Court remands BDC operators in Port Harcourt

A magistrate court sitting in Port Harcourt has remanded 16 Bureau De Change, BDC, operators in the Port Harcourt Correctional Centre for unlawful banking business.

This decision by Magistrate Alatuwo Fubara on Wednesday follows an ex parte application submitted by the police, seeking additional time to conclude their investigation before formally charging the individuals in question.

The police asserted that the activities of the BDC operators violate the Banks and other Financial Institutions Act of 2020.

Fubara, after granting the police’s request, scheduled the matter for plea and potential bail consideration on March 7, 2024.

Sani Issaka, the Chairman of BDC operators in Port Harcourt, along with several others involved in the operations, had previously stated that over 150 members, including himself, were apprehended by operatives of the Economic and Financial Crimes Commission, EFCC, in Rumuola, Obio-Akpor Local Government Area of Rivers State.