The Economic and Financial Crimes Commission (EFCC) has issued a stern warning to Bureau De Change (BDC) operators and other business stakeholders across Nigeria, cautioning against illegal cash smuggling and emphasizing strict compliance with financial regulations.

During a joint sensitization program held in Kano on April 26, 2025, organized in collaboration with the Nigeria Customs Service (NCS) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC), EFCC Chairman Ola Olukoyede, represented by Kano Zonal Director Ibrahim Shazali, highlighted the severe consequences of non-compliance. He stressed that illicit cash movements undermine Nigeria’s economic stability and fuel crimes such as money laundering, terrorism financing, and corruption.

Key Legal Provisions:

• Under Section 3(3) of the Money Laundering (Prevention and Prohibition) Act, transporting cash above $10,000 (or its equivalent) without proper declaration is illegal.​

• Section 18 mandates BDC operators to report suspicious transactions to the Nigeria Financial Intelligence Unit (NFIU).​

• Violators face severe penalties, including imprisonment, hefty fines, and forfeiture of assets.​

Olukoyede emphasized that ignorance of the law would not be accepted as an excuse, and that violators would not go unpunished. He urged all stakeholders to demonstrate collective vigilance and prioritize national interest over personal gain. Compliance is not optional; it is both a legal duty and a patriotic obligation.

The EFCC, in collaboration with the NCS and ICPC, remains committed to prosecuting offenders and safeguarding Nigeria’s financial integrity.