EFCC arrests 87 forex dealers in Abuja, Lagos

The Economic and Financial Crimes Commission, in continuation of its onslaught against forex dealers over the current dollar crisis in the country, has on Wednesday arrested no fewer than 87 forex dealers in the Federal Capital Territory, Abuja, Lagos and Kano.

Findings by The PUNCH revealed that the EFCC detectives stormed several forex trading hubs in Abuja, ransacking their vaults for stash of dollars and naira.

The operatives later arrested no fewer than 25 legal and illegal forex dealers in addition to the 40 arrested on Tuesday during a raid of the Zone 4 Wuse offices of the Association of Bureau de Change Operators, bringing the number of arrests in the Federal Capital Territory to 65.
During the operation, the EFCC personnel were said to have seized the phones of those that were arrested.

The anti-graft agency also nabbed about 14 forex dealers in Lagos on Wednesday while eight others were picked up at the famous Bureau de Change market located at Wapa in Kano metropolis.

The development came barely 24 hours after operatives of the anti-graft commission arrested the Kogi State House of Assembly candidate of the New Nigeria Peoples Party, Ismaila Atumeyi, with N326m and $140,500 cash.

Atumeyi, who is seeking to represent Ankpa 11 Constituency in the Kogi State House of Assembly, was arrested on Sunday, October 30, 2022 alongside one Joshua Dominic, an alleged serial fraudster in a sting operation at Macedonia Street, Queens Estate, Karsana, Gwarinpa, Abuja.

In Lagos, EFCC detectives swooped on forex dealers on Broad Street in Lagos Island as well as some BDC outlets in other parts of the states.
Forex traders, who spoke with The PUNCH on condition of anonymity, said the EFCC operatives came in two buses. It was learnt that about 14 BDC operators were arrested in Lagos.
The PUNCH had reported that the operation against the BDCs, which began on Tuesday, would be extended to Lagos, Anambra, Oyo and Rivers states.
Though no reason had been given for the raids, the EFCC operation, it was gathered, was targeted at tracking illicit funds from terrorists, bandits and politicians who might want to convert their stash in a desperate move to beat the redesign of the naira announced by the Central Bank of Nigeria.
The new naira notes, which would replace higher denominations, would be released on December 15.
It was as if the naira responded to the raids as it rallied to N820/$ on Wednesday from N857 it plunged to the previous day at the parallel market.
But speaking on the Abuja raid, the Assistant Provost, Association of Bureau de Change Operators, Zone 4, Wuse, Mallam Muhammed Nera, disclosed that 13 out of the 25 persons arrested on Wednesday had been released to the association, noting that their phones were, however, still in the EFCC’s custody.

Nera described the raids as illegal, noting that the commission did not present an arrest or search warrant before ransacking offices and taking people away.