The Kano Zonal Director of the Economic and Financial Crimes Commission (EFCC), Ibrahim Shazali, has issued a stern warning to travellers, whether businessmen, pilgrims, or tourists, that violators of Nigeria’s cash movement laws risk forfeiture of funds and a minimum of two years imprisonment.
Shazali delivered the warning during a strategic sensitisation programme for stakeholders on the legal requirements for the movement of cash in and out of Nigeria.
The event was jointly organised by the Nigeria Customs Service (NCS), the Independent Corrupt Practices Commission (ICPC), and the EFCC.
Travellers must declare cash above $10,000 Speaking at the sensitisation programme, Shazali stressed that ignorance of the law would not be accepted as an excuse, and that violators would not go unpunished.
According to him, “Nigeria, as a signatory to international anti-money laundering conventions, has established strict laws to regulate the movement of cash in and out of the country. The Central Bank of Nigeria (CBN) Act, Money Laundering (Prevention and Prohibition) Act 2022, and the EFCC Establishment Act provide clear guidelines on cash declarations and penalties for violations. Despite these laws, many travelers—whether businessmen, pilgrims, or tourists—still engage in illegal cash movements, either out of ignorance or deliberate attempts to evade financial regulations. Today, we will clarify the legal requirements, reporting obligations, and consequences of non-compliance.”
He explained that under Nigerian law, any traveller carrying $10,000 or its equivalent must declare it to the Nigeria Customs Service at the point of entry or exit. Failure to declare such funds is considered a criminal offence punishable under the Money Laundering Act.
Travellers must also provide evidence of the legitimate source of their funds, such as bank withdrawal slips, sales receipts, or company financial records. He added that undeclared or suspicious funds are subject to seizure and forfeiture, and no individual or corporate entity is allowed to physically move large sums of cash without proper authorization from regulatory bodies.
Electronic transfers are encouraged for high-value transactions to ensure traceability in line with the Money Laundering (Prevention and Prohibition) Act 2022.
Shazali outlined the serious consequences awaiting travellers who fail to comply with the law.
“On Consequences of Illegal Cash Movement, the EFCC, in collaboration with the NCS and ICPC, has intensified surveillance at airports to curb illicit financial flows. Violators face arrest and prosecution. Offenders will be detained and charged to court under Section 2 of the Money Laundering Act and Section 13 of the EFCC Act. Violators also risk forfeiture of funds: undeclared cash will be confiscated permanently by the Federal Government,” he said.
He further stressed that convicted individuals face a minimum of two years imprisonment upon conviction. Frequent violators may be placed on watchlists, restricting their local and international travels through blacklisting and travel restrictions.
Businesses and individuals involved in illegal cash movements also risk losing banking privileges and public trust.
According to Shazali, the sensitisation programme, jointly organised by the Nigerian Customs Service (NCS), ICPC, and EFCC, is a timely initiative to educate stakeholders on the legal framework and severe consequences of illicit cash transactions in Nigeria.
Stakeholders urged to ensure compliance
Shazali called on all stakeholders to actively support compliance measures.
