Ola Olukoyede, chairman of the Economic and Financial Crimes Commission (EFCC), has warned against cash transportation above $10,000 or its equivalent without declaration to the appropriate government agencies.
Olukoyede gave this charge in Kano at the weekend 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 Nigerians on legal protocols for cash movement across Nigeria’s borders.
He cautioned Bureau De Change (BDC) operators and other business stakeholders across the country against illegal cash smuggling, urging individuals transporting cash exceeding $10,000 (or its equivalent) to declare it to the NCS, as failure to do so constitutes a criminal offence.
According to the anti-graft czar, despite existing laws, many travellers, whether businessmen, pilgrims, or tourists, still engage in illegal cash movements out of ignorance or deliberate attempts to evade financial regulations.
Under the theme, “Illegal Cash Movement Through Nigerian Airports: Consequences, Legal Frameworks, and EFCC’s Enforcement Role,” Olukoyede, who spoke through CE Ibrahim Shazali, Kano Zonal Director of the EFCC, underscored the severe repercussions of non-compliance with Nigeria’s 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 and 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 said.
“Section 3(3) of the Money Laundering (Prevention and Prohibition) Act declares cash transportation above $10,000 (or equivalent) without declaration illegal and Section 18 of the same Act mandates BDCs to report suspicious transactions to the NFIU (Nigeria Financial Intelligence Unit).
He emphasised that illicit cash movement undermines economic stability and fuels crimes such as money laundering, terrorism financing and corruption.
Olukoyede also outlined the legal frameworks governing cash movements, including the EFCC Act (2004), the Money Laundering (Prevention and Prohibition Act) 2022 and Central Bank of Nigeria guidelines.
“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.
“The Central Bank of Nigeria (CBN) Act, Money Laundering (Prevention and Prohibition) Act 2022, and the EFCC Establishment Act provide clear guidelines on cash declarations and penalties for violations.”
The sensitisation program highlighted the inter-agency commitment to enforcing compliance.
Representatives from the NCS and ICPC reinforced the importance of adhering to anti-corruption laws and cross-border financial regulations.
Stakeholders, including BDC operators, were urged to uphold ethical practices and report suspicious activities.
The EFCC’s boss called for stakeholders’ support and collective vigilance against illicit financial flows in Nigeria.
“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”, he said.
