Professor Ofoegbu Charles Ononuju was arrested with $1.1 million cash at the international wing of the Lagos Airport yesterday.
He was arrested whilst trying to board a flight to Kenya. The professor declared the entire money to Customs, however the Customs officials were unsatisfied with his explanation of what the money was for and its origin.
Professor Ononuju explained to the Customs officials that he holds a directorship in AZ Petroleum and the money was company money to be used to settle a dispute over oil blocks in an oil producing community in Kenya.
The professor was handed over to the EFCC for further investigation.