Declare Cash Above $10,000 Before Leaving Nigeria or Risk Arrest, EFCC Warns Travellers
The Economic and Financial Crimes Commission (EFCC) has reiterated that anyone transporting cash exceeding $10,000 (or its equivalent in other currencies) out of Nigeria must declare it to the Nigeria Customs Service (NCS) or risk criminal prosecution.
This warning was issued by EFCC Chairman, Mr. Ola Olukoyede, during a sensitisation programme held in Kano. The event, organized jointly by the EFCC, the Nigeria Customs Service (NCS), and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), aimed to educate citizens on the legal frameworks surrounding cross-border cash movements.
Olukoyede, speaking through the Kano Zonal Director of the EFCC, CE Ibrahim Shazali, highlighted the growing concern over illegal cash movements by businessmen, pilgrims, and tourists, often fueled by ignorance or deliberate attempts to evade financial regulations.
Citing Section 3(3) of the Money Laundering (Prevention and Prohibition) Act, Olukoyede explained that failing to declare cash amounts above $10,000 constitutes a criminal offense. He warned that offenders could face severe consequences, including imprisonment, heavy fines, or forfeiture of assets.
“The consequences of illegal cash trafficking are grave,” Olukoyede said. “Today, we are clarifying the legal requirements, reporting obligations, and consequences of non-compliance.”
He also stressed the importance of collaboration between the EFCC and other regulatory agencies to maintain the integrity of Nigeria’s financial system.
Furthermore, Bureau De Change (BDC) operators and other financial stakeholders were urged to strictly comply with existing regulations and report suspicious transactions to the Nigeria Financial Intelligence Unit (NFIU), as mandated by Section 18 of the same Act.
The EFCC Chairman reaffirmed the Commission’s commitment to prosecuting offenders and protecting Nigeria’s financial ecosystem from abuse.
