The Kano Zonal Director of the Economic and Financial Crimes Commission (EFCC), Ibrahim Shazali, has issued a stern warning to travellers, including businessmen, pilgrims, and tourists, that violations of Nigeria’s cash movement laws could lead to forfeiture of funds and a minimum of two years’ imprisonment.
Shazali delivered the warning during a strategic sensitisation programme for stakeholders on the legal requirements for the movement of cash in and out of Nigeria. The event was jointly organised by the Nigeria Customs Service (NCS), the Independent Corrupt Practices Commission (ICPC), and the EFCC.
Speaking at the programme, Shazali emphasised that ignorance of the law would not be accepted as an excuse and that offenders would face strict penalties.
“Nigeria, as a signatory to international anti-money laundering conventions, has implemented robust laws to regulate cash movements,” he said. “The Central Bank of Nigeria (CBN) Act, the Money Laundering (Prevention and Prohibition) Act 2022, and the EFCC Establishment Act clearly outline the obligations and penalties involved. Yet many travellers, whether out of ignorance or deliberate evasion, continue to breach these laws.”
He explained that under Nigerian law, any traveller carrying cash above $10,000 or its equivalent must declare it to the Nigeria Customs Service at the point of entry or exit. Failure to do so is a criminal offence under the Money Laundering Act. Travellers must also present evidence of the legitimate source of funds, such as bank withdrawal slips, sales receipts, or company financial records.
Undeclared or suspicious funds, he added, are liable to seizure and forfeiture, and no individual or corporate body is permitted to physically transport large sums of cash without prior authorisation from regulatory authorities. High-value transactions are encouraged to be conducted electronically to ensure traceability.
Highlighting the consequences, Shazali stated that the EFCC, in collaboration with the NCS and ICPC, has intensified surveillance at airports to curb illicit financial flows.
“Violators will be arrested and prosecuted under Section 2 of the Money Laundering Act and Section 13 of the EFCC Act. They risk permanent confiscation of undeclared cash and a minimum of two years’ imprisonment upon conviction,” he said.
He also warned that repeat offenders could face blacklisting and travel restrictions, while businesses and individuals involved in illegal cash movements may lose banking privileges and public trust.
Shazali concluded by calling on all stakeholders to support and comply with legal measures aimed at combating illicit financial activities, stressing the importance of the sensitisation initiative in safeguarding Nigeria’s financial system.
