The Economic and Financial Crimes Commission (EFCC) has launched an investigation into two suspects arrested for attempting to smuggle undeclared foreign currency through the Murtala Muhammed International Airport (MMIA), Lagos.
According to a statement released by the EFCC on Saturday, the suspects were apprehended by officers of the Commission’s Lagos Zonal Command in collaboration with airport security officials after they were found in possession of large sums of foreign currency that were not declared to the Nigeria Customs Service as required by law.
Preliminary findings revealed that the suspects were carrying $74,000 and €18,500, respectively, without proper declaration at the departure lounge of the airport.
>The two suspects were intercepted while attempting to board an international flight out of the country. Upon interrogation, they failed to provide convincing explanations regarding the source and purpose of the funds,” the EFCC statement said.
The anti-graft agency added that the suspects are currently in its custody and would be charged to court upon conclusion of investigations.
>Their actions contravene provisions of the Money Laundering (Prevention and Prohibition) Act, which mandates declaration of cash or negotiable instruments above $10,000 when entering or leaving Nigeria,” the Commission stated.
The EFCC also reiterated its commitment to curbing illicit financial flows and enforcing transparency in cross-border financial transactions.
>We will continue to work with other law enforcement and regulatory agencies to ensure that airports and borders do not serve as channels for money laundering and illegal currency movement,” the agency assured.
Sources within the airport said the arrests were made following intelligence reports about suspicious currency movements by some outbound passengers. The suspects’ identities were, however, withheld pending further investigation.
The EFCC urged travelers to adhere strictly to Nigeria’s financial disclosure laws to avoid arrest and prosecution.
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