EFCC INVESTIGATES FOREIGN CURRENCIES VALUED AT 426BILLION NAIRA SEIZED AT NIPOST FACILITY IN LAGOS

The Economic and Financial Crimes Commission (EFCC) has commenced an investigation into a suspicious parcel containing foreign currencies valued at over N426 billion, intercepted at a Nigerian Postal Service (NIPOST) facility in Lagos.

The development was disclosed in a statement posted on the official EFCC X account on Thursday, following the handover of the parcel by officials of the Nigeria Customs Service (NCS) and NIPOST to the anti-graft agency.

The parcel reportedly contained ZW$101 trillion (One Hundred and One Trillion Zimbabwean Dollars), equivalent to N426,091,066,068.06, and VND 41.64 million (Forty-One Million Six Hundred and Forty Thousand Vietnamese Dong), equivalent to N95,746.52.

“In a related development, the Commission has also begun investigation of a parcel containing ZW 101,000,000,000,000 (One Hundred and One Trillion Zimbabwean Dollars), equivalent to N426,091,066,068.06, and 41,640,000 VND (Forty‑one Million Six Hundred and Forty Thousand Vietnamese Dong), equivalent to N95,746.52, which was intercepted by officials of the Nigerian Postal Service , NIPOST, and operatives of the NCS,” the statement read in part. 

Area Comptroller of Customs at the airport, E.J. Harrison, stated during the handover that the interception was a result of joint efforts between the NCS and NIPOST.

He said, “We intercepted a parcel that contained foreign currencies. In fact, it was the vigilance and dedication of our officers and the NIPOST’s officials, while examining the parcel, that it was discovered that someone was trying to bring in a load of currencies into Nigeria. But it is our responsibility to ensure that such doesn’t happen.” 

Receiving the parcel, EFCC representative M.A. Timta, speaking on behalf of the Acting Zonal Director of EFCC Lagos Zonal Directorate 2, Ahmed Ghali, assured the public that the Commission would expedite investigation into the matter.

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In a related development, the EFCC also confirmed it has launched a separate investigation into one Phil-Olumba Ifunaya Sheila, who was arrested by the Nigeria Customs Service at the Murtala Muhammed International Airport in Lagos on Tuesday, July 22, 2025.

• The suspect, scheduled to travel to the United Kingdom, was allegedly found in possession of undeclared foreign currencies totaling $14,567, £1,030, and CA$40. Upon interception, Sheila claimed she was only carrying $4,000.
• The EFCC, which received the suspect and the cash from Customs, is currently investigating the case for potential violations of financial disclosure regulations and other anti-money laundering laws.

Both cases highlight the continued efforts by Nigerian authorities to strengthen border surveillance and enforce compliance with currency declaration laws, particularly at key transit points like airports and postal hubs.

Under existing regulations, travelers are required to declare any amount exceeding $10,000 or its equivalent in other foreign currencies at the point of entry or exit from the country.