On Wednesday, August 27, 2025, the Economic and Financial Crimes Commission (EFCC) arrested 12 people in Lagos for allegedly running illegal Bureau de Change (BDC) operations.
The EFCC’s Lagos Zonal Directorate 1 carried out the arrests after receiving reliable information and conducting careful surveillance. The suspects were operating without the necessary licenses from the Central Bank of Nigeria.
During the operation, authorities recovered cash and exotic jewelry from the suspects. The EFCC is continuing its investigation, and the suspects will soon face charges in court.
This crackdown is part of the EFCC’s ongoing efforts to clean up the foreign exchange sector in Nigeria. Illegal BDC operations can harm the economy by destabilizing the naira and encouraging unregulated financial activities.





















