The Nigeria Customs Service (NCS) Ogun 1 Area Command has made a significant move in the fight against illicit financial activities, seizing 7 million CFA francs roughly equivalent to N17 million during a routine check along the Idiroko border route.
This foreign currency, concealed in 5,000 CFA franc denominations, was intercepted on March 20, 2025, as part of an ongoing effort to curb smuggling operations. The seized funds have now been handed over to the Economic and Financial Crimes Commission (EFCC) for further investigation.
In a brief but pivotal ceremony at the NCS headquarters in Idiroko, Ogun State, Customs Area Comptroller, Mohammed Shuaibu, presented the confiscated currency to Assistant Commander Oguzi Moses, the EFCC’s Head of Investigation for Lagos Zone 2.
The seized funds were reportedly being smuggled from Nigeria to the Republic of Benin, with an unidentified courier waiting to collect the stash.
Comptroller Shuaibu outlined the details of the interception, explaining how NCS officers at the outward baggage hall, while conducting routine checks on passengers traveling from Nigeria to Benin, discovered a suspicious bag.
Upon inspection, the officers found it packed with newly minted CFA francs, hidden away in an unlikely location. “The discovery came after our intelligence officers identified the suspicious bag, and a thorough search revealed a large sum of unreported foreign currency,” Shuaibu said.
Shuaibu went on to explain that the seizure was carried out in accordance with Section 6 of the Nigeria Customs Service Act 2023, which mandates the declaration of substantial amounts of foreign currency crossing the country’s borders.
“The failure to declare such sums violates the Anti-Money Laundering (Prevention and Prohibition) Act 2022, as well as the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act of 1995,” he added, underscoring the importance of compliance with fiscal regulations.
The handover is also part of the NCS’s ongoing commitment to inter-agency collaboration in tackling financial crimes, in line with the policy objectives of the Comptroller General of Customs, Bashir Adewale Adeniyi.
Comptroller Shuaibu also issued a stern warning to residents of border communities, urging them to steer clear of smuggling activities and emphasizing that the NCS would continue to rigorously enforce federal regulations to safeguard the country’s fiscal integrity.
Assistant Commander Oguzi Moses, representing the EFCC, reassured the public that the Commission would carry out a thorough forensic investigation to identify the perpetrators behind this smuggling attempt. “We are committed to ensuring that anyone involved in undermining the integrity of Nigeria’s financial systems will be held accountable,” Moses stated, while also praising the NCS for its vigilance and diligence in preventing illegal cross-border financial activities.
With this latest seizure, both the NCS and EFCC have sent a clear message that they will not tolerate any efforts to subvert the country’s economic security. The collaboration between the two agencies reflects a unified commitment to fighting financial crimes and safeguarding Nigeria’s borders from illegal activities.
