Lagos Court Dismisses Case Against 19 BDC Operators

Lagos Court Dismisses Case Against 19 BDC Operators....KINDLY READ THE FULL STORY HERE▶

On March 4, Justice Lewis Allagoa, presiding over a Federal High Court in Lagos, dismissed charges against 19 Bureau De Change (BDC) Operators after the prosecution withdrew the case.

The BDC operators were accused of conspiracy, engaging in forex trading as BDC operators without proper licensing from regulatory agencies, and profiting from unauthorized trading activities, allegedly committed on February 21 within the Lagos metropolis.

During the court proceedings, Umar Bello, a member of the prosecution team and counsel to the State Criminal Investigation Department (CID), Panti, informed the court of his intention to withdraw the charges against the defendants. He explained that he received instructions from his superiors to discontinue the case and would not be proceeding with the arraignment of the suspects.

In response to this, Justice Allagoa struck out the charges. The police had earlier asserted that the alleged offenses violated the provisions of the Banks and Other Financial Institutions Act 2020.

The BDC operators slated for arraignment included Ibrahim Jubril, Abdullahi Abubakar, Ibrahim Hassan, Adamu Isiaka, Ibrahim Abdulrahman, Jubril Hassan, Mohammed Isoaka, Mohammed Aminu, and Adamu Ibrahim. Others were Hassan Amadu, Salisu Hamidu, Mahmoud Mohammed, Murtala Usman, Hassan Yakubu, Abdullahi Kabiru, Ali Sadam, Ahmadu Yusuf, Abdullahi Hussain, and Alhaji Sido.

This development was reported by Linda Ikeji on March 4, 2024, at 4:29 PM, with no comments at the time of reporting.

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