Travellers Out of Nigeria Declare $12Bn

Ibrahim Lamorde, chairman of the Economic and Financial Crimes Commission (EFCC), has stated that currency declaration by travellers out of Nigeria amounted to $12.058 billion in three years.

As he spoke, President Muhammadu Buhari assured Nigerians that no amount of pressure will make him give up the war against corruption in the country, noting that, they his administration will not let any corrupt person off.

Lamorde however speaking at the opening ceremony of a five-day inter-agency training programme on, Cross Border Financial Investigation organized by the United States Department of Homeland Security in Abuja, said currency declaration in 2012 was $9.9 billion. In 2013, it dropped to $1.324 billion as Nigeria stepped up surveillance at the airports.

“There was a further drop in 2014 as currency outflows recorded an all- time low of $807,585,061.70″.

He called for improved financial intelligence gathering by the anti-graft agency and other law enforcement agencies in the country to check flow of illicit funds, if the war on terror must be won.

“A reputable strategy to fight insurgency is to deprive the insurgents of funds, because there is no dispute that illicit funds movement across borders fuels organized crimes, including terror attacks and insurgency in Nigeria,” Lamorde said.

According to him, “There is an urgent need to strengthen our financial intelligence architecture to enable us effectively monitor cash trails and check illicit cash flow to organized criminal gangs.”

“Up till now, the major concern in the fight against insurgency is on how the insurgents fund their operations within the sub-region.”

“While tremendous progress has been recorded in strengthening the Anti-Money Laundering Regulations and the Compliance Regime in Nigeria, monitoring the movement of cash outside the financial sector, remains a major challenge, because of Nigeria’s predominantly cash-based economy,” he said.

The EFCC boss, also applauded the commitment of the United States government in assisting Nigeria surmount its contemporary challenges through institutional development.

“It is gratifying that this programme is coming a few weeks after the historic visit of President Muhammadu Buhari, to the United State, where he and President Barack Obama pledged to deepen the cooperation and friendship between our two countries”.

President Buhari said that all persons charged with stealing the nation’s resources will have their day in court and that, upon conviction, their ill-gotten wealth will be seized and returned to government coffers.

In an address to a group of Nigerians who marched to the Presidential Villa to pledge their full support for his administration’s anti-corruption campaign, President Buhari promised a relentless prosecution of the war against corruption, with due regard for the rule of law.

“I believe it is time for Nigeria to change course. That is why I sought election as President and got elected. As President, I am determined that Nigeria must move away from a course of endemic corruption that was leading us to perdition.

“There can be no question of our willfully allowing anyone to get away with corruption. No matter the pressure and entreaties, the anti-corruption war will continue and all accused persons will have their day in court,” the President said.

Welcoming the support of the group – Nigerians March Against Corruption, President Buhari, who was represented by his Special Adviser (Media & Publicity), Mr. Femi Adesina, also reaffirmed his commitment to curbing insecurity in the country and boosting employment opportunities for Nigerians, especially the youth.

He called for the continued support and solidarity of Nigerians as the present administration works to correct the wrongs of the past.

The Nigerians Against Corruption group led by Aisha Yesufu had condemned recent statements by some individuals against the President’s anti-corruption campaign.

They assured the President that the vast majority of ordinary Nigerians fully supported his ongoing efforts to curb corruption and urged him not to be deterred by the antics of those who do not share his laudable vision of a fairer, more equitable, corruption-free and progressive nation.