CBN Tightens Belt On Money Changers, Warns Money Banks

By Fola James

The federal government has stepped up its clampdown on Bureau de Change in the country following the Central Bank of Nigeria, CBN’s decision to stop sale of foreign currencies to the money changers.

The reasons may not be farfetched. The Godwin-Emefiele-led Apex bank believes that some bureau de change have become conduits for criminals to launder hard currencies for their nefarious activities. Some operators have recently been linked to funneling funds to sponsors of terrorism.

Earlier in the year, 26 operators were arrested by security operatives for alleged unlawful foreign exchange transactions.

Speaking after the end of the monthly Monetary Policy Committee, MPC meeting in Abuja, the CBN Governor said commercial banks will now receive forex from the government bank, and will in turn sell to Nigerians who make legitimate demand.

After receiving 5,000 new applications every month for BDC registration, Emefiele said bureau de change business operators have abandoned their objective as middle men for forex transactions. Rather, the operators have turned themselves to conduit for illegal financial flows working with corrupt people to conduct money laundering in Nigeria, the CBN boss said.

The operators, Emefiele said “have turned themselves away from their objectives. They are now agents that facilitate graft and corruption in the country. We cannot continue with the bad practices that are happening at the BDC market.”

He accused them of collaborating with foreign interests to undermine the country’s security, warning that erring operators will henceforth be dealt with.

According to him “Several international organisations, embassies patronise BDC through illegal forex dealer to fund their institutions.

“We will deal ruthlessly with Nigerian banks that deal with illegal BDCs and we will report foreign organisations patronising them.”

He explained that the CBN will now channel weekly allocations of dollar sales to commercial banks to meet legitimate Forex demands.

Earlier in April, CBN said it has secured an interim order of a federal high court in Abuja to freeze 194 bank accounts belonging to individuals and BDCs over different infractions.

The apex bank also secured an order to freeze 60 bank accounts of Bluebeam Capital Limited, another order to freeze 84 accounts in 17 banks and order to freeze 50 accounts domiciled in different banks.

Those hammered by CBN include Nuhu Abubakar, Lat-Ade Logistics, Adenmosun Lateef Jimoh, Lateef Adenmosun, Saki Polo Global Investment Limited, Sam Polo Concept Enterprises, Saki Abdullahi, Saneo Global Resources Limited, Saneo Global Resources LTD, Romvic Ventures NIG LTD, Romvic Ventures Nigeria Limited, Enychristo Enterprises, Ezeh Onyebuchi and Ezeh Onyebuchi Chris.

Others are Christopher .O. Ezeh, Christopher Onyebuchi Ezeh, Ezeh Christopher Onyebuchi, Mandes Mega Koncepts Limited, Okpalaugo Paul Ifeanyi, Okpalagu Ifeanyi Paul, Ifeanyi Paul Okpalaugo, Paul Ifeanyi Okpalaugo, Chinweuba Okoye Sunday, Sunday Chinweuba Okoye, Okoye Chinweuba Sunday.

The affected bank accounts are domiciled in First Bank Plc, Keystone Bank PLC, Polaris Bank Plc, Zenith Bank Plc, Fidelity Bank Plc, Guaranty Trust Bank Plc, Stanbic IBTC Plc, Access Bank Plc, First City Monument Bank Plc, Heritage Bank Plc, United Bank for Africa, Eco Bank Plc and Sterling Bank Plc.