The Nigerian Financial Intelligence Unit (NFIU) has announced that travelers arriving or departing from international airports in Nigeria must declare cash exceeding $10,000. This directive is part of a collaborative effort between the NFIU, the Nigerian Customs Service (NCS), and the Economic and Financial Crimes Commission (EFCC) to strengthen the country’s anti-money laundering and counter-terrorism financing framework.
According to Maryesther Eworitse, Deputy General Manager of the Currency Operations Department at Murtala Muhammed International Airport, the NFIU has installed currency declaration kiosks at international terminals to facilitate this process. Eworitse noted that joint intelligence operations have recently uncovered suspicious cash movements, including a case involving over $6 million at the Lagos airport. The NFIU has intensified public sensitization to remind travelers of the mandatory declaration of cash above $10,000.
The initiative is a result of a partnership between the NCS, EFCC, and NFIU, which hosted a two-day capacity-building workshop in Lagos. The workshop aimed to strengthen institutional cooperation, improve compliance with financial regulations, and enhance Nigeria’s resilience against money laundering, terrorism financing, and other cross-border financial crimes. Participants from the NCS, EFCC, Department of State Services, Nigerian Immigration Service, and NFIU attended the workshop, which focused on inter-agency collaboration and the exchange of ideas to develop actionable outcomes.
The Assistant Comptroller-General of Customs, Mohammed Babandede, emphasized the importance of inter-agency collaboration in combating money laundering and terrorism financing. He noted that such partnerships have contributed significantly to national security efforts. The EFCC Head of Investigations, Shehu Muhammad, also stressed the crucial role of synergy in dismantling sophisticated financial crime networks.
The mandatory declaration of cash above $10,000 at international airports is a significant step towards combating financial crimes in Nigeria. The collaboration between the NFIU, NCS, and EFCC demonstrates the government’s commitment to securing the country’s borders against illicit financial flows. As Nigeria continues to strengthen its anti-money laundering and counter-terrorism financing framework, travelers can expect increased vigilance and compliance measures at international airports.