EFCC Issues Strong Warning: Illegally Moving Cash Can Lead to Permanent Forfeiture

Ibrahim Shazali, the Kano Zonal Director of the Economic and Financial Crimes Commission (EFCC), has issued a serious warning to all travelers—including businessmen, pilgrims, and tourists—about the consequences of violating Nigeria’s cash movement regulations. Offenders risk losing their funds permanently and facing a minimum of two years in prison.

Shazali made this statement during a strategic sensitization program aimed at educating stakeholders about the legal requirements for transporting cash in and out of Nigeria. The event was a collaborative effort involving the Nigeria Customs Service (NCS), the Independent Corrupt Practices Commission (ICPC), and the EFCC.

During the program, Shazali emphasized that ignorance of the law will not be accepted as a valid excuse, and violators will face penalties. He noted that travelers must declare any cash amounts exceeding $10,000.

He clarified that, according to Nigerian law, any traveler carrying $10,000 or its equivalent must declare this amount to the Nigeria Customs Service upon entering or exiting the country. Not declaring such funds is deemed a criminal offense under the Money Laundering Act.

Travelers are also required to provide proof of the legitimate source of their funds, which can include bank withdrawal slips, sales receipts, or company financial records. He noted that any undeclared or suspicious funds may be seized and forfeited, and no individual or corporate entity is permitted to physically transport large amounts of cash without proper authorization from regulatory authorities.

For high-value transactions, electronic transfers are recommended to ensure traceability in accordance with the Money Laundering (Prevention and Prohibition) Act 2022.

Shazali emphasized the serious repercussions for travelers who do not adhere to these regulations.