The Economic and Financial Crimes Commission (EFCC) has launched an investigation into two travellers intercepted at the Murtala Muhammed International Airport, Lagos, for failing to declare foreign currency amounting to $6,180 and £53,415.
According to a report by Nairametrics, the individuals were stopped during routine checks by security operatives at the airport’s departure area. The funds, discovered during inspection, were not declared to the relevant authorities as required under Nigeria’s Money Laundering (Prohibition) Act and Central Bank regulations governing cross-border currency movement.
Preliminary findings indicate that the travellers were preparing to board an international flight when the undisclosed cash was detected. EFCC operatives subsequently took them into custody for questioning to determine the source and purpose of the funds.
The Commission stated that the investigation aims to establish whether the money was intended for legitimate use or linked to possible money laundering or foreign exchange violations. The suspects are expected to provide statements as part of ongoing inquiries.
The EFCC reiterated its commitment to enforcing financial transparency and compliance with foreign currency declaration laws, warning that travellers who fail to declare cash or attempt to move funds illegally across borders will face prosecution.
Under Nigerian law, individuals transporting foreign currency exceeding $10,000 or its equivalent must declare it to the Nigeria Customs Service before departure or upon arrival. Failure to do so constitutes an offence under both customs and anti-money laundering regulations.
