Operatives of the Nigeria Customs Service (NCS) have made a significant seizure at the Mallam Aminu Kano International Airport, intercepting undeclared foreign currencies worth over $1.1 million and 135,900 Saudi Riyals. The money, concealed in packs of palm dates, was discovered during a routine luggage inspection.
According to a statement released on Thursday by the NCS spokesperson, Abdullahi Maiwada, the large sum of undeclared foreign currency was found in the luggage of a passenger arriving from Saudi Arabia on a Saudi Airline flight, No. SV401. The Customs officers conducted a thorough physical examination of the luggage and uncovered the concealed funds.
Maiwada confirmed that the passenger was subsequently charged in court. After being convicted, the court ordered the forfeiture of the seized foreign currencies to the Federal Government in accordance with the Money Laundering (Prevention and Prohibition) Act of 2022. The case has since been handed over to the Economic and Financial Crimes Commission (EFCC) for further investigation and legal action.
The seizure highlights the importance of following Nigeria’s strict regulations regarding the declaration of foreign currencies when traveling in and out of the country. Nigeria’s financial laws require travelers to declare any amount of cash or negotiable instruments exceeding a certain threshold. This threshold ensures transparency and helps to curb illicit financial activities such as money laundering and illegal financial transfers.
In this case, the money that was concealed by the passenger far exceeded the allowable limit for undeclared currency, which is why it became subject to legal action. Maiwada emphasized that the NCS takes these violations seriously and will continue to enforce financial regulations to prevent illegal financial transactions.
“The service is committed to enforcing monetary regulations and ensuring that illicit financial flows do not make their way into Nigeria’s economy,” he said in the statement. “Non-compliance with these regulations constitutes a violation of Nigerian law and attracts severe penalties. The service, therefore, urges the public to adhere strictly to these requirements to avoid legal consequences.”
The seizure is part of the broader efforts by the Nigeria Customs Service to prevent smuggling and the movement of illicit funds across the country’s borders. Under the leadership of the Comptroller-General of NCS, Adewale Adeniyi, the service has remained focused on enforcing both local and international regulations aimed at controlling the flow of money in and out of Nigeria.
This particular interception, according to Maiwada, demonstrates the NCS’s dedication to safeguarding the nation’s financial security. It also aligns with the government’s ongoing fight against corruption and illegal financial transactions. The Customs Service has continued to play a critical role in ensuring that Nigeria’s borders remain secure and that all monetary regulations are followed by travelers.
Illicit financial flows have been a growing concern for countries worldwide, especially in developing economies like Nigeria. Money laundering, tax evasion, and the smuggling of currencies have the potential to destabilize a country’s economy, divert critical resources, and fuel corruption.
As a result, nations, including Nigeria, have put in place strict laws and procedures to combat these activities. Nigeria’s Money Laundering (Prevention and Prohibition) Act of 2022 is one of the legislative measures designed to fight financial crimes. The law stipulates clear requirements for the declaration of foreign currencies, with severe penalties for anyone found violating these regulations.
Following the court’s conviction, the NCS transferred the seized foreign currencies to the Economic and Financial Crimes Commission (EFCC). The EFCC is responsible for investigating financial crimes in Nigeria and taking further legal action where necessary.
The EFCC has been instrumental in Nigeria’s efforts to combat corruption and illicit financial transactions, often working alongside other agencies such as the NCS to crack down on illegal activities. By handing over the seized currencies to the EFCC, the NCS is ensuring that the matter is thoroughly investigated and that any further legal actions are taken to address the crime.
As the case progresses, the NCS has called on the public to remain aware of the legal requirements regarding the declaration of foreign currencies when traveling. The service is urging Nigerians, as well as foreigners traveling in and out of the country, to ensure that they comply with all customs and financial regulations to avoid facing severe penalties.
Travelers are reminded that failure to declare currency amounts above the threshold could result in the confiscation of the funds and potential legal consequences, including charges of money laundering. The NCS has stressed that it will continue to monitor and inspect passenger luggage thoroughly, ensuring that all rules are followed and that no illicit financial activities are carried out at the country’s borders.
“We urge all travelers to cooperate with the law and ensure compliance with Nigeria’s financial regulations,” said Maiwada. “Our job is to protect the economy and prevent criminal activities that could harm the country’s financial system.”
This interception and the subsequent legal actions taken reflect the NCS’s ongoing commitment to national security, particularly in the realm of financial crimes. The Customs Service is not only focused on collecting revenue but is also tasked with protecting the country from illicit activities that could undermine its stability and growth.
With Nigeria’s large population and critical role in the African economy, ensuring the integrity of its financial systems is of paramount importance. The Customs Service continues to be at the forefront of this effort, conducting regular inspections at airports, seaports, and land borders to prevent illegal flows of money and goods.
