EFCC Arrests 12 Suspected Illegal BDC Operators In Lagos

THE Economic and Financial Crimes Commission (EFCC), Lagos Zonal Directorate 1, has arrested 12 suspected illegal Bureau de Change (BDC) operators.

The suspects were apprehended on Wednesday, August 27, 2025, after operatives acted on credible intelligence and carried out weeks of surveillance on their alleged activities. According to the Commission, the individuals were operating BDC businesses without the required licences.

Items recovered during the sting operation included large sums of cash and exotic jewellery, which have been taken into custody as exhibits.

The EFCC explained that illegal BDC operations undermine Nigeria’s financial system, contribute to currency speculation, and fuel the volatility of the naira in the foreign exchange market.

Authorities say the suspects will be charged in court as soon as investigations are concluded.

The anti-graft agency has in recent months intensified its clampdown on unregistered BDC operators nationwide, warning that anyone engaged in the unauthorised sale or purchase of foreign exchange will face the full weight of the law.