Sixteen Bureau De Change (BDC) operators in Port Harcourt have been remanded in the Port Harcourt Correctional Centre for engaging in unlawful banking business, as ruled by Magistrate Alatuwo Fubara in a Wednesday court session.
This decision was based on an ex parte application presented by the police, seeking additional time to complete their investigation before formally charging the accused individuals.
The police contended that the activities of the BDC operators contravene the Banks and Other Financial Institutions Act of 2020. Following the approval of the police’s request, Fubara scheduled the matter for plea and potential bail consideration on March 7, 2024.
Previously, Sani Issaka, the Chairman of BDC operators in Port Harcourt, and numerous others involved in the operations, reported that over 150 members, including himself, were apprehended by the Economic and Financial Crimes Commission (EFCC) operatives in Rumuola, Obio-Akpor Local Government Area of Rivers State.
