Skip to content

Email: ifo@osazuwaakonedo.news

  • Facebook
  • Instagram
  • Linkedin
  • Twitter
  • TikTok
  • Amazon
OsazuwaAkonedo

OsazuwaAkonedo

Banking and Media Consultancy… We Analyze The News

  • Home
  • Health
  • News
  • Entertainment
  • Sports
  • Breaking News
  • Economy
  • Politics
  • Editorial
  • Podcast
  • Columns
    • Reno Omokri
    • David Ugolor
  • Life
  • Security
    • Law
    • Nigeria Police Force
    • NDLEA
    • Nigerian Army
    • EFCC
  • NewsPapers
    • Nigeria Newspapers
  • Word News
Why We Arrested Dollar Exchange Operators - EFCC ~ OsazuwaAkonedo #BDC #Abdulrasheed #Bawa #cbn #EFCC #Naira #OsazuwaAkonedo

Why We Arrested Dollar Exchange Operators – EFCC

Posted on November 15, 2022November 15, 2022 By OsazuwaAkonedo No Comments on Why We Arrested Dollar Exchange Operators – EFCC
Breaking News, Economy, EFCC, news, World News

By Press Unit


Recent arrest of some Bureau De Change operators across the country especially in Lagos and Abuja by the Economic and Financial Crimes Commission, EFCC, was incidental to the Commission’s overall efforts in sanitizing the foreign exchange sector.

The Commission’s Director of Operations, Abdulkarim Chukkol stated this on Monday, November 14, 2022, while fielding questions on Good Morning Nigeria, a breakfast programme on the Network Service of the Nigeria Television Authority, NTA. Chukkol who represented the Executive Chairman, Abdulrasheed Bawa, was among eminent personalities invited to discuss the topic ‘’Sanitizing Ungoverned Operators in the Forex Sector”.

Life Not That Bad In Nigeria – Reno Omokri

Crude Oil Discovery In Nasarawa State Will Lead Nigeria To Greater Prosperity – Buhari

Ramadan: Kano Bans ‘Keke’, Illegal Horse Riding, Fireworks

Nnamdi Kanu: We Rescued Kamsi From Kidnappers – Police

IPOB Activities Peaceful, But Suspected For Killing 57 People In 2022 – Global Terrorism Index

Activists Stage Protest In Vienna To Counter European Gas Conference

Femi Fani-Kayode Attacks Obasanjo Over Iwanyanwu Alleged Statement Against Yorubas

CP Orders Manhunt Against Unknown Gunmen Who Kill 2 Policemen In Enugu

NDLEA Arrests Businessman Who Conceal Cocaine In Bags’ Handles, Slippers

Ex NIMASA DG Akpobolokemi Knows Fate May 5 As EFCC Re-arraigns Ex PDP Chairman Son

According to him, EFCC’s arrest of BDC operators and currency speculators in the parallel market was not indiscriminate but a product of intelligence.

“At EFCC, we work with intelligence and with other stakeholders; and when we talk of illegal forex operators you cannot just invite people on the street even though sometimes you could, but generally you do not have a choice but to make arrest”.

He stressed that the Commission considers foreign exchange malpractice as an economic crime against the Nigerian state, adding that the Commission as far back as 2016 established a full-fledge Section known as Foreign Exchange Malpractices Section and for over ten years maintained visible “presence at all airports in the country to checkmate incidences of bulk cash movement outside Nigeria which is another aspect of this menace.”

Through the Commission’s presence at the major gateway into the country, many arrests of cash smugglers have been made and humungous sums in foreign currencies recovered.

“Some were arrested with excess of $6 Million (Six Million United States Dollars), others with $2 Million (Two Million United States Dollars) and we know that these huge sums were not meant to be used in buying goods but stolen monies being laundered out of the country,” he said

Chukkol further stated that EFCC not only recovered some of these monies, but secured their forfeiture to the federal government, while the culprits were prosecuted.

He emphasized the need for active inter-agency and stakeholder’s collaboration, pointing out that many of the over 6,000 registered BDCs do not belong to the Association of Bureau De Change Operators of Nigeria and therefore out of the orbit of regulators.

“The CBN guidelines are clear regarding returns by BDCs, but how many of them do this,” he asked.

