The Lagos Police Command confirmed that nineteen Bureau De Change (BDC) operators who were apprehended for their involvement in alleged illegal transactions, will face charges of money laundering at the Federal High Court in Ikoyi.
These individuals were apprehended across various locations in Lagos during a joint operation conducted by the Police, the Economic and Financial Crimes Commission (EFCC), and the Nigeria Customs Service (NCS) on February 21.
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, these suspects allegedly conducted BDC operations without valid licenses from the appropriate authority.
The police have levied separate charges against the suspects, accusing them of possessing varying amounts of foreign currencies and naira suspected to be proceeds of crime.
The charges include allegations of conspiracy to operate forex tradings as BDC without the required license, an offense under section 17(a)(b) of the Money Laundering (Prohibition) Act, Laws of the Federation of Nigeria, 2010.
The police also allege that the suspects retained proceeds of crime on behalf of other individuals known to have benefited from criminal conduct, a violation of section 16(a)(b) of the Money Laundering Prohibition Act, 2010.
Ibrahim Jubril is accused of benefiting $201 and £2,562 from operating an illegal BDC, a contravention of section 60(1) of the Banks and Other Financial Institutions Acts (BOFIA) 2020.
Similarly, Abdullahi Abubakar allegedly benefited $10,000, Abdullah Hussain received $2,250 and 40,000 CFA, while Ibrahim Abdulrahman gained £30, 10,000 FCA, and $230,000, forming part of the charges.