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Magu cautions Bureau de Change operators against excesses of politicians

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Ibrahim Magu, Acting Chairman of the Economic and Financial Crimes Commission

The Acting Chairman, Economic and Financial Crimes Commission (EFCC) Mr Ibrahim Magu has cautioned Bureau de Change (BDC) operators in the country against aiding corrupt practices of some politicians.

Magu made this known at a meeting with the Association of Bureaux De Change Operators of Nigeria (ABCON) in Abuja on Thursday.

In a statement by Head, Media and Publicity, EFCC, Mr Tony Orilade, the chairman said the politicians often connived with BCD operators to steal public funds.

“These politicians transfer looted funds from government accounts to BDC’s accounts; in ten, twenty millions in about 75 transactions in one day.

“This is done with only paper work, no physical cash.

“The BDC operators now take the money to the politician’s village and also buy properties for them in and outside the country.

“They help clean up dirty money. When we start prosecuting them in every zone, others will sit up.

“We all have the responsibility to clean this country. We must always do the right thing.

”We shall go to the airports and border points and deal with those who help these thieves,” the chairman said.

Magu warned that the agency would prosecute operators and bankers who failed to comply with laws guiding the financial regulating system.

Earlier, Acting President of the Association, Alhaji Aminu Gwadabe, commended the EFCC chairman for his determination in the fight against corruption in the country.

He gave the assurance that about 5000 licenced members of the association were ready to collaborate with the commission in the fight against corruption.

He said that the problem had always been with the unlicenced members of the association who were ready to cut corners and bend the rules of the game.

“In Abuja alone, we have over 100,000 unregistered BDC operators.

“These are the people giving us the bad name. We would need the EFCC to partner with us in sanitising the association,” he said.


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