Nigeria's anti-graft agency, the Economic and Financial Crimes Commission (EFCC) said on its websitethat the cash, in the local naira currency, was still sealed when it was discovered near the check-in points at the Kaduna airport.
The anti-graft unit said that the bags were found during a regular screening, and the five bags were "unattended and without tags containing fresh bulk items suspected to be money".
The EFCC said that investigations were at an advanced stage, but the owner of the cash had not yet been identified.
"Operatives [of the EFCC] intercepted a sum of 49 million naira in five large black 150kg... sacks following a tip off.
"Upon examination, the bags were found to contain fresh crispy naira notes of N200 denomination in 20 bundles totalling forty million naira and N50 denomination in 180 bundles totaling nine million naira with seal purportedly emanating from the Nigeria Security and Minting Plc (NSPM) as seen in the labeled sealed packs," said EFCC.
This came just a month after the former head of Nigeria's state-run oil company was investigated after almost $10m in cash was found at a property he owned.
The EFCC said it had seized $9.8m million from a house belonging to Andrew Yakubu.
Nigeria is currently in recession and desperately in need of cash, having been hit hard by the slump in global oil prices since 2014 that has squeezed revenue and pushed up inflation.