Other discussants in the programme which includes Director of Monitoring Policy Department of Central Bank of Nigeria, CBN Dr. Hassan Mahmud, President, Association of Bureau De Change of Change Operators of Nigeria, Dr. Aminu Gwadebe, a finance and investment analyst, Niyi Akinsuji and a commentator on financial issues and Managing Director of Timeline Consult, Shuabu Idris in their respective contributions identified the issue of Nigeria being an import driven economy, lack of adequate penalty, shortage of trained manpower, and identification of what truly constitutes ‘black market’ beyond the institutional banking system as some of the problems bedeviling the fight against foreign exchange malpractice in Nigeria.

Related

17 views
  • SUPPORT OsazuwaAkonedo
    via Webmoney
  • PRODUCTS AND SERVICES
    Prices
  • SUPPORT OsazuwaAkonedo
    via paypal
  • Our Editorial
    Guildlines
  • SUPPORT OsazuwaAkonedo
    News Media
  • We Don’t Need EFCC To Fight Corruption, EFCC Is Killing Nigeria Economy
  • Reduce UNEMPLOYMENT, To Push Nigeria Out Of Recession, CBN Begs FG, States, Others
  • Is Buhari Afraid Of Impeachment On Thursday…Doubts Over CBN New Policy To Flood The Nation With Dollar
  • Nigeria Now Fully Out Of Recession___Finance Minister Zainab Ahmed #OsazuwaAkonedo
  • How Banks Frustrate Developmental Projects___Governor Wike #OsazuwaAkonedo
  • Ahmed Gulak Knew His Killer Before Death___Nnamdi Kanu
  • How We Made Twitter Delete Buhari Tweet__Reno Omokri
  • Activities Drop As Buhari Implements Ban On Twitter
  • Buhari Twitter Ban: Nigeria Was Once A Country___Davido
  • Buhari Twitter Ban: Why FG Should Go Beyond Emotional Reactions___Oyo State Governor Seyi Makinde
Tags: #BDC #Abdulrasheed #Bawa #cbn #EFCC #Naira #OsazuwaAkonedo
Advertisements
19 Dead As Plane Crashes Into River In Tanzania
Nineteen dead bodies have been recovered from Lake Victoria...November 6, 2022
We Have Changed The Face Of Politics In Nigeria - Obaseki
Edo State Governor, Godwin Obaseki has said the face of pol...March 7, 2022
IGP Orders Kogi CP To Investigate Police Men Who Allegedly Dragged Passenger To POS Point To Steal N25,000
Nigeria Inspector General of Police, Usman Baba has ord...October 17, 2021
Why I Can't Celebrate Governor Wike - Adams Oshiomhole
By Press Unit Rivers State governor, Nyesom Ezenwo W...November 17, 2022
CBN Governor Godwin Emefiele And His Fake Dollar Comment
We have watched with disappointment, statements credited to...July 23, 2022
Peter Obi: Mbaka, Now A Pastor Without A Church, Congregation
Chief spiritual prophetic political campaigner that convinc...June 18, 2022
We Are Yet To Account For All Passengers, Personnel Onboard Abuja-Kaduna Train Bombed By Terrorists - KDSG
Kaduna State Government has said more efforts are still bei...March 29, 2022
Israeli-Hamas War: We Are Now Attacking Them Inside Underground In Gaza, Prime Minister Benjamin Netanyahu Speaks As He Personally Supervised Air Assa...
The office of the Prime Minister of Israel made availab...May 14, 2021
Ugolor Thanks Baze, Deji, Sowore, Others Over Daughter's Law Degree Success
By David Ugolor My beloved daughter, Onome Tovia UGO...November 20, 2022
Troops Ambush Bandits, Rescue 16 Kidnapped Victims In Kaduna
By Samuel Aruwan Troops of Operation Forest Sanity h...January 26, 2023
Imo Prison Escapee, Shina Rambo Is Dead - Police
By Michael Abattam On the 27/7/2022 at about 0900 ho...August 7, 2022
Police Arrests Suspected Bandits Informant, Food Supplier In Niger
By Wasiu Abiodun Following the arrest of two suspect...February 5, 2023
R Kelly Faces New Prison Sentences Wednesday
World accepted greatest R and B singer, R Kelly may face mo...June 26, 2022
Owo Massacre Shows, Buhari, APC Deliberately Surrendering Nigeria Sovereignty To Terrorists - PDP
By Debo Ologunagba Peoples Democratic Party (PDP) co...June 6, 2022
Celebrated Nigeria Police Officer Abba Kayri Joins Other Celebrities In Oba, Anambra For Obi Cubana Mother's Burial
Since Thursday, Nigeria main stream media and social me...July 17, 2021
Buhari Speaks On N89 Trillion Missing Stamp Duty Fraud Allegation
By Garba Shehu President Muhammadu Buhari came into ...December 14, 2022

