On Tuesday, March 20, 2025, a significant seizure of undeclared foreign currency took place at the Idiroko border crossing between Nigeria and Benin Republic. Mohammed Shuaibu, the Controller of the Ogun I Area Command of the Nigeria Customs Service (NCS), orchestrated the handover of 7,000,000 CFA francs, equivalent to N17,692,105, to the Economic and Financial Crimes Commission (EFCC). This event underscored the intensified efforts of customs officials in Ogun State to combat financial crimes and protect the nation’s economic stability.
The discovery of the undeclared currency occurred on March 2, 2025, during a routine baggage check of passengers departing Nigeria for Benin Republic. Customs officers at the outward baggage hall identified a suspicious bag and upon closer inspection, found it contained the substantial sum of CFA francs. The failure to declare this amount violated Nigeria’s Anti-Money Laundering (Prevention and Prohibition) Act 2022 and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act 1995, prompting the seizure and subsequent handover to the EFCC.
Shuaibu emphasized the importance of interagency collaboration in tackling financial crimes. Recognizing the EFCC’s expertise in investigating money laundering, terrorism financing, and other financial malfeasance, the NCS deemed it crucial to transfer the seized currency to the commission for further investigation. This collaborative approach, he stated, aligns with the policy direction of the Comptroller General of Customs, Bashir Adeniyi, to strengthen partnerships between government agencies.
The handover ceremony served as a strong message that the NCS is committed to upholding the rule of law and enforcing fiscal policies at the nation’s borders. Shuaibu reiterated the zero-tolerance stance of the current Customs administration, led by Comptroller General Adewale Adeniyi, against revenue leakages, smuggling, and any violations of economic regulations. He warned individuals engaged in illicit cross-border activities to desist or face the full force of the law.
Moses Oguzi, Head of Investigation for the EFCC’s Lagos Zone 2, received the seized currency on behalf of the commission. He assured the public that a comprehensive forensic investigation would be conducted to determine the source and intended use of the funds. Oguzi stressed the EFCC’s commitment to holding accountable anyone attempting to compromise the integrity of Nigeria’s financial systems. He commended the Ogun I Area Command of the NCS for their vigilance and dedication to safeguarding the nation’s borders against illicit financial flows.
This incident highlights the crucial role of customs officials in detecting and preventing financial crimes. Their proactive approach in this case not only resulted in the seizure of a significant amount of undeclared currency but also served as a deterrent to potential offenders. The collaborative efforts between the NCS and EFCC demonstrate a united front against financial crimes, reinforcing the message that such activities will not be tolerated. The ongoing investigation will shed further light on the circumstances surrounding this case and contribute to strengthening measures against illicit financial flows across Nigeria’s borders. The NCS renewed its commitment to enforcing fiscal policies and border control measures, further solidifying its role in safeguarding the nation’s economic interests. The collaborative efforts between the NCS and other agencies reinforce the government’s dedication to combating financial crimes and maintaining the integrity of the Nigerian financial system.
