The Economic and Financial Crimes Commission has
arrested a suspected bulk currency courier, Abubakar Tijani Sheriff, for
attempting to smuggle $7million out of the country. Converted at the rate of
N156 to a dollar, the money totals N1.1 billion. The commission also said that
the suspect had confessed to being a money courier for no fewer than twenty
powerful individuals in the country.
The 24-year-old, according to a statement
from the commission, was arrested at the Murtala Mohammed International Airport
in Lagos en route Dubai, United Arab Emirates.
Sheriff is said to have
been apprehended by EFCC operatives at the point of boarding a plane. The
statement further said the suspect was being detained at the commission’s
holding facility in Lagos, pending his arraignment in court.
Upon his arrest, the
suspect was said to have declared that he had a total sum of $4.5million on him
but thorough screening and search showed that he was actually carrying
$7,049,444. He confessed that he was a courier for twenty individuals who hired
him to courier the money for them to Dubai.
The statement reads in
part: “Investigations by the EFCC showed that Sheriff is a regular traveller
and one of several couriers of illegal cash suspected to be proceeds of crime.
His claims in respect of his accomplices are still being investigated by the
commission.
“Travellers leaving the
country are statutorily required to declare cash in excess of $10,000. However,
it is not sufficient to declare excess cash, under the provisions of the Money
Laundering Act, the onus is on the person making the declaration to explain the
source of the excess cash and the reason for the export.
“Experience has shown that
bulk cash smuggling, the world over, are usually associated with proceeds of
crime as legitimately earned funds are usually processed through the banking
system.
“Our experience in the
last few years indicates an emerging trend of bulk cash smuggling to Europe,
Middle East and North America with the attendant consequence for capital
flight.
“Some Nigerian citizens
are routinely arrested at airports in Europe and North American for currency
smuggling though no such arrests have been recorded in the Middle East. But in
all cases, the money is lost as they are never repatriated back to the country.
“The Commission warns
travellers who for any reason want to move bulk cash out of the country to do
so through the banking system. Otherwise, they must be prepared to declare it
and explain the source of the money.”
Source: National Mirror
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