The Economic and Financial Crimes Commission (EFCC) has warned operators of Bureau De Change (BDC) and other business stakeholders across the country against illegal cash smuggling.
While emphasising the severe repercussions of non-compliance with Nigeria’s financial regulations, it said illicit cash movement undermines economic stability and fuels crimes such as money laundering, terrorism financing and corruption.
The Executive Chairman of EFCC, Mr. Ola Olukoyede, gave the warning in Kano at a joint sensitisation program organised by the Nigeria Customs Service (NCS), the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the EFCC to educate participants on legal protocols for cash movement across Nigeria borders.
Under the theme, “Illegal Cash Movement Through Nigerian Airports: Consequences, Legal Frameworks, and EFCC’s Enforcement Role,” Olukoyede, who spoke through the Kano Zonal Director of the agency, CE Ibrahim Shazali, outlined the legal frameworks governing cash movements, including the EFCC Act (2004), Money Laundering (Prevention and Prohibition Act) 2022 and the Central Bank of Nigeria (CBN) guidelines.
He reiterated that individuals transporting cash exceeding $10,000 (or its equivalent) must declare it to the NCS, as failure to do so constituted a criminal offence.
“Nigeria, as a signatory to international anti-money laundering conventions, has established strict laws to regulate the movement of cash in and out of the country,” a post on the agency’s X handle quoted the chairman as saying at the event on Saturday, April 26.
He further said the CBN Act, Money Laundering (Prevention and Prohibition) Act 2022, and the EFCC Establishment Act provided clear guidelines on cash declarations and penalties for violations.
“Despite these laws, many travelers, whether businessmen, pilgrims, or tourists, still engage in illegal cash movements, either out of ignorance or deliberate attempts to evade financial regulations. Today, we will clarify the legal requirements, reporting obligations, and consequences of non-compliance.
“The consequences of illegal cash trafficking are grave—ranging from imprisonment, hefty fines, to forfeiture of assets. The EFCC, in collaboration with sister agencies, remains resolute in prosecuting offenders and safeguarding the integrity of Nigeria’s financial system,” he added.
The agency further explained that Section 3(3) of the Money Laundering (Prevention and Prohibition) Act declares cash transportation above $10,000 (or equivalent) without declaration illegal while Section 18 of the same Act mandates BDCs to report suspicious transactions to the Nigeria Financial Intelligence Unit (NFIU).
It noted that the sensitisation programme highlighted the inter-agency commitment to enforcing compliance.
“We urge all stakeholders to prioritise national interest over personal gain. Compliance is not optional; it is a legal and patriotic obligation. Together, we can curb illicit financial flows and promote economic security,” Olukoyede added.
Channels/Adebayo Yusuf
