PHOTOS: Customs hands over 7m CFA cash seized at Nigeria-Benin route to EFCC

The Nigeria Customs Service (NCS), Ogun 1 area command, has handed over the sum of seven million CFA franc seized from passengers to the Economic and Financial Crimes Commission (EFCC).

A statement released on Wednesday by Muhammad Shuaibu, the area controller, said the funds were seized during the search of passengers’ luggage en route to Benin Republic on March 20.

Shuaibu explained that travellers are permitted to carry cash and that any amount exceeding $10,000 must be declared in accordance with the Anti-Money Laundering Act 2022 and the Foreign Exchange Act 1995.

He disclosed that the agency did not make any arrest during the seizure of the cash.

“As a travelling passenger, there are privileges you enjoy, but you must declare your currency. Refusal to do so is tantamount to money laundering,” he said.

The sum of seven million CFA franc is approximately 17 million naira.

Receiving the seized funds, Moses Oguzi, EFCC head of investigation in Lagos zone 2, commended customs for safeguarding the country’s borders.

“This interception is a testament to the importance of interagency collaboration in our fight against corruption, money laundering, and illicit financial flows across our borders,” Oguzi said.

“A thorough investigation will be conducted to determine the source and intent of these funds.”

See photos below.