Post navigation

❮ Previous Post: I’m Not Extension Of Anybody, Peter Obi Is The Best Candidate For Nigeria – Soludo’s Son Ozonna
Next Post: Only APC Can Move Nigeria Forward – Buhari ❯

You may also like

Daily, Our Young Boys Are Taken Into The Bush - Soludo ~ OsazuwaAkonedo #Anambrastate #ChukwumaCharlesSoludo #ipob #OsazuwaAkonedo #UnknownGunmen
news
Daily, Our Young Boys Are Taken Into The Bush – Soludo
April 13, 2022
Nigeria Will Support Turkey In War Against Terrorism - Buhari ~ OsazuwaAkonedo #Bomb #Buhari #Istanbul #Muhammadu #OsazuwaAkonedo #Terrorism #Turkey
news
Nigeria Will Support Turkey In War Against Terrorism – Buhari
November 14, 2022
Don't Rest Until Insecurity Ends In Nigeria - COAS Tells Retired Officers ~ OsazuwaAkonedo #BokoHaram #Abubakar #bandits #COAS #Division #FarukYahaya #God #insecurity #iswap #ISWAPBokoHaram #Kidnapping #military #NA #Nigeria #Nigerian #NigerianArmy #OsazuwaAkonedo #security #UnknownGunmen
Life
Don’t Rest Until Insecurity Ends In Nigeria – COAS Tells Retired Officers
May 22, 2022
Nigeria Police Receives Training On Strategies To Win Public Trust ~ OsazuwaAkonedo #2022 #human #Lagos #Nigeria #NigeriaPoliceForce #OsazuwaAkonedo #Police #President
news
Nigeria Police Receives Training On Strategies To Win Public Trust
May 25, 2022
Nnamdi Kanu: Commercial Banks Close Operations As Shops Inside Private Residents Lock In Anambra ~ OsazuwaAkonedo #OsazuwaAkonedo
news
Nnamdi Kanu: Commercial Banks Close Operations As Shops Inside Private Residents Lock In Anambra
July 26, 2021
Terrorists About To Wipe Out All Residents In Kaduna LGA - Shehu Sani Raises Alarm Following New Worshipers Killed ~ OsazuwaAkonedo #BokoHaram #bandits #Catholic #Church #Commissioner #government #Kaduna #media #NasirEl-rufai #Nigeria #Ondo #OsazuwaAkonedo #OwoMassacre #security #state #terrorists
news
Terrorists About To Wipe Out All Residents In Kaduna LGA – Shehu Sani Raises Alarm Following New Worshipers Killed
June 20, 2022
Reduce UNEMPLOYMENT, To Push Nigeria Out Of Recession, CBN Begs FG, States, Others ~ OsazuwaAkonedo #cbn
Uncategorized
Reduce UNEMPLOYMENT, To Push Nigeria Out Of Recession, CBN Begs FG, States, Others
November 25, 2020
BBNaija Has Started, I'm Receiving Less Insults, Threats From Obidients - Reno ~ OsazuwaAkonedo ################2023Election ####Obidients #Atiku #Reno #Abubakar #BBNaija #Obi #Omokri #OsazuwaAkonedo #Peter
Entertainment
BBNaija Has Started, I’m Receiving Less Insults, Threats From Obidients – Reno
July 23, 2022
Borno Governor Babagana Zulum Offers Free Education To Children Of Parents Killed By Boko Haram, Parents Alive Protest, Insist Their Kids Included ~ OsazuwaAkonedo #Maiduguri #OsazuwaAkonedo
Education
Borno Governor Babagana Zulum Offers Free Education To Children Of Parents Killed By Boko Haram, Parents Alive Protest, Insist Their Kids Included
August 12, 2021
Boko Haram Terrorists, Families Surrender To Nigerian Army ~ OsazuwaAkonedo #Battalion #Borno #Nigerian #terrorists #troops #army #Boko #Haram #OsazuwaAkonedo
Life
Boko Haram Terrorists, Families Surrender To Nigerian Army
September 21, 2022
Stop Calling Terrorists Bandits - Governor Akeredolu Tells Buhari, Others ~ OsazuwaAkonedo #bandits #OsazuwaAkonedo
news
Stop Calling Terrorists Bandits – Governor Akeredolu Tells Buhari, Others
October 25, 2021
Soldiers Revenge Dzarma Zirkusu's Death, Kill 50 ISWAP-Boko Haram Terrorists ~ OsazuwaAkonedo #iswap #OsazuwaAkonedo
news
Soldiers Revenge Dzarma Zirkusu’s Death, Kill 50 ISWAP-Boko Haram Terrorists
November 15, 2021

