, Ogun 1 Area Command, has handed over seven million CFA (equivalent to N17 million) to the Economic and Financial Crimes Commission (EFCC) after its operatives intercepted the foreign currency at the Nigeria-Benin Republic border.){kind=link}
The Nigeria Customs Service (NCS), Ogun 1 Area Command, has handed over seven million CFA (equivalent to N17 million) to the Economic and Financial Crimes Commission (EFCC) after its operatives intercepted the foreign currency at the Nigeria-Benin Republic border.
The Area Comptroller, Mohammed Shuaibu, transferred the seized money to the EFCC’s Assistant Commander and Head of Investigation, Lagos Zone 2, Oguzi Moses, during a formal handover at Idiroko, Ogun State.
According to Shuaibu, the interception occurred on March 20 when customs officers at the outward baggage hall noticed a suspicious bag during a routine search.
Upon inspection, the bag was found to contain newly minted foreign currency in 5,000 CFA denominations, amounting to N17 million in Nigerian currency.
He explained that failing to declare such an amount violates the Anti-Money Laundering (Prevention and Prohibition) Act of 2022, as well as the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act of 1995.
The decision to hand over the funds to the EFCC aligns with the NCS’s commitment to inter-agency collaboration under the leadership of Comptroller-General Bashir Adeniyi.
Receiving the seized money, Moses commended the customs service for its vigilance in securing the nation’s borders.
He assured that the EFCC would conduct a thorough investigation to determine the circumstances surrounding the interception and ensure due process is followed.
He emphasized that the seizure highlights the importance of cooperation between agencies in the fight against corruption, money laundering, and financial crimes, reaffirming the EFCC’s dedication to safeguarding the integrity of Nigeria’s financial system.