04/27/2025
!!!!! No cash above $10,000 must leave Nigeria 🇳🇬 without declaration - - - - EFCC.🇳🇬🇳🇬🇳🇬🇳🇬🇳🇬🇳🇬🇳🇬🇳🇬
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The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned against cash transportation above $10,000 or its equivalent without declaration to the appropriate government agencies.
Olukoyede gave this charge in Kano on Saturday, April 26, 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 the Kano Zonal Director of the EFCC, Commander of the EFCC, CE Ibrahim Shazali, 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)."
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