LEGAL SENSE (Hint 31)
by ANSLAM C. AGIM, ESQ
“Any person travelling in or out of Nigeria with cash or negotiable instruments exceeding USD 10,000 must declare it to Nigerian Customs Service or risk forfeiture of the money and/or two (2) years imprisonment”.
Transportation of cash or negotiable instrument in excess of USD 10,000 or its equivalent by individuals in or out of the country shall be declared to the Nigerian Customs Service.
Any person who falsely declares or fails to make a declaration to Nigerian Customs Service pursuant to section 12 of foreign exchange (Monitoring and Miscellaneous Provisions) Act, commits an offence and shall be liable on conviction to forfeit not less than 25% of the undeclared funds or negotiable instruments or to imprisonment of not less than 2 years or both.
Legal Authority: Section 2(3)(4) and (5) of Money Laundering (Prohibition) Act, 2011 (as amended).
Legal Advice: Any Person/Passenger travelling into or out of Nigeria with cash exceeding USD 10,000.00 (ten thousand dollars) or its equivalent in negotiable instruments should correctly declare so to Nigerian Customs Service to avoid seizure and forfeiture of the money; and/or two years imprisonment upon conviction at the Federal High Court.