FCTA sanitizes BDC from money laundering, economic sabotage and terrorist financing

The Federal Capital Territory Administration (FCTA) has started taking steps to ensure mental health and globally accepted standards in the operations of the Bureau de Change (BDC) in Abuja, the nation’s capital.

This follows growing concerns expressed by the Economic and Financial Crimes Commission (EFCC) and the general public regarding BDC’s alleged involvement in financial crimes such as money laundering, economic sabotage and terrorist financing, among others.

The FCT Minister’s Senior Special Assistant for Supervision, Inspection and Enforcement, Ikharo Attah, made the revelation over the weekend during a meeting with CDB operators, following a letter from the Economic and Financial Crimes Commission (EFCC), asking the FCTA to bring reason and the world. best practices to the activities of BDC operators in order to combat criminal activities stemming from their operations.

Attah revealed that the EFCC requests that adequate arrangements be made for BDC to operate with a registered office address in accordance with the provisions of the law and international best practices in order to reduce economic sabotage, money laundering and possibly the financing of terrorism.

He said, “The Minister has instructed us to clean up the activities of BDC currency traders in the FCT, especially with a focus on Wuse Zone 4, so that we do everything to limit the economic sabotage and tackle the problem of money laundering and possible illegal financing. .”


Attah, who said CBD operators were a critical and important player in the forex market, however, warned that the FCTA would not allow them to continue selling currencies at the roadside, pointing out that section 8.5 of the guidelines Revised operational guidelines for Bureau De Change in Nigeria align with the FCT’s anti-peddling policy.

He therefore thanked the operators for believing in Abuja and supporting the FCTA in its quests to keep the city clean and support the fight against drug trafficking when he said; “The FCT Police Commissioner, NDLEA, NSCDC commended you all for your role in the fight against the drug cartel around Area 4”.

In his response, Secretary, Association Secretary Zone 4 Bureau De Change, Yahaya Jidda Kida appreciated the democratic and civilized manner in which the FCTA approached them and assured, “We are ready to cooperate with the government.”

Yahaya said they were also “very concerned about the issues raised by the EFCC”, including the problem of drug trafficking, which he revealed his association had fought, risking their lives and their businesses.

Recalling efforts to clean up and normalize BDC’s operations in Abuja, Yahaya revealed that the FCTA under Nasir el-Rufai asked them to reduce their rights and regroup under one umbrella, and he allocated land to them. to build a standard center.

Yahaya explained: “Initially, he (el-Rufai) gave us a letter of intent, but with the seriousness with which we continued, he decided to give us a right of occupancy to facilitate our discussion with the financial.

“We crossed ideas inside and outside Africa and came up with the best building plan which, if allowed to be built, will be the tallest and most sophisticated edifice in the world. ‘Abuja.

“The edifice is a 10-storey building, with a mosque and a church, and can accommodate all of us and eliminate the nuisances of zone 4, making transactions clean, as is done in developed countries.” However, there was a problem and some people went to court, which led to the land being revoked.

“Fortunately, in Aliero’s time, the land was reassigned to us, but these people did not allow us to start development. They went all the way to the Supreme Court and we don’t want to prejudice. These people are not even members of the Zone 4 association,” he said.

Yahaya therefore called on the FCT Minister to bring together all the stakeholders and resolve the issue amicably.

On the issue of drug trafficking, Yahaya said that they are even the real enemies and the real drug fighters, saying, “We are always fighting them tooth and nail; day and night because we don’t want them to be part of us. We are the first call for ambassadors and we do not want anyone among us with criminal activities.

On money laundering, he decried that they were in a “quagmire because we change money and don’t know some of the people who come to change these currencies. We are always the first victims. It is the bankers and other members of the government who take care of it. We are going to cooperate with the minister to clean up zone 4 and make it a place that meets standards,” he assured.

A Deputy Director of the Abuja Environment Protection Board (AEPB) for Monitoring and Enforcement, Kaka Bello, disclosed that apart from the concerns raised by the EFCC, Section 36 of the Act AEPB prohibits the sale of products in unauthorized places, whether for cash or any other item.

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FCTA sanitizes BDC from money laundering, economic sabotage and terrorist financing

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FCTA sanitizes BDC from money laundering, economic sabotage and terrorist financing

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