Leave a Reply Cancel reply

Economy

  • [Video] Land Grabber: School Teacher Cries, Begs Governor Obaseki, Others For Rescue

    August 4, 2021

  • We Are Making Progress In Arresting Unknown Gunmen Killing Politicians In Imo – Police

    January 27, 2023

  • President Buhari Welcomes APC New Leadership, Ignores Week Long Terrorists Battle To Take Over Kaduna

    March 28, 2022

  • [Video] Vigilante Kill 5 Persons Accused of Kidnapping In Edo, Human Rights Group Petitions IGP, Says 5 Burnt To Death Were Labourers, Victim Of False Information

    August 2, 2021

  • Soldier On Viral Video Who Claimed Abandoned, Ran Away At Warfront In Niger State – Army

    March 31, 2022

Entertainment

  • Buhari Commends First Bank

    November 8, 2022

  • Alleged Blasphemy: Killer Students Took Law Into Their Hands – Osibanjo

    May 14, 2022

  • Flood: Everybody, Now Homeless In Bayelsa – Jonathan

    November 3, 2022

  • Stray Bullets Killed Keke Rider As Ex Oko Poly Student Shot Dead In Oba, Anambra

    August 1, 2022

  • Godwin Obaseki, The Military Governor In Edo State

    September 14, 2021

Security

  • End ASUU Strike, Apostle Johnson Suleman Joins Protest

    May 9, 2022

  • FG 8 New Terrorism Charges Against Nnamdi Kanu, A Delay Tactics In Futility – Defense Lawyer Aloy Ejimakor

    January 17, 2022

  • Football Legend Pele Dies

    December 29, 2022

  • Press Freedom, EU Bans Russia Media

    February 27, 2022

  • Contractor Channels Flood Water To Our House, Residents Petitions Governor Obaseki, NEWMAP

    August 6, 2021

Politics

  • Army Arrests Elderly Man As Unknown Gunmen In Imo

    April 26, 2022

  • Prophet Odumeje Beaten, Bundled Out, As Govt Demolishes Church

    July 7, 2022

  • We Arrested, Seized £740,000, £69,850 Cash From Idahagbon, Ayeki To Know If They Are Proceeds From Drug Business – NDLEA

    February 28, 2022

  • Obaseki Increases Minimum Wage From N30k To N40k For Workers

    May 1, 2022

  • Court Sentences Chinese Man To 2 Years Imprisonment For Mutilating Naira

    June 1, 2022

  • Details About Ownership, Funding Sources And Founding Date
  • How Errors Are Corrected And Missing Information Added
  • Team
  • How We Verified Information
  • Editorial Ethics
  • About
  • Fact Checking Policy
  • Contact
  • Privacy Policy
  • Ivy FM
  • Apple
  • Google News
  • Telegram
  • About Publisher
  • Facebook
  • Instagram
  • Linkedin
  • Twitter
  • TikTok
  • Amazon

osazuwaakonedo.news © 2020-2023 Published by OSAZUWAAKONEDO LIMITED, Consultant, Producer, and Publisher of OsazuwaAkonedo titles

Add OsazuwaAkonedo App to your Homescreen!

Add

WhatsApp us

WhatsApp Group