The Economic and Financial Crimes Commission (EFCC) has arrested 12 suspected illegal Bureau de Change (BDC) operators in Lagos, while it would be recalled that the agency recently arrested and prosecuted several individuals for similar offences.
Penpushing reports that the commission spokesperson Dele Oyewale made this known in a statement explaining that the suspects were arrested following credible intelligence and thorough surveillance regarding their alleged operation of Bureau de Change (BDC) without the requisite licences.
The statement said items recovered from the suspects include cash and exotic jewellery, adding that the suspects are currently undergoing further investigation and will be arraigned in court soon.
Penpushing further reports that the suspects are Abdulahi Musa, Garba Abdullahi, Dauda Hussaini, Jubril Musa, Abdulwaheed Iliyasu, Abubakar Mohammed, Umar Saidu, Nurudeen AbdulAzeez, Hamidu Usman, Yusuf Isa, Musa Ishaka, Liman Makki, and Idris Mohammed.
The Economic and Financial Crimes Commission (EFCC) disclosed that, the arrests followed sting operations between 10 and 13 May 2024, based on credible intelligence received by the Commission.
Penpushing also reports that in a related development on June 18, 2025 Abdulkarim Auwalu was arraigned before Federal High Court in Ikoyi, Lagos, on six counts of operating a Bureau de Change (BDC) business without a valid Central Bank of Nigeria (CBN) licence
The petitioner alleged that unknown individuals approached him with a business proposal involving a $10 million investment into Auwalu’s science and hospital equipment business, stating that during the transaction, the purported agents demanded payments under the guise of statutory charges.
The Economic and Financial Crimes Commission (EFCC) in the statement disclosed that investigations revealed that Auwalu made cash payments rather than using a financial institution, however, he pleaded not guilty.
Penpushing reports that in another case, on February 5, 2025 Faruk Umar, who had been arrested on August 26, 2024, for engaging in illegal foreign exchange transactions at the Eko Hotel area of Victoria Island, Lagos was convicted by the Federal High Court, Ikoyi, Lagos State.
The convict pleaded guilty to a one-count of conducting foreign exchange transactions outside the official market, while the agency investigative officer Hamisu Sanni testified that Umar’s phone contained over 40 conversations relating to illegal forex transactions.
Penpushing further reports that Umar was sentenced to six months imprisonment, a N50,000 fine payable to the Consolidated Revenue Fund, and forfeiture of his phone to the Federal Government.
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