EFCC arrests man trying to smuggle out $7m

An attempt by a 24-year old man to
smuggle $7million (N1.2 billion) cash
out of the country was foiled on
Thursday by operatives of the
Economic and Financial Crimes
Commission (EFCC).
The suspect, Abubakar Tijani Sheriff,
was apprehended at the Murtala
Muhammed International Airport,
Ikeja, as he made to board a plane to
Dubai.
The commission described him as a
courier on an errand for 20 Nigerians
in the UAE city and the cash is
believed to be for laundering.
It was learnt he named one of the
owners of the cash during
interrogation yesterday.
The Head of Media and Publicity of the
EFCC, Mr. Wilson Uwujaren,
confirming the arrest in a statement,
said: ”The 24-year-old was arrested at
the Murtala Mohammed International
Airport in Lagos en route Dubai,
United Arab Emirates. He was
apprehended by operatives of the
Commission at the point of boarding
the plane.
“When he was arrested, he declared
that he had a total sum of $4.5 million
on him. But a thorough screening
showed that he was actually carrying
$7,049,444 (seven million, forty-nine
thousand, four hundred and forty-
four United States dollars).
“He confessed that he was a courier
for 20 individuals who hired him to
courier the money for them to Dubai.
“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, is 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 America 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.
“Meanwhile, the suspect is being
detained at the Commission’s holding
facility in Lagos, pending his
arraignment in court.”
Source-Thenation