Femi Ashekun/
The Economic and Financial Crimes Commission (EFCC) has launched a high-profile investigation into an Austrian national, Kavlak Onal, following the seizure of a massive stash of undeclared foreign currency at the Murtala Muhammed International Airport, Ikeja, Lagos.
Onal was arrested by operatives of the Nigeria Customs Service on Tuesday, while attempting to board an Emirates Airline flight to Dubai.
He was allegedly found in possession of $800,575 and €651,505, which he failed to declare as required by Nigerian law.
At prevailing parallel market rates, estimated at about N1,600 to the dollar and N1,750 to the euro, the seized cash is valued at well over N2.4 billion, triggering widespread attention within security and financial crime circles.
Following his handover to the EFCC, operatives of the Lagos Zonal Directorate 2 commenced investigation into the circumstances surrounding the attempted movement of the funds.
Speaking while receiving the suspect, the Head of the Foreign Exchange Malpractices Section, FEMS, ACE II Adejumo Richard, who represented the Executive Chairman of the Commission, Ola Olukoyede, praised the Nigeria Customs Service for its vigilance and cooperation.
He described the interception as a product of effective inter-agency synergy and professionalism.
“I would like to extend our sincere appreciation and commendation to the Nigerian Customs Service for its outstanding efforts and excellent synergy displayed so far,” Richard said.
“Your dedication to duty and collaborative spirit have been instrumental in advancing our shared objectives.”
Under Nigerian law, travellers carrying cash above approved thresholds are required to make a full declaration to authorities, a measure aimed at curbing money laundering, terrorism financing and illicit financial flows.
Failure to do so attracts investigation, possible forfeiture and prosecution.
The EFCC said the probe into the source and intended use of the funds is ongoing, adding that further actions will be taken in line with the outcome of the investigation.
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