The Police in Kano State have arrested seventeen suspected forex hawkers for illegal operation of Bureau de Change.
Spokesman of the command, SP. Abdullahi Haruna Kiyawa confirmed the arrest in a statement issued to newsmen.
He said the arrest followed a raid conducted by the Kano Police Command with combined personnel of the Department of State Services (DSS) at locations where FOREX Transactions were being carried out in Wappa Bureau De Change, Fagge LGA, Kano.
READ ALSO: Insecurity: Bandits Kill NSCDC Commander In Benue
According to him “At the end of the operation, a total of twenty-nine (29) people were arrested out of which twelve (12) were screened out for lack of evidence, while seventeen (17) were arrested with the following exhibits recovered; (1) Sum of Sixty-eight Thousand (68,000) CFA, and (2) Thirty (30) Rupees (Indian Currency).”
He said further investigation revealed that the seventeen suspects were operating under one Association of unlicensed Bureau De Change and they will be charged to Court for prosecution.
SP Kiyawa explained that the essence of the operation was to flush out elements that operate illegally to stabilize the foreign exchange market in the country.
The arrest excluded genuine Bureau de Change operators who carry on their legitimate businesses in their offices.
The State Commissioner of Police, CP Mohammed Usaini Gumel, noted that illegal financial activities would not be tolerated, and that those engaging in such practices would face the full wrath of the law.
He advised all individuals and business operators within the financial sector to operate within the confines of the law, obtain the necessary licenses and always avoid unwholesome practices.
The Central Bank of Nigeria, CBN has withdrawn the circular directing banks and other financial…
Former Governor of Abia State, Sen. Orji Uzor Kalu says he's not against any political…
Nze Chinasa Nwaneri, a former Special Adviser to Governor Hope Uzodimma on Special Duties, has…
The Ijaw Youth Council Worldwide has urged politicians from plunging Rivers State into further crisis…
Government forces in the Democratic Republic of the Congo (DRC) have successfully thwarted an attempted…
Personnel of the Nigerian Army Corps of Military Police stormed Banex Plaza in Abuja Saturday…