ABCON: 26 BDC Operators Arrested Over ‘Money Laundering, Terrorism Financing’

The Association of Bureau De Change Operators of Nigeria (ABCON)
says 26 members have been arrested by security operatives, over
alleged unlawful foreign exchange (FX) transactions.

Aminu Gwadabe, President of ABCON, disclosed this in a statement
on Friday.

On Wednesday, the association’s north-west chapter had demanded
the immediate release of the members who were arrested on March 9,
2021, by the Department of State Security Services (DSS).

Rilwan Idris, ABCON’s solicitor, alleged that the DSS had
illegally detained the members for more than two weeks after they
honoured invitation from security operatives.

The association asked DSS to either release the 26 bureau de
change operators or charge them to court as required by law.

In response to the allegations, Gwadabe said the association has
been in communication with the authorities over the development and
understand that the investigation borders on issues relating to
money laundering, terrorism financing and Know Your Customer
status.

“ABCON considers these as serious allegations especially given
the security challenges across the country.

“We strongly identify with the desire of every patriotic citizen
for thorough investigation with the authorities following every
possible lead and taking necessary measures that could improve the
security situation in the country.

“We, however, appeal to the authorities to expedite their work
to ensure that innocent people that have been caught up in this
investigation can be identified quickly and released so that they
can return to their anxious families and resume their lives.

“We also trust that the authorities will follow the rule of law
and ensure those with a case to answer have their day in court. The
rule of law is after all the foundation upon which every functional
society stands.”

Gwadabe assured the general public of ABCON’s willingness to
fully cooperate with relevant agencies to ensure the association’s
business is not in any way used or exploited for any form of
malpractice or activity that is against the laws of the
Nigeria.

The Association of Bureau De Change Operators of Nigeria (ABCON)
says 26 members have been arrested by security operatives, over
alleged unlawful foreign exchange (FX) transactions.

Aminu Gwadabe, President of ABCON, disclosed this in a statement
on Friday.

On Wednesday, the association’s north-west chapter had demanded
the immediate release of the members who were arrested on March 9,
2021, by the Department of State Security Services (DSS).

Rilwan Idris, ABCON’s solicitor, alleged that the DSS had
illegally detained the members for more than two weeks after they
honoured invitation from security operatives.

The association asked DSS to either release the 26 bureau de
change operators or charge them to court as required by law.

In response to the allegations, Gwadabe said the association has
been in communication with the authorities over the development and
understand that the investigation borders on issues relating to
money laundering, terrorism financing and Know Your Customer
status.

“ABCON considers these as serious allegations especially given
the security challenges across the country.

“We strongly identify with the desire of every patriotic citizen
for thorough investigation with the authorities following every
possible lead and taking necessary measures that could improve the
security situation in the country.

“We, however, appeal to the authorities to expedite their work
to ensure that innocent people that have been caught up in this
investigation can be identified quickly and released so that they
can return to their anxious families and resume their lives.

“We also trust that the authorities will follow the rule of law
and ensure those with a case to answer have their day in court. The
rule of law is after all the foundation upon which every functional
society stands.”

Gwadabe assured the general public of ABCON’s willingness to
fully cooperate with relevant agencies to ensure the association’s
business is not in any way used or exploited for any form of
malpractice or activity that is against the laws of the
Nigeria.