Saturday, 29 September 2012

24yr Old Currency Courier Man Arrested By EFCC For Trying To Export N1b Cash Out Of Nigeria

The Economic and Financial Crimes Commission (EFCC) two days ago arrested one Abubakar Tijani Sheriff, whom it described as a bulk currency smuggler, as he attempted to smuggle $7million out of the country. The EFCC said in a statement yesterday that Sheriff, 24, was arrested at the Murtala Mohammed International Airport in Lagos en route Dubai, United Arab Emirates, as he boarded his flight.
Following his arrest, he 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, the commission said.  Sheriff then 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,” the commission adding that his claims concerning his accomplices are being investigated.


Travellers leaving the country are statutorily required to declare cash in excess of $10,000. However, under the provisions of the Money Laundering Act, it is not sufficient to declare excess cash; the onus is on the person making the declaration to explain the source of the excess cash and the reason for the export.


Source: Sahara Reports

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