The Lagos Police Command is set to arraign nineteen Bureau De Change operators before the Federal High Court, Ikoyi, on charges related to illegal transactions and money laundering.
The suspects, apprehended on February 21 in various parts of Lagos during a joint operation involving the police, the Economic and Financial Crimes Commission, and the Nigeria Customs Service will face separate count charges for alleged involvement in illegal BDC operations without proper licenses.
The arrested individuals are identified as Ibrahim Jubril, Abdullahi Abubakar, Ibrahim Hassan, Adamu Isiaka, Ibrahim Abdulrahman, Jubril Hassan, Mohammed Isiaka, Mohammed Aminu, Adamu Ibrahim, Hassan Ahmadu, Salisu Hamidu, Mahmoud Mohammed, Murtala Usman, Hassan Yakubu Balguda, Abdullahi Kabiri Mohammed, Ali Sadam, Ahamadu Yusuf, Abdullahi Hussain, and Alhai Sido.
According to The Nation, the suspects are accused of conspiring to conduct forex trading as BDC within designated streets in Lagos without the necessary licenses, an offense under section 17(a)(b) of the Money Laundering (Prohibition) Act, Laws of the Federation of Nigeria, 2010.
The police stated that the suspects allegedly retained proceeds of crime on behalf of others who had benefitted from criminal conduct, violating section 16(a)(b) of the Money Laundering Prohibition Act, 2010.
Individual charges have been specified, with Ibrahim Jubril allegedly benefiting $201 and £2,562 from operating an illegal BDC, an offense under section 60(1) of the Banks and Other Financial Institutions Acts (BOFIA) 2020. Abdullahi Abubakar, Abdullah Hussain, and Ibrahim Abdulrahman also face charges related to benefiting from illegal BDC operations.
