The Economic and Financial Crimes Commission, EFCC, is set to prosecute a South Africa-based man, Sunday Okorie, who was arrested with a whopping $578,000 cash at the Murtala Muhammed International Airport, Lagos.
Okorie was arrested by operatives of the Nigerian Custome Service with the undisclosed foreign currency, which is approximately ₦901.7 million at the black market rate of N1,560 to one dollar.
The suspect, who arrived from Johannesburg, South Africa, on Wednesday, initially claimed to be carrying $279,000 (about ₦435.2 million). However, a thorough search by customs officers uncovered an additional $299,000 (about ₦466.4 million) hidden in separate packages, along with €100 and a counterfeit $250 note.
The discrepancy led to his immediate detention.
Customs Area Comptroller Effiong Harrison handed the suspect over to the Economic and Financial Crimes Commission (EFCC) on Friday, citing violations of the Money Laundering (Prohibition) Act 2011, which requires travellers to declare any amount exceeding $10,000.
“This is a clear attempt to bypass financial regulations,” Harrison stated. “We are committed to ensuring transparency and preventing illicit financial flows.”
The EFCC has since launched an investigation, with its Acting Zonal Director in Lagos, Ahmed Ghali, emphasizing the seriousness of the offence. “False currency declarations are a red flag for money laundering. We will ensure this matter is thoroughly investigated and prosecuted,” he said.
Ghali also urged travellers to adhere strictly to financial disclosure laws, warning that any attempt to manipulate the system would be met with legal consequences. “Such actions damage Nigeria’s reputation and create an enabling environment for financial crimes. We will not tolerate it,” he added.
The confiscated cash has been transferred to the EFCC, and legal proceedings are expected to commence soon. Officials are now working to determine the origin and intended use of the undeclared funds, amid concerns about the potential involvement of money laundering networks.
As Nigeria continues its crackdown on financial crimes, this case serves as a stark reminder that authorities are on high alert against illicit financial activities at the nation’s borders.
