Clampdown: Currency traders petition IGP, to write Senate, CBN

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Foreign currency dealers have complained to the Inspector-General of Police, Usman Baba, about their ordeals in the hands of operatives of the Economic and Financial Crimes Commission following the arrest of some of them.

The dealers will also send a copy of their petition to the Senate even as members of the Association of Bureau De Change Operators in the Federal Capital Territory, on Thursday and Friday met with operatives of the anti-graft agency.

The meeting was aimed at resolving the forex crisis occasioned by the rush for dollars following the announcement by the Central Bank of Nigeria to redesign some naira notes.

This is happening as the anti-graft agency intensified investigations into the financial transactions of the forex dealers in a bid to spot illicit activities such as money laundering.

The forensic probe of their bank accounts, it was learnt, would help detectives in tracking down the forex dealers’ sponsors and their high-profile customers, especially government officials and political officeholders.

A source disclosed that the essence of the EFCC raids was to identify the big men behind the BDC operators, their sources of funds, transactions and customers, and ultimately to frustrate moves by hoarders to offload their naira cash haul ahead of December 15 when the high denominations would be released to the public.

“Detectives have obtained some necessary information from the forex dealers who were arrested and a forensic analysis and probe of their financial transactions have commenced,’’ the source disclosed.

It was further learnt that the EFCC had released all the forex dealers who were arrested during the two-day raids after obtaining the necessary information from them, including their personal and bank details, and who they were working for.

The anti-graft agency had launched a massive clampdown on forex dealers across the country and arrested 87 of them in Abuja, Lagos and Kano between Tuesday and Wednesday last week, forcing the BDC operators to go into hiding.

It was learnt on Friday that the BDC operators were advised by the EFCC officials during the meeting to be wary of illegal financial activities that could harm the economy.

Confirming the meeting, the Assistant Provost, Association of Bureau De Change Operators, Zone 4, Wuse, Abuja, Mallam Muhammed Nera, said the group was also planning to meet with the EFCC Chairman, Abdulrasheed Bawa.

He stated, “We had a meeting with the EFCC on Thursday and Friday, a meeting of understanding. They didn’t come to raid on Thursday and Friday. But we told them that if they were looking for missing money, they should start from the ministries. They should start with the Presidency, ministers, directors and others. They are just beating around the bush, they know those stealing money.

“They were asking our members who gave them the naira used in their transactions. If you think that money is missing, follow the trail from the ministries and other places. People are struggling to survive; every Bureau De Change has about 200 persons under him. They have parents, children and people working for them.”

Nera advised the detectives to follow the money trail and bank accounts instead of chasing down forex dealers struggling to survive.

He contended that the commission had no authority to order people into its vehicles without presenting warrants of arrest.

He said the EFCC had access to the bank accounts and financial transactions of every citizen, wondering why the agency was not tracking Boko Haram fighters and their financiers, and focusing on other urgent national issues.

According to him, the association has cautioned its members not to run away the next time EFCC operatives storm their offices, insisting that they are ready to confront the commission.

“We have told our people that nobody should run when we see them (EFCC operatives) and nobody should follow them (to their office) unless we ask them to do so. They are part of the government; they have the law, they know what to do. But they have to do things in a proper manner. We are ready for them, we are ready to face them not by fighting or through argument, but facing them with the law,” Nera stated.

He also disclosed that the association had petitioned the IG and would also write to the Senate and the CBN over the alleged harassment of its members by the EFCC.

He explained that the dealers had sought to meet with the CBN leadership before the latest incidents, but their request was not acknowledged, adding, “We have written letters to them over 10 times, but they didn’t acknowledge them.”

When asked why the anti-graft agency was raiding the BDC offices, the Head, Media and Publicity, EFCC, Wilson Uwujaren, pleaded for time to find out. But he had yet to provide a response as of the time of filing this report.

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