CBN releases names of 20 sanctioned forex operators

The CBN on Friday released the names of 20 Bureau De Change (BDC) operators whose licences were revoked for alleged foreign exchange malpractices. The names of the BDCs posted on 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 apex bank said that the affected BDCs did not render returns on their foreign exchange utilisation.
The CBN 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.