator Michael Opeyemi Bamidele
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Senate Leader and Chairman of the Ekiti State Governorship Campaign Council, Senator Opeyemi Bamidele, has described the first term of Governor Biodun Abayomi Oyebanji as remarkably peaceful, attributing the achievement to the governor’s humility, sense of duty and inclusive leadership style.

Bamidele said Oyebanji’s ability to foster cordial relationships among political stakeholders across the state had created an enabling environment for development and progress in Ekiti State.

The Senate Leader stated this in his welcome address at the second-term inauguration of Governor Oyebanji and his deputy, Chief (Mrs.) Monisade Christianah Afuye, in Ado-Ekiti.

He commended the governor for sustaining a peaceful political atmosphere, noting that cooperation among political leaders and stakeholders had contributed significantly to the state’s developmental strides.

Reflecting on Ekiti State’s political and developmental journey from the administration of its first civilian governor, Otunba Niyi Adebayo, through subsequent administrations, including that of former Governor Kayode Fayemi, Bamidele said Oyebanji had continued to strengthen the culture of political stability and peaceful coexistence.

He noted that the governor’s leadership approach had helped sustain a harmonious political environment, allowing the state to focus on governance and development rather than political divisions.

Bamidele further described Oyebanji’s re-election as a historic milestone, noting that the governor had broken a longstanding political barrier by becoming the first governor in Ekiti State to secure consecutive second-term mandates.

He expressed confidence that the governor’s second term would provide further opportunities to consolidate the achievements of his first administration and advance the development of the state.

 

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