Illegal BDC Operation: EFCC Charges 2 Men For Laundering $160k USD 

The Economic and Financial Crimes Commission (EFCC) has arraigned two men before a Lagos Federal High Court, on charged bordering on conspiracy and illegal Bureau de Change (BDC) operation, which they allegedly used in laundering $160, 000 USD.

The three men charges before the court presided over by Justice Chukwujekwu Aneke were: Ibrahim Tijani and Ahmed  Suleiman Akogun.

The dou were charged before the court alongside one Harry Ahmed Abubakar, said to be at large.

The prosecutor, G. C. Akaogu, told the court that the defendants while illegally operating the BDC made cash deposit of $160, 000, USD, which exceeded the amount authorized by law and without going through financial institution.

Akaogu also informed the court that the firt defendant, Ibrahim Tijjani and his company, SAA Universal Links Limited, not being authorized by the Central Bank of Nigeria (CNN) negotiated a foreign exchange transaction and paid Naira equivalent of $160,000 USD, to the due of Ademola Idowu and Ahmed Suleiman Akogun.

He told the court that the defendants committed the offences on December 4, 2018. While added that the offences committed by the defendants contravened sections 18(a) of the Money Laundering (Prohibition) Act, 2011(as amended by the Act No.1 2012) and punishable under section 16(2) of the same Act. And section 5 and 29(1)(c) of the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act CAP 34 LFN and punishable under section 29 of the same Act.

The defendants had pleaded not guilty to the charges, and admitted to bail in various terms.

At the resumed commencement of their trial today, the prosecutor informed the court of that his witness who has been been coming to court since when the defendants were was not available for the trial.

He therefore asked asked the court for a short date.

Lawyers to the defendants did not opposed the prosecutor’s request for adjournment.

Consequently, Justice Aneke adjourned the matter to April 22, for commencement of trial