Court
Charges dropped against 19 BDCs in Forex case
Justice Lewis Allagoa of the Federal High Court in Lagos took action on Monday by striking out charges against 19 Bureau de Change (BDC) operators.
The decision followed the withdrawal of the case, with the defendants, including Ibrahim Jubril, Abdullahi Abubakar, and others, initially facing charges related to conspiracy and operating forex trading as BDC operators without proper licensing from regulatory bodies.
The alleged unauthorized trading activities were said to have occurred around February 21 in the Lagos metropolis.
During the court proceedings, Mr Umaru Bello, representing the prosecution from the State Criminal Investigation Department (CID) at Panti, appeared and promptly conveyed the prosecution’s intention to withdraw the charges.
He informed the court that his superiors had instructed him to withdraw the case and, as a result, would not be proceeding with the arraignment of the suspects.
In response to this development, Justice Allagoa decided to strike out the charges against the BDC operators.
The police had previously asserted that the accused individuals violated the provisions of the Banks and Other Financial Institutions Act 2020.
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