BREAKING: 16 BDC Operators Remanded In Prison, See Why

16 BDC Operators have been remanded in prison by the court.

NaijaOnPoint Nigeria reports that the Magistrate Court sitting in Port Harcourt, Rivers State has remanded 16 Bureau de Change operators at the Correctional Centre for unlawful business.

This Nigeria news platform understands that the court held that their action violated the Banks and Other Financial Institutions Act of 2020.

The decision followed an ex parte application brought by the police asking for time to complete their investigation and charge the suspect to the appropriate court.

The Presiding Magistrate Alatuwor Fubara adjourned the matter to March 7, 2024.

The operatives of the Economic and Financial Crimes Commission (EFCC) and the police had raided BDC operators along the GRA and Rumuola axis of Port Harcourt last week and arrested many of them.

The EFCC and policemen were spotted in six trucks running after the BDC operators, who were fond of gathering around the Presidential Hotel.

The Chairman of Bureau de Change Operators in the State, Sanni Saka, had lamented that over 100 of his members, including himself were nabbed by operatives of the anti-graft agency.

Saka said his members were not responsible for the higher exchange rate of the Dollar against the Naira and called for their release.