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CBN names of 20 Bureau De Change operators whose licences were revoked

By The Rainbow

The Central Bank of Nigeria, CBN, on Friday released the names of 20 Bureau De Change (BDC) operators whose licences were revoked for alleged foreign exchange malpractices.

The CBN governor, Mallam Sanusi Lamido Sanusi, had on Thursday  at Ikoyi Club 75th Anniversary Lecture held in Lagos announced the  revocation of 20 Bureaux de Change, BDC, companies for foreign exchange malpractice.

Sanusi, who declined to mention names of the affected BDCs said that the promoters would be charged with money laundering.

He said the affected BDCs operators bought dollars from commercial banks without accounting for what the dollars were needed for nor purchasers of the money.

The CBN governor said that the apex bank’s investigation showed that commercial banks were importing billions of US dollars in the country for onward sale to the affected BDCs. ”

This week, I have revoked licence of 20 BDCs and they will be prosecuted for money laundering with the banks,” Sanusi said.

He said that Nigeria had taken over from Russia as the highest importer of U.S. dollars which led to the fall of the nation’s local currency at the foreign exchange market.

Sanusi said that the country was importing more U.S. dollars in cash than any other country in the world.

The governor did not mention the names of the affected BDC. But on Friday, the CBN released the list of the affected BDC operators.

The names of the BDCs posted on the CBN's Website are: FBN BDC, Amity Global BDC Ltd., Haruna A. Rahaman BDC, Majia BDC, Ahali BDC Ltd and Lawabash BDC Ltd.

Others include Bin Dahuud BDC, Garin Gabas BDC, D&D BDC, Fatahul BDC Ltd, Global Payments BDC, Startime BDC, Plannet Ventures BDC Ltd and Fadima BDC Ltd.

Others are Optimum BDC Ltd, Secon BDC Ltd., Asabana BDC Ltd., Maiksal BDC Ltd and Alim BDC Ltd.

The Central Bank said that the affected BDCs did not render returns on their foreign exchange utilisation. It noted that the BDCs failed to provide documentary evidence that their purchases were utilised for eligible transactions in accordance with the relevant provisions of the Money Laundering Prohibition Act.

The bank stated further that the Economic and Financial Crimes Commission had been requested to investigate the matter for the prosecution of indicted operators.

This, the CBN said, would serve as a deterrent to others and a demonstration of government's resolve to stamp out money laundering in the country.

It said that the revocation was in line with the bank's zero tolerance for regulatory infractions.