Forex crisis: Police withdraw criminal charge against 19 BDC operators

A federal high court in Lagos has struck out the charge against 19 bureau de change (BDC) operators, following the withdrawal of the case by the police.

The BDC operators involved are Ibrahim Jubril, Abdullahi Abubakar, Ibrahim Hassan, Adamu Isiaka, Ibrahim Abdulrahman, Jubril Hassan, Mohammed Isoaka, Mohammed Aminu and Adamu Ibrahim.

Others  are Hassan Amadu, Salisu Hamidu, Mahmoud Mohammed, Murtala Usman, Hassan Yakubu, Abdullahi Kabiru, Ali Sadam. Ahmadu Yusuf, Abdullahi Hussain and Alhaji Sido.

They were arrested in different parts of Lagos on February 21 during a joint operation conducted by police operatives, the Economic and Financial Crimes Commission (EFCC), and the Nigeria Customs Service (NCS).

The defendants were charged with “conspiracy, unlawful operation of forex trading as BDC operators without a licence from regulatory agencies and deriving various sums of money from such unauthorised trading”.

The police said that the offence contravenes the provisions of the Banks and Other Financial Institutions Act 2020.

At the court session on Monday, Umaru Bello, police counsel, from the state criminal investigation department (CID), Panti announced his appearance for the prosecution.

Bello informed the court that he would not proceed with the suspects’ arraignment.

The police counsel said he had an application to withdraw the charge against the defendants, adding that it was a directive from his superiors.

Consequently, Lewis Allagoa, the presiding judge, struck out the charge.