The Economic and Financial Crimes Commission (EFCC) yesterday 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 today 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.

The EFCC noted that globally, bulk cash smuggling is usually associated with proceeds of crime, where legitimately earned funds are processed through the banking system.

“Our experience in the last few years indicates an emerging trend of bulk cash smuggling to Europe, Middle East and North America with the attendant consequence for capital flight. Some Nigerian citizens are routinely arrested at airports in Europe and North American for currency smuggling though no such arrests have been recorded in the Middle East. But in all cases, the money is lost as they are never repatriated back to the country.”

The Commission warned travellers who wish to move bulk cash out of the country to do so through the banking system, or to be prepared to declare it and explain its origin.

Sheriff is being detained at the EFCC’s holding facility in Lagos pending his arraignment in court.

I love this thread,,,,,,,,,for so many reasons

It's all about the Benjamins man

Its a matter of time,,,,,the guy will be left off the hook,,,,,his principals will make sure of that,,,,,,so business continues

Corruption has become a strong and powerful oak in Nigeria with multi-disciplinary branches and far-reaching implications all over the place.

That is some N1.1billion! There goes, in part, money to repair your roads, improve security, and improve the standard of living of Nigerians. I admit, it's no longer easy to fight the type of corruption we have in Nigeria.

At the young age of 24, this man has already become a courier of billions and an accomplice to the looters of the land. What a sad commentary on the sorry state of affairs. Yet Nigerians complain that they are not globally respected.

I've always said it - there are two ways to smuggle out stolen funds from Nigeria - through bank transfers and carrying of hard currencies. A sincere government that courageously wants to fight should among other things come down hard on Immigrations and the banks.

An aspect of the fight against corruption is to ensure that looted funds, as bad as they are, remain in Nigeria.