Bureau De Change (BDC) operators in Kano have raised alarm over the recent confiscation of undeclared foreign currencies by authorities.
Daily Trust reports that the Nigeria Customs Service (NCS), Kano/Jigawa Area Command recently intercepted over ₦653 million worth of undeclared foreign currencies at Aminu Kano International Airport (MAKIA).
Reacting to the development, Dr. Sadik Muhammad Abdulhamid said the action has triggered serious health complications among members of the Bureau De Change business community.
But the NCS has reacted to their remarks, saying the authority acted within the ambit of the law.
Our correspondent reports that Section 2 (subsection 3-5) of the Money Laundering (Prohibition) Act 2011 (as amended) states that: “Transportation of cash or negotiable instruments in excess of US$10,000.00 or its equivalent by individuals in or out of the country shall be declared to the Nigeria Customs Service.”
In recent times, the NCS has deepened its surveillance at various ports of entry in a bid to enforce the currency declaration regulation.
“Honestly, many of us are in a tight situation. Some have developed serious illnesses — hypertension and others are currently bedridden due to what happened,” Abdulhamid said.
He appealed to President Bola Ahmed Tinubu and Kano State Governor, Abba Kabir Yusuf, to intervene in the matter, stressing that the funds were legitimately earned and that the operators were merely assisting Kano citizens working abroad.
“I am appealing on behalf of those who were arrested on money laundering allegations at Aminu Kano International Airport, in up to three separate batches.
“We are appealing to President Bola Ahmed Tinubu, Governor Abba Kabir Yusuf, and all other relevant stakeholders to come to the aid of those Bureau De Change operators whose money was intercepted.
“Of course, there was a mistake in not declaring the funds before bringing them in. But I want to assure everyone that it was legitimate money. What really happened is that we were just helping our brothers and sisters working abroad, especially in Saudi Arabia.
“When they want to send money back home, our people collect it in exchange. The Nigeria Customs Service intercepted the money and handed it over to the Economic and Financial Crimes Commission (EFCC). We appreciate the way they are working, but we want to assure them that the money was legitimately earned and it does not belong to a single person, but to many people.”
Customs reacts
Reacting to their call, the National Public Relations Officer of the Nigerian Customs Service, Abdullahi Maiwada stated that the Customs acted within the ambits of the Law to seize the foreign currencies.
“The Nigeria Customs Service acted on intelligence to intercept the amount at the Mallam Aminu Kano International Airport Kano. The Law states that if you are traveling with cash above $10,000 you have to declare it which they didn’t and we seized the money and handed it over to the appropriate authorities.
“If anyone knows he/she is not using foreign currency to finance crime or terrorism, why is he afraid to declare it in line with the law,” he said.
