The Federal Airports Authority of Nigeria and the Nigeria Customs Service have joined forces to strengthen compliance with international financial regulations, in a strategic push to remove Nigeria from the Financial Action Task Force grey list.
The collaboration was announced over the weekend following an inspection tour of the Murtala Muhammed International Airport in Lagos by FAAN Managing Director Olubunmi Kuku and Comptroller-General of Customs Adewale Adeniyi.
Nigeria was added to the FATF grey list on February 24, 2023, due to weaknesses in its anti-money laundering and counter-terrorism financing framework amid rising capital inflows. FATF, established in 1995, is the global watchdog for financial crimes and illicit capital movements.
According to both agencies, the renewed partnership aims not only to address FATF compliance issues but also to boost efficiency in passenger and cargo processing at international airports.
FAAN has recently deployed advanced screening systems and electronic gates (e-gates) to improve passenger experience and tighten security.
Kuku also reminded the public that travellers are required to declare cash or negotiable instruments exceeding $10,000 at entry and exit points, adding that new measures are in place to improve monitoring and enforcement.
“There is a shared determination to rid our entry and exit points of illegal financial transactions. We are working closely to get Nigeria off the grey list with other agencies of government to curb any sort of money laundering and illicit financial activities across our borders.
“Both agencies are working closely together on currency declaration, not just on departure but also on arrival,” Kuku stated.
She added that the renewed partnership with the Nigeria Customs Service reflects a strong inter-agency commitment to enhancing passenger experience and streamlining trade facilitation at the nation’s airports.
She stressed, “Our collaboration with Customs, particularly on currency declaration and enhanced security screening, is a significant step in safeguarding our borders and improving Nigeria’s global standing.”
Kuku noted that FAAN had received a commitment from the Comptroller-General of Customs to reduce the number of officers interacting directly with passengers at airports, leveraging ongoing automation of the screening process to enhance efficiency.
In his remarks, Adeniyi revealed that a FATF assessment team is expected to visit Nigeria in the coming weeks, adding that the renewed collaboration with FAAN forms part of the broader strategy to ensure the country’s removal from the global financial watch list.
He commended the provision of dedicated spaces for passengers to declare currency upon arrival or departure.
Adeniyi also launched a routine announcement system to remind travellers of the mandatory declaration of funds exceeding $10,000, in line with regulatory requirements.
He said, “On the issue of exiting Nigeria from the grey list of FATF, I am quite satisfied with the measures that have been put in place by FAAN. These measures include the provision of designated places where currency declarations can be made.
“As we strive to remove Nigeria from this list, the Nigeria Customs Service has advanced its efforts by automating its processes. Ultimately, we would be hoping to merge our form with the passenger declaration form and passenger arrival form issued by the Nigeria Immigration Service.
“We are expecting the inspection team of the FATF in a matter of weeks in Nigeria, and we believe that we have put in place enough measures to get them satisfied and remove Nigeria from the list, but more importantly, our meeting today has created a platform for us to deepen collaboration and continue the conversations that would help us to address whatever issues and disagreements we have.”
