A stunning revelation has emerged following the Economic and Financial Crimes Commission’s (EFCC) investigation. They are investigating a man named Okorie Sunday. He was arrested by the Nigeria Customs Service (NCS) at Murtala Muhammed International Airport, Lagos, for false currency declaration. The incident has sparked widespread concern among Nigerians. Many are calling for greater transparency and accountability in the country’s financial system.
Sunday, who arrived from Johannesburg, South Africa, on March 19, 2025, initially declared $279,000 at the Currency Declaration Desk. However, a later search revealed an additional $299,000 hidden in various packages, bringing the total to $578,000. Authorities also discovered €100 and a counterfeit $250 among his belongings.
On March 21, 2025, the EFCC’s Lagos Zonal Directorate 2 took over the case. This occurred after the NCS handed over the suspect. The commission warned against false or non-declaration of foreign currency, stressing that such offenses undermine the country’s financial integrity.
False currency declaration is a serious offense in Nigeria, punishable under the Money Laundering (Prohibition) Act 2011. The act mandates that any currency exceeding $10,000 must be properly declared by inbound and outbound passengers.
The EFCC has been at the forefront of combating financial crimes in Nigeria. The commission has recorded several high-profile convictions in recent years. One of these was the conviction of a former governor who was found guilty of embezzling billions of naira.
Speaking with Dr. Emmanuel Uche, a financial expert, to gain insight into the implications of the investigation. “The EFCC’s investigation into the man caught with $578,000 at Lagos airport is a clear indication of the commission’s commitment to combating financial crimes,” Dr. Uche said.
To strengthen Nigeria’s financial system, the government must enhance transparency and accountability. They need to ensure that all financial transactions are transparent and accountable.
– *Strengthen regulatory agencies*: The government must bolster regulatory bodies. Agencies such as the EFCC need more resources to effectively combat financial crimes.
– *Increase public awareness*: The government must increase public awareness about the dangers of financial crimes. It must underscore the importance of transparency and accountability.