NCS in a statement identified the passenger as Yusuf Taofeeq Olanrewaju with passport number A03758685.
It said Taofeeq was arrested by the airport Command of the Customs Services while trying to board an Emirates flight number EK782 to Hong Kong via Dubai through the E Wing of the airport, Ikeja.
The passenger and the said amount had been handed over to the Economic and Financial Crimes Commission (EFCC) for further investigation, it said.
The Public Relations Officer of the the Airport Command, Mrs. Thelma Williams, said though the passenger declared the said amount on the prescribed forms CDF1A and CDF1B, he could not explain satisfactorily the source of the money. She said Olarewaju was a frequent traveler.