EFCC Probes Suspect with Concealed $578,000 at Lagos Airport

The Economic and Financial Crimes Commission (EFCC) has begun an intensive investigation into a case of false currency declaration after the Nigeria Customs Service (NCS) at the Murtala Muhammed International Airport (MMIA), Lagos, intercepted a traveller with a significant amount of undeclared foreign currency.

The suspect, identified in a previous but representative incident as Okorie Sylvernus Sunday, was arrested by vigilant Customs operatives upon arrival at the Lagos airport from Johannesburg, South Africa.

According to a report on the incident, the traveller attempted to circumvent anti-money laundering regulations by making a false declaration. While he initially declared $279,000 at the Currency Declaration Desk, a comprehensive search uncovered an additional $299,000 cleverly concealed in various packages. The total undeclared cash amounted to a staggering $578,000 (Five Hundred and Seventy-eight Thousand United States Dollars).

This act is a direct violation of the Money Laundering (Prohibition) Act, which strictly mandates that any individual entering or exiting the country must formally declare any amount of cash or negotiable instruments exceeding $10,000.

Following the interception, the Customs Area Controller formally handed over the suspect, the seized funds, travel documents, and relevant statements to the EFCC for immediate and thorough investigation.

The handover underscores the crucial inter-agency collaboration between Customs and the EFCC, which officials say is vital for a concerted effort to curb financial crimes and strengthen the country’s financial system. An EFCC official receiving the suspect stressed that the Commission would not allow any act that could sabotage the economy or portray Nigeria as a haven for fraud. The investigation is expected to lead to the suspect’s prosecution and forfeiture of the undeclared funds to the Federal Government.