NewsCourt Strikes Out Conspiracy, Unlawful Operation Of Forex Trading Charges Against 19...

Court Strikes Out Conspiracy, Unlawful Operation Of Forex Trading Charges Against 19 BDC Operators


March 04, (THE WILL)- A Federal High Court in Lagos has struck out the charges of conspiracy and unlawful operation of forex trading against 19 Bureau De Change (BDC) Operators.

The defendants include Ibrahim Jubril, Abdullahi Abubakar, Ibrahim Hassan, Adamu Isiaka, Ibrahim Abdulrahman, Jubril Hassan, Mohammed Isoaka, Mohammed Aminu and Adamu Ibrahim.

Others are Hassan Amadu, Salisu Hamidu, Mahmoud Mohammed, Murtala Usman, Hassan Yakubu, Abdullahi Kabiru, Ali Sadam, Ahmadu Yusuf, Abdullahi Hussain and Alhaji Sido.

According to the charge sheet, the defendant allegedly conspired by unlawfully operating forex trading as BDC operators without a licence from regulatory agencies and deriving various sums of money from such unauthorised trading. They were said to have committed the offence around February 21, within the Lagos metropolis.

The police had earlier said that the offence contravenes the provisions of the Banks and Other Financial Institutions Act 2020.

When the case was called on Monday, Umaru Bello from the State Criminal Investigation Department (CID), Panti, who announced appearance for the Nigeria Police Force (NPF), informed the court that he seeks to withdraw the charge against the defendants.

Bello told the court that he received a call from his superiors in the office to withdraw the case. He told the court that he would not be proceeding with the arraignment of the defendants.

Justice Lewis Allagoa accordingly, struck out the charges.

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