The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has warned Bureau De Change operators and other business stakeholders across the country against engaging in illegal cash smuggling.
He delivered the warning at a joint sensitisation programme organised by the Nigeria Customs Service, the Independent Corrupt Practices and Other Related Offences Commission (ICPC), and the EFCC, aimed at educating participants on the legal protocols for cash movements across Nigeria’s borders.
Represented by the Kano Zonal Director of the EFCC, Ibrahim Shazali, Olukoyede emphasised the serious consequences of failing to comply with Nigeria’s financial regulations.
He stated that illicit cash movement undermines economic stability and fuels criminal activities such as money laundering, terrorism financing, and corruption.
Olukoyede highlighted the legal frameworks governing cash transportation, including the EFCC Act (2004), the Money Laundering (Prevention and Prohibition) Act (2022), and the Central Bank of Nigeria (CBN) guidelines.
He reiterated that individuals transporting cash exceeding $10,000 (or its equivalent) must declare it to the Nigeria Customs Service, warning that failure to comply constitutes a criminal offence.
“Nigeria, as a signatory to international anti-money laundering conventions, has established strict laws to regulate the movement of cash into and out of the country. The CBN Act, Money Laundering (Prevention and Prohibition) Act 2022, and the EFCC Establishment Act provide clear guidance on cash declarations and penalties for breaches,” he said.
“Despite these laws, many travellers — whether businessmen, pilgrims, or tourists — continue to engage in illegal cash movements, either through ignorance or deliberate evasion. Today’s session aims to clarify legal requirements, reporting obligations, and the consequences of non-compliance.”
He warned that the consequences of illegal cash trafficking are severe, ranging from imprisonment and heavy fines to asset forfeiture. He stressed that the EFCC, working with partner agencies, remains committed to prosecuting offenders and protecting Nigeria’s financial integrity.
Olukoyede called on all stakeholders to demonstrate collective vigilance and prioritise national interest over personal gain.
“Compliance is not optional; it is both a legal duty and a patriotic obligation. Together, we can stem illicit financial flows and bolster economic security,” he concluded.
Section 3(3) of the Money Laundering (Prevention and Prohibition) Act makes transporting cash above $10,000 (or equivalent) without declaration illegal, while Section 18 mandates BDCs to report suspicious transactions to the Nigeria Financial Intelligence Unit (NFIU).