Nigeria, June 21 -- The Economic and Financial Crimes Commission (EFCC) on Wednesday, arraigned a suspected bureau de change (BDC) operator, Abdulkarim Auwalu, for allegedly operating foreign exchange business without a valid licence from the Central Bank of Nigeria (CBN).

Mr Auwalu was arraigned before Judge Alexander Owoeye of the Federal High Court in Ikoyi, Lagos.

He was charged with six counts of operating bureau de change business without proper licence, contrary to Section 57 of the Banks and Other Financial Institutions Act, 2020, and punishable under Section 57(5) of the same Act.

A statement by the EFCC spokesperson, Dele Oyewale, said the defendant was accused of running his business between January and April 2024 without hi...