EFCC Investigates CFA 7m Seized by Customs in Ogun
Nigeria is strengthening its financial security measures. Recently, customs operatives at the Idiroko border in Ogun State seized a significant amount of foreign currency—7 million CFA (approximately N17 million). This operation is now under investigation by the Economic and Financial Crimes Commission (EFCC).
Background of the Seizure
Customs officers discovered the currency during a routine search of passengers traveling from Nigeria to Benin. The money was hidden in a bag left along the Baggage Road in Idiroko. Comptroller Mohammed Shuaibu of the Ogun Area Command said this seizure violates the Anti-money Laundering Act and the Foreign Exchange Act.
EFCC’s Role in the Investigation
The EFCC is actively investigating this case. Moses Oguzi, Head of Investigations at the EFCC’s Lagos Zonal Directorate 2, says they will uncover the circumstances surrounding the seizure. They aim to identify those involved and determine the source and intended use of the funds.
Collaboration Between Agencies
The NCS and EFCC are working together to combat financial crimes. This collaboration is part of a broader strategy to enhance inter-agency cooperation. The Nigeria Customs Service Act 2023 supports this approach by providing a legal framework for customs operations and collaboration with other agencies.
For example, the EFCC has been involved in high-profile cases, such as the re-arraignment of former National Security Adviser Sambo Dasuki. These efforts show the EFCC’s commitment to holding accountable those who engage in financial misconduct.
Implications for Nigeria’s Financial Security
Nigeria faces ongoing challenges in preventing financial crimes. The seizure of CFA 7 million highlights the need for sustained efforts to protect the country’s economic interests. The investigation is a significant step forward in Nigeria’s fight against financial crimes.
In conclusion, the EFCC’s investigation into the seized CFA 7 million demonstrates the importance of inter-agency collaboration. It shows a commitment to ensuring that financial crimes do not compromise Nigeria’s financial integrity.
