Joy Anyim
The Murtala Mohammed International Airport (MMIA) Command of the Nigeria Customs Service, has intercepted foreign currency in cash of $8,065,612 (equivalent to over N2.9 Billion) at the ‘E’ Wing of the airport Tarmac.
The cash, which was concealed in six big bags and packed in a Nigerian Aviation Handling Company (NAHCO) bus, was driven by a man identified as Chimezie Okonkwo, who was also arrested.
Briefing journalists on the development at the Federal Operations Unit, Zone A, Ikeja, on Tuesday, the Comptroller General of Customs (CGC), Col. Hameed Ali (rtd), stated that the bus was intercepted based on credible information, on January 16, 2020.
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Ali, in his address, maintained that the law mandates that anyone who prefers to travel across borders with physical cash must make declaration of same, once the value is above the stipulated threshold of $10,000 or its equivalent of other currencies or monetary instrument.
Said he, “Acting on credible information, the command operatives on January 16, 2020, intercepted illegal movement of foreign currency at the ‘E’ Wing of the Tarmac. The consignment packed in a coaster bus was loaded in six big bagco bags.
“One suspect, the driver of the bus, Chimezie Okonkwo was arrested and taken into custody with the intercepted consignment.
“An inventory of the consignment was taken on Saturday, January 18, 2020. It was witnessed by representatives of the Directorate of State Security, Customs Intelligence Unit, Anti-Money -Laundering and Counter Terrorism Financing Unit, Customs Police and the suspect.
“At the end of the inventory taking, a total number of 20 sealed wraps were opened, counted, re-seated and re-wrapped under video coverage from the beginning of the exercise to the end. The total amount intercepted stood at $8,065,612, only. ”
The Customs boss, who stated that the consignment was still in safe custody as preliminary investigations had commenced on the seizure, appealed to Nigerian travelers and those in business to always make declaration of cash with them, if they choose to carry such.
He maintained that the threshold remains $10,000. “The era of globalization has brought about an explosion in the exchange of goods and services across our borders. Its complexities and time sensitivities has led to developments in the international financial system that guarantees safe, secured and fast cross border platforms for payment of goods and services.
“While provisions are made for various forms of international electronic transfers, exceptions are made for those who prefer to travel across borders with cash and other monetary instruments.
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“When this option is used, those who carry physical cash across the borders are obliged by law to make declaration of such movement once the value is above the approved threshold.
“Currently the value of the threshold in Nigeria is the equivalent of $10,000 and above. Therefore, all travelers in and out of Nigeria, must declare any physical cash in excess of this threshold of $10,000 or equivalent of other currencies or monetary instruments. ”
Commenting on why agencies of government ought to be acquainted when a private person or company is taking out monies, Ali said, “It is for the reason that illegal criminal activities like international terrorism, drug smuggling, arms proliferation are financed by illicit cash movements outside the recognised financial systems.
“Proceeds from other criminal activities like corrupt enrichments from public treasury are similarly siphoned out of the country in cash.”
The Customs boss said the monies would be handed over to the Economic and Financial Crimes Commission (EFCC) upton completion of preliminary investigations by the Customs.
