DSS, Customs Intensify Investigations on Who Owns N2.9billion Cash Concealment at MMIA
How would a right thinking person hope to conceal $8,065,612 (N2.9bn) cash and move it in or out using an international airport without the authorities catching up with him.
This was the question being raised by many as the Nigeria Customs Service (NCS) announced an interception of the huge sum Tuesday.
The cash concealment was discovered as far back as January 16 at the airport following a tip off.
A suspect, Chimezie Okonkwo, was arrested in connection with the cash which was concealed in a Coaster bus. Okonkwo is just a driver.
Who owns the money is exactly what the Intelligence Unit of the Directorate at State Security (DSS) and officers of the NCS are working on to uncover.
The Comptroller General of the Nigeria Customs Service (NCS), Rtd Col. Hammed Ali gave account of how the fund was uncovered when he briefed newsmen at the Federal Operations Unit, Ikeja, Lagos.
According to him, “the consignment packed in a coaster Bus was loaded in six big Bagco Bags. One suspect, the driver of the Bus, Chimezie Okonkwo was arrested and taken into custody with the intercepted consignment.
“On Saturday, 18 January 2020, an inventory of the consignment was taken and was witnessed by representatives of the Directorate at State Security, Customs intelligence Unit, Anti-Money-laundering and Counter Terrorism Financing Unit Customs Police and the Suspect.
“At the end of the inventory taking, a total number of 20 sealed wraps were opened, counted, re-sealed and re-wrapped under video coverage from the beginning of the exercise to the end. The total amount intercepted stood at $8,065,612 only.
“The consignment remains in Safe custody. while preliminary investigations have commenced on the Seizure. We will update you as the investigations unfold”.
Ali also during the conference said what an individual is entitled to carry as cash on transit is supposed to be not more than $10,000 which must be declared.
Ali who was also surprised explained, “While provisions are made for various forms of international electronic transfers, exception are Made for those who prefer to travel across borders with cash and other monetary instruments. When this option is used those Who carry Physical cash across the borders are obliged by law to make declaration of such movement once the value is above the approved threshold.
“Currently the value of the threshold in Nigeria is the equivalent of $10000 and above. Therefore, all travelers in and out of Nigeria, must declare any physical cash in excess of this threshold of $10,000 or equivalent of other currencies or monetary instruments.
“The question is often asked, why do Customs or any Agency of Government need to know if a private person or company is taking out monies for their personal business out of the country.
“It is for the reason that illegal criminal activities like international terrorism, drug smuggling, arms proliferation are financed by illicit cash movements outside the recognized financial systems. Proceeds from other criminal activities like corrupt enrichments from public treasury are similarly siphoned out of the country in cash.
“To enforce Compliance with the monitoring of cross border cash movement. Registers are maintain at all approved points of entry and exit, where voluntary declaration are recorded and maintained.
“The declarations are then followed up by the Economic and financial Crimes Commission (EFCC) to ascertain any possible link between the cash movers and criminal networks. At the Muritala Mohammed Airport, the Command put in place additional Measures to monitor the implementation of the anti-money laundering and Counter-Terrorism Financing operation.
“These measures include surveillance at the arrival and departure halls, increased Patrols at the tarmac and cultivation of intelligence around its area of responsibility”.
About Post Author
