News Update: Arrested currency smuggler forfeits over N100m to federal govt

You guys remember the bulk currency smuggler, Abubakar Tijani Sheriff, who was arrested on the 27th of September at the Murtala Muhammed International while attempting to smuggle about $7million out of the country? Well, he appeared before a Federal High Court today in Lagos and he got some of his seized money back, and lost quite a lot to the federal government of Nigeria.
The court asked EFCC to return the $4.5million he declared at the airport when he was traveling while he should forfeit 25 percent of the money he didn't declare to the Federal Government.
He didn't declare about $2.5m and 25% of that is going to the federal government. 25% of 2.5 million dollars is over 600 thousand dollars and when you convert that to Naira its about100 million naira.
According to Sheriff's lawyer, the money he was transporting before he was arrested belonged to 20 people who pulled their resources together to buy goods in bulk in order to bring down the price. The 20 people even went to EFCC to explain how they got the money and what it was meant for.
But I guess smuggling is smuggling and there's a penalty for that! N100 million gone just like that? Wow!