HomeNewsAnti-Graft Agency Arrests 12 Currency Traders in Ibadan

Anti-Graft Agency Arrests 12 Currency Traders in Ibadan

Published on

The Economic and Financial Crimes Commission (EFCC) has arrested 12 operators of Bureau de Change (BDC) in Ibadan, the capital of Oyo State, for alleged involvement in currency speculation and money laundering.

The EFCC said the suspects were apprehended on Tuesday, February 20, 2024, during a raid on their offices at Sabo area of the city, following intelligence reports of their illicit activities.

The EFCC spokesperson, Wilson Uwujaren, said the suspects were found in possession of large sums of foreign currencies, mostly US dollars, which they allegedly bought at lower rates and sold at exorbitant prices, thereby creating artificial scarcity and undermining the value of the naira.

He said the suspects also failed to comply with the regulations of the Central Bank of Nigeria (CBN), which require BDC operators to register with the apex bank and submit periodic returns of their transactions.

He said the suspects would be charged to court as soon as investigations are concluded.

The EFCC raid came amid the worsening exchange rate crisis in the country, which has seen the naira depreciate to over N700 per dollar in the parallel market.

The CBN has blamed the situation on the activities of currency speculators, hoarders, and smugglers, who exploit the gap between the official and parallel market rates to make huge profits.

The CBN has also warned BDC operators and other financial institutions against engaging in any form of malpractice that could sabotage the efforts of the government to stabilize the naira.

The EFCC has vowed to intensify its crackdown on economic and financial crimes, especially those that affect the well-being of Nigerians.

The EFCC has also urged the public to support its fight against corruption by reporting any suspicious transactions or persons to the nearest EFCC office or through its hotlines.

The EFCC expressed hope that the arrest of the BDC operators would serve as a deterrent to others who may be involved in similar offences, and also send a clear message that the agency would not relent in its mandate to rid the country of corruption.

Source: Tribune Online NG

Latest articles

Family Seeks Justice in Death Linked to Governor’s Guards

Family accuses Cross River governor’s security aides of brutality in alleged killing, sparking outrage and demands for an independent investigation.

UK Blocks Over 100 Occupations From Foreign Hiring to Cut Migration

The UK bans 100 occupations from foreign recruitment in a major migration shift critics fear could deepen labour shortages

Wema Bank Rally Lifts Adebutu’s Stake to $90 Million

Kessington Adebutu’s stake in Wema Bank has risen to almost $90 million as the bank’s shares rally 147% in 2025, driven by digital banking growth.

Nigeria’s Grazing Conflicts Take 2,800 Lives in 5 Years

Open grazing conflicts in Nigeria killed 2,800 in five years as weak laws and poor enforcement fuel violence and displacement.

More like this

Family Seeks Justice in Death Linked to Governor’s Guards

Family accuses Cross River governor’s security aides of brutality in alleged killing, sparking outrage and demands for an independent investigation.

UK Blocks Over 100 Occupations From Foreign Hiring to Cut Migration

The UK bans 100 occupations from foreign recruitment in a major migration shift critics fear could deepen labour shortages

Wema Bank Rally Lifts Adebutu’s Stake to $90 Million

Kessington Adebutu’s stake in Wema Bank has risen to almost $90 million as the bank’s shares rally 147% in 2025, driven by digital banking growth.