By Bashir Bello

KANO – The Kano Zonal Director, Economic and Financial Crime Commission, EFCC, Ibrahim Shazali has warned travellers – whether businessmen, pilgrims or tourists that violators of cash movement laws risk forfeiture and two years imprisonment.

The EFCC boss gave the warning during a strategic sensitisation of stakeholders on legal requirements for movement of cash in and out of Nigeria organised by the Nigeria Customs Service, NSC, Independent Corrupt Practices Commission, ICPC and Economic and Financial Crimes Commission, EFCC.

Shazali warned that no excuses or ignorance of the laws will be condoned as violators won’t go scot free.

He said despite the laws put in place to regulate the movement of cash in and out of the country, travellers, whether businessmen, pilgrims or tourists, still violate the laws.

According to him, “Nigeria, as a signatory to international anti-money laundering conventions, has established strict laws to regulate the movement of cash in and out of the country. The Central Bank of Nigeria (CBN) Act, Money Laundering (Prevention and Prohibition) Act 2022, and the EFCC Establishment Act provide clear guidelines on cash declarations and penalties for violations. Despite these laws, many travelers—whether businessmen, pilgrims, or tourists—still engage in illegal cash movements, either out of ignorance or deliberate attempts to evade financial regulations. Today, we will clarify the legal requirements, reporting obligations, and consequences of non-compliance.

“On Legal Requirements for Cash Movement in Nigeria. According to Nigerian laws: Declaring Cash over $10,000 (or Equivalent): – Any traveler carrying $10,000 (or its equivalent in other currencies) or more must declare it to the Nigeria Customs Service at the point of entry or exit. Failure to declare is a criminal offense punishable under the Money Laundering Act. Travelers must provide evidence of the legitimate source of the cash (e.g., bank withdrawal slips, sales receipts, or company financial records). Undeclared or suspicious funds are subject to seizure and forfeiture. No individual or corporate entity is allowed to physically move large sums of cash without proper authorization from regulatory bodies. Electronic transfers are encouraged for high-value transactions to ensure traceability as stipulated in the Money Laundering prevention and Prohibition Act 2022.

“On Consequences of Illegal Cash Movement, the EFCC, in collaboration with the NCS and ICPC, has intensified surveillance at airports to curb illicit financial flows. Violators face arrest & Prosecution. Offenders will be detained and charged to court under Section 2 of the Money Laundering Act and Section 13 of the EFCC Act. Violators also risk Forfeiture of Funds: Undeclared cash will be confiscated permanently by the Federal Government. Similarly, violators risk Imprisonment. Convicted individuals risk a minimum of 2 years imprisonment upon conviction. Frequent violators may also be placed on watchlists, restricting their local and international travels (Blacklisting & Travel Restrictions) while businesses and individuals involved in illegal cash movements risk losing banking privileges and public trust.

“This sensitization program, jointly organized by the Nigerian Customs Service (NCS), ICPC, and EFCC, is a timely initiative to educate stakeholders on the legal framework and severe consequences of illicit cash transactions in Nigeria.

“Role of stakeholders in compliance to ensure adherence to these regulations, all stakeholders must play their part. BDC Operators must ensure proper documentation of forex transactions and report suspicious cash movements to the EFCC or NFIU. The Airport Authorities (FAAN, NCAA) should strengthen surveillance and assist law enforcement in monitoring suspicious luggage. The Travel Agencies & Pilgrim Boards are to educate travellers on cash declaration requirements before trips while the Businessmen & Corporate Entities are advised to utilise electronic channels for large transactions to avoid legal consequences.

“The fight against money laundering, terrorism financing, and illicit financial flows requires collective effort. The EFCC, NCS, and ICPC will continue to enforce these laws without compromise. I urge all stakeholders here today to comply with these regulations, report suspicious activities, and partner with law enforcement to safeguard Nigeria’s financial system,” Shazali said.

The Resident Commissioner of ICPC, Ahmed Mohammed Wada, said the event was not to witch hunt the stakeholders but to sensitize them on the laws binding on the movement of cash in and out of the country in order to tackle money laundering among others.

Earlier, the Customs Area Controller, Kano/Jigawa Command, Comptroller Dalhatu Abubakar noted that the Customs have intercepted undeclared currencies in Lagos, Kano, Daura border and other places, and attributed the problems to ignorance.

Abubakar however, appealed to the travellers to abide by the law by filing the clearance form to declare their currencies when they get to custom duty posts.

Stakeholders present at the sensitization program included, Bureau de Change operators, BDCs, Businessmen, airline operator, travel agencies and pilgrims board.