The Economic and Financial Crimes Commission (EFCC) has initiated an investigation into Okorie Sunday, an individual apprehended by the Nigeria Customs Service (NCS) at the Murtala Muhammed International Airport in Lagos, for falsely declaring the amount of foreign currency he was carrying. Sunday, arriving from Johannesburg, South Africa, on March 19, 2025, initially declared $279,000 at the designated Currency Declaration Desk. However, a thorough search conducted by customs officials unearthed an additional $299,000 cleverly concealed within various packages, bringing the total sum of undeclared currency to $578,000. Further examination of Sunday’s belongings also revealed €100 and a counterfeit $250 bill, adding to the complexities of the case and raising further suspicions about the source and intended use of the funds. The discovery of the undeclared currency and counterfeit bill prompted the NCS to transfer the case to the EFCC, underscoring the seriousness of the offense and the potential implications for Nigeria’s financial system.
The official handover of the suspect and related evidence took place on March 21, 2025, marking the commencement of the EFCC’s formal investigation. An NCS official, identified as Harrison, emphasized during the handover that Sunday’s actions constituted a clear violation of the Money Laundering (Prohibition) Act of 2011. This legislation mandates that all inbound and outbound passengers declare any currency exceeding $10,000. The requirement for accurate currency declaration aims to enhance transparency in international financial transactions, curb illicit financial flows, and safeguard the integrity of the Nigerian economy. The failure to comply with this legal obligation raises red flags and triggers investigations into the origins and intended use of the undeclared funds. The EFCC’s involvement signifies the gravity of the situation and the potential for further legal action against the suspect.
Upon receiving the suspect and the case file, the acting Zonal Director of the EFCC’s Lagos Zonal Directorate 2, Ahmed Ghali, expressed his appreciation for the collaborative efforts between the NCS and the EFCC. He emphasized the critical role of inter-agency cooperation in achieving shared objectives, particularly in combating financial crimes. Ghali underscored the importance of public awareness regarding currency declaration regulations, stating that it is incumbent upon all individuals entering or leaving the country to declare any cash exceeding $10,000, as mandated by law. This public awareness campaign aims to prevent inadvertent violations and ensure compliance with the legal framework. The collaborative approach between agencies reinforces the commitment to upholding financial regulations and maintaining the integrity of the nation’s economic system.
Ghali issued a stern warning against the practice of false or non-declaration of foreign currency, highlighting the detrimental impact such actions can have on Nigeria’s financial integrity. He stressed that these offenses expose the country to various risks, including money laundering, and tarnish its global reputation. The implications of such activities extend beyond individual cases, potentially undermining confidence in the financial system and hindering economic growth. Ghali reiterated the EFCC’s commitment to strengthening the economy and financial sector through collaborative efforts and robust enforcement of regulations. The agency’s proactive stance demonstrates its resolve to prevent financial crimes and protect the nation’s economic interests.
The investigation into Okorie Sunday’s case will delve into the source of the undeclared funds, their intended purpose, and any potential connections to illicit activities such as money laundering. The EFCC will meticulously examine the evidence, including the confiscated currency and counterfeit bill, to determine the full extent of the violation and build a strong case against the suspect. The investigation will also explore potential links to organized crime or terrorist financing, given the substantial amount of undeclared currency involved. The outcome of this investigation will send a clear message about the consequences of violating currency declaration laws and the EFCC’s commitment to upholding financial transparency and accountability.
This case serves as a stark reminder of the importance of complying with currency declaration regulations. Travelers are urged to familiarize themselves with these regulations and ensure full disclosure of any currency exceeding the prescribed limit. Transparency in financial transactions is crucial for maintaining a stable and secure financial system. By adhering to these regulations, individuals contribute to the collective effort to combat financial crimes and protect the integrity of the national economy. The EFCC’s proactive approach, combined with inter-agency collaboration and public awareness campaigns, reinforces the nation’s commitment to upholding financial regulations and deterring illicit financial activities.
