There is tension in Onitsha Main Market, Anambra state as operatives of the Economic and Financial Crimes Commission (EFCC) stormed the market after arresting seven traders at the Enugu Interna­tional Airport for alleged money laundering

Sunday Sun gathered that the development sparked fears es­pecially among importers and operators of Bureau de Change in the market.
A source said the arrested trad­ers who were traveling either to China or Dubai were carrying with them dollars more than the stipulated approved amount for those traveling outside Nigeria, adding that some had $100,000, while others were in possession of $60,000. The officially al­lowed maximum travel allow­ance is $5000.

The source said that upon in­terrogation, the traders were said to have mentioned where they purchased the foreign currency in the market, hence the visit of the EFCC operatives to the Main Market to arrest the dealers.

It was also gathered that few weeks ago, it was gathered that the EFCC operatives at Akanu Ibiam International Airport, ar­rested some traders for allegedly being in illegal possession of for­eign currency above the stipu­lated amount.

Chairman of the Onitsha Main Market Traders Union (OMMA­TU), Chief Innocent Agudiegwu who confirmed the incident, said that the traders were arrested at the airport and brought to the market where it was ascertained that they were genuine traders and not money launderers.

He said seven traders were involved from different markets in Onitsha who were also con­firmed to be shop owners and genuine importers, traveling to buy goods.

Agudiegwu noted that they were not detained but their dol­lars and international passports were seized. He called on the EFCC to hasten the investigation and release the money and the passports to their owners.

confiscated 23 empty barges reportedly used for illegal oil deals.

According to the command­er of OPS, Major-General Al­ani Okunola, the products and the barges were seized during an anti-illegal oil bunkering operation at Tamunotonye Ama village in Ogu Bolo Lo­cal Government Area, Rivers State.


http://sunnewsonline.com/new/efcc-storms-onitsha-market-over-money-laundering/

So it is now a crime for traders to travel with foreign currency, while it is allowed for politicians or is this now another attempt by an inept administration to kill the economy of the east

Universally, anything up to $10.000, even if the post erroneously said it's $5000, not reported to the Customs at the Airport is an offense.

This is not a tribal thing.

Those Trying To Make this a witch hunt thing, are full of mischief.

All the traders needed to do was declare their MONEY.

Trying to sneak a large amount of money out of the country, knowingly or not, is an offense.

They broke the law, and there are consequences for that. And remember, ignorance is not an excuse before the law, incase they claim they did not know they were breaking the law.

This is so bad. This is why some people reduce their money to white powder before travelling. How do they want importers to cope? Please reverse this policy.

this mata no b shere shere o

christinie:
This is so bad. This is why some people reduce their money to white powder before travelling. How do they want importers to cope? Please reverse this policy.

ODE, they ought to report themselves to the appropriate authority for traveling with above stipulated amount.
The policy is good

rusher14:
The policy doesn’t need to be reversed.
Everywhere in the world, for such bulk transactions, a bank needs to be involved.
It helps with currency tracking, reduces the possibility of such funds being used for illicit trading / terrorism. It also helps as a control against money laundering and other offences.
I believe the money should be returned to the owners once their authenticity is verified. They should also be mentored on how future transactions are to be undertaken.
The EFCC / CBN should also make it a point of duty to go on road trips to educate traders on transactions are expected to be carried out.
Commercial banks who need such funds by the way should see this as an avenue for marketing their various products.

I concur

Some ppl comments without knowing the reason traders are travelling with cash.one of the policies Buhari introduced was to stop banks from accept dollars while his intention was to fight money laundering through banks,the same policy is affecting the importation,smthing has to be done,importers has to be given preference if not the policy will have a toll on the economy very soon.

igbo would be the target of this admin

Non sense

Hmmm

Ok
their money should be returned o immediately after investigation
before some people start to dey cry o.

lol

Happy sunday

the Nigerian government is looking for trouble with this one

mznuez:
Non sense

this hate for the Igbo's will soon kill you bet me?

gonaeme:
Some ppl comments without knowing the reason traders are travelling with cash.one of the policies Buhari introduced was to stop banks from accept dollars while his intention was to fight money laundering through banks,the same policy is affecting the importation,smthing has to be done,importers has to be given preference if not the policy will have a toll on the economy very soon.

The policy came with a window that genuine business men can employ. Nigerians and their penchant for illegality and short cuts are Siamese twins. What do we bear the name giant of Africa for if we cannot do things in a civilized manner? Even before the new policy these people were still traveling with huge cash.

Haba

EFCC self na corrupt bunch ooo and dem dey form holy

Another means to name the airport bad names.....

johnsonjosbles:
Igbo people must find every reason to justify their fruadulent atitude.

those people are self made business men and not Yorubas that steal from the government to become rich(state made business men) Yorubas and hausa-fulanis are the original thieves and fraudulent people in Nigeria.
OBJ,tinubu,abacha,buhari,babangida,gowon and all the famous looters in Nigeria are non-igbos

zuchyblink:
the Nigerian government is looking for trouble with this one

Shut up or migrate to Kenya

Let's wait and see how it goes! No be east wei I know again!! Their 2nd coming won't go down without a fight. We are not some stupid cowards from the west

gonaeme:
Some ppl comments without knowing the reason traders are travelling with cash.one of the policies Buhari introduced was to stop banks from accept dollars while his intention was to fight money laundering through banks,the same policy is affecting the importation,smthing has to be done,importers has to be given preference if not the policy will have a toll on the economy very soon.

...and who says the traders are also not into money laundry? What work do most of the drug mules caught at the airport say they do? No be trading?

This y I hate dis our so called leaders all dey no is der own pockets. Jst listen 2 wat dey are talking about wat about d money our so called politicians r moveing around all over d world. Jst common $100.000 is now a crime cos u want 2 use it 2 do ur normal business. Shai 9ja here I come. I pity 4 dis country only God will save us 4rm d hands of dos thiefs.

kettykin:
So it is now a crime for traders to travel with foreign currency, while it is allowed for politicians or is this now another attempt by an inept administration to kill the economy of the east

Let them continue to try. You cannot use the
lion for sacrifice. Chukwu nonso. You do not
catch an animal that bites with bare hands.
God dey. We sef dey kamkpe!