Understanding Foreign Currency Laws in Nigeria: Insights from the Lagos Case
Breaking News: Lagos Woman Arrested for Misdeclaring Foreign Currency
- Suspect: Ifunanya Phil-Olumba
- Date of Arrest: July 22, 2025 (during inward clearance at Murtala Mohammed International Airport, Lagos)
- Alleged Misdeclaration:
- Declared only USD 4,000 but found to have USD 14,567.
- Declared £1,000 but actually held £1,030.
- Declared CA$4,000, while possessing CA$14,000.
- Legal Proceedings:
- She pleaded not guilty to all three counts under the Money Laundering (Prevention and Prohibition) Act, 2022.
- The court remanded her at Kirikiri Correctional Centre.
- A trial-within-trial was ordered to determine the voluntariness of her statement.
- The next hearing is scheduled for August 19, 2025.
Context: Legal Framework & Enforcement
- Under the Money Laundering (Prevention and Prohibition) Act, 2022, it is a criminal offence to fail to declare, or to falsely declare, cash exceeding USD 10,000 (or its equivalent) when entering or leaving Nigeria. Penalties include forfeiture of undeclared funds, a minimum of two years’ imprisonment, or both.
Summary Table
| Detail | Information |
|---|---|
| Name | Ifunanya Phil-Olumba |
| Location | Murtala Mohammed International Airport, Lagos |
| Allegations | False declaration of USD, GBP, and CAD funds |
| Charges | Three counts under Money Laundering Act, 2022 |
| Current Status | Remanded in custody; trial-within-trial ongoing |
| Next Court Date | August 19, 2025 |
About the Author
