“Don’t exceed $10000 forex limit” – EFCC advises travellers

Economic and Financial Crimes Commission on Sunday advised persons travelling out of Nigeria not to exceed the statutory $10,000 foreign exchange limit.

EFCC Secretary, Mr. Emmanuel Akomaye, who gave the advice in an interview with the News Agency of Nigeria in Abuja, said any traveller carrying any amount above the limit should be prepared to declare it to Customs.

Akomaye blamed Nigeria’s fraud, terrorism, money laundering and drug vulnerability on its cash-based economy and commended the National Assemby for showing commitment to strengthening Nigeria’s anti-money laundering and anti-terrorism laws.

The commission on Thursday arrested a 24 year-old Nigerian, Abubakar Tijani Sheriff, for allegedly attempting to travel out with the sum of $7 million (N1,120,000 billion).

He was arrested at the Murtala Muhammed International Airport, Lagos as he was trying to travel to Dubai aboard a United Arab Emirates flight.

After his arrest, he said that he had a total sum of $4.5million.

But when he was thouroughly searched, he was found to have $7,049,444 on him.

He later confessed that he was a courier for 20 individuals who hired him to take the money for them to Dubai.

Authorities said they were working on the theory that he was a money laundering courier.

He has reportedly named 20 individuals who sent him on the errand.

Source: PUNCH