The Economic and Financial Crimes
Commission (EFCC) yesterday arrested one
Abubakar Tijani Sheriff, whom it described as
a bulk currency smuggler, as he attempted to
smuggle $7million out of the country.
The EFCC said in a statement today that
Sheriff, 24, was arrested at the Murtala
Mohammed International Airport in Lagos en
route Dubai, United Arab Emirates, as he
boarded his flight.
Following his arrest, he declared that he had
a total sum of $4.5million on him but
thorough screening and search showed that
he was actually carrying $7,049,444, the
commission said. Sheriff then confessed that
he was a courier for 20 individuals who hired
him to courier the money for them to Dubai.
“Investigations by the EFCC showed that
Sheriff is a regular traveller and one of
several couriers of illegal cash suspected to
be proceeds of crime,” the commission adding
that his claims concerning his accomplices are
being investigated.
Travellers leaving the country are statutorily
required to declare cash in excess of $
10,000. However, under the provisions of the
Money Laundering Act, it is not sufficient to
declare excess cash; the onus is on the
person making the declaration to explain the
source of the excess cash and the reason for
the export.
The EFCC noted that globally, bulk cash
smuggling is usually associated with proceeds
of crime, where legitimately earned funds are
processed through the banking system.
“Our experience in the last few years
indicates an emerging trend of bulk cash
smuggling to Europe, Middle East and North
America with the attendant consequence for
capital flight. Some Nigerian citizens are
routinely arrested at airports in Europe and
North American for currency smuggling
though no such arrests have been recorded in
the Middle East. But in all cases, the money is
lost as they are never repatriated back to
the country.”
The Commission warned travellers who wish
to move bulk cash out of the country to do so
through the banking system, or to be
prepared to declare it and explain its origin.
Sheriff is being detained at the EFCC’s
holding facility in Lagos pending his
arraignment in court.

I doubt the authenticity of this story.

Nigeria being a country it is, such news wouldn't have broken out as quater of that money is enough to go round to keep everyone's mouth shut in the agency.

Well let's wait and see.