The Economic and Financial Crimes Commission (EFCC) has issued a strong warning to Bureau De Change (BDC) operators and business owners against illegal cash movements, stressing that violators risk imprisonment, heavy fines, and asset forfeiture.
EFCC Chairman Ola Olukoyede gave the warning during a joint sensitization program in Kano organized by the EFCC, Nigeria Customs Service (NCS), and the Independent Corrupt Practices Commission (ICPC). The event aimed to educate businesses on legal cash movement rules across Nigerian borders.
Under the theme “Illegal Cash Movement Through Nigerian Airports: Consequences, Legal Frameworks, and EFCC’s Enforcement Role,” Olukoyede emphasized that moving more than $10,000 (or its equivalent) without declaring it to customs is a crime.
“Nigeria has strict laws against illegal cash trafficking, including the EFCC Act, Money Laundering Act, and CBN guidelines,” he said. “Yet, many travelers—businessmen, pilgrims, and tourists—still break these rules, either out of ignorance or to evade financial controls.”
He warned that illegal cash movements fuel money laundering, terrorism financing, and corruption, threatening Nigeria’s economy. The EFCC, alongside other agencies, will prosecute offenders to protect the financial system.
The Money Laundering Act requires BDCs to report suspicious transactions to authorities. Failure to comply leads to severe penalties.
“Compliance is not optional—it’s a legal duty,” Olukoyede said. “We urge all stakeholders to act in Nigeria’s interest, not personal gain.”
The EFCC’s message is clear: follow the rules or face the consequences.
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