The Economic and Financial Crimes Commission (EFCC) has warned travellers that undeclared cash movements will result in the permanent forfeiture of funds and possible imprisonment.
Speaking at a sensitisation programme in Kano, the EFCC Zonal Director, Ibrahim Shazali, said that ignorance of Nigeria’s financial laws would not be accepted as an excuse. The event was organised in collaboration with the Nigeria Customs Service (NCS) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC).
Shazali explained that under Nigerian law, anyone transporting more than $10,000 or its equivalent must declare it to the NCS at points of entry or exit. He said failure to comply is a criminal offence punishable under the Money Laundering (Prevention and Prohibition) Act, 2022.
“Travellers must also show proof of the legitimate source of their funds,” he added. Evidence such as bank withdrawal slips or company records must be provided when requested. Undeclared or suspicious cash is subject to immediate seizure and forfeiture to the Federal Government.
The EFCC director stressed that electronic transfers are encouraged for high-value transactions to ensure traceability and compliance with anti-money laundering regulations.
Shazali warned that enforcement operations have been strengthened at airports nationwide, with officers targeting illicit cash flows. Offenders will be arrested, prosecuted, and, if convicted, face a minimum of two years in prison. Frequent violators could also face blacklisting and travel restrictions.
He added that individuals and businesses found moving cash illegally risk losing banking privileges and public trust.
The sensitisation programme, jointly hosted by the EFCC, ICPC, and NCS, aimed to educate stakeholders on the legal framework and consequences surrounding cash movements in and out of Nigeria.
Shazali urged all stakeholders to support compliance efforts to strengthen Nigeria’s financial system.
