The Ogun 1 Area Command of the Nigeria Customs Service (NCS) has transferred seven million CFA, equivalent to N17 million, to the Economic and Financial Crimes Commission (EFCC) after intercepting the cash at the Nigeria-Benin Republic border.
Area Comptroller Mohammed Shuaibu officially handed over the seized funds to Oguzi Moses, Assistant Commander and Head of Investigation at EFCC’s Lagos Zone 2, during a formal event at Idiroko, Ogun State.
Shuaibu explained that the interception took place on March 20 when customs officers conducting routine checks at the outward baggage hall discovered a suspicious bag.
Upon closer examination, the bag was found to contain newly minted foreign currency in 5,000 CFA denominations, amounting to N17 million in Nigerian currency.
He noted that the failure to declare such an amount breaches the Anti-Money Laundering (Prevention and Prohibition) Act of 2022 and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act of 1995.
He added that the handover reflects the NCS’s ongoing collaboration with other agencies, in line with the directives of Comptroller-General Bashir Adeniyi.
Upon receiving the money, Moses commended the customs officers for their diligence in monitoring the country’s borders.
He assured that the EFCC would carry out a detailed investigation to establish the circumstances surrounding the interception and take appropriate action.
He further highlighted the significance of agency cooperation in combating corruption, money laundering, and financial crimes, reiterating the EFCC’s commitment to upholding the integrity of Nigeria’s financial system.