The Nation Newspaper

Tag: Bureau-de-change

  • Bureau de change operator charged

    A self-proclaimed bureau de change operator, Edwin Nwankwo, was yesterday brought before an Igbosere Magistrates’ Court, for allegedly obtaining $15,500 under the guise of supplying the naira equivalent.

    Nwankwo, 51, is standing trial on a three-count charge of fraud and stealing before Mr. B. I. Bakare.

    Prosecuting Sergeant Friday Mameh alleged that the defendant and his accomplices on the run, committed the offences last November in Lagos.

    He alleged that the defendant fraudulently obtained $15,500 from Abdulmalik Yunusa, “on the pretext of being a bureau de change operator who would supply the naira equivalent of the dollar once his dollar account was credited”.

    Read also: Court remands two for allegedly attempting to kill Ogun APC chair

    Mameh said the defendant knew that his representation was false, but deceived the complainant into crediting his dollar account with the money.

    “The defendant received the money, but did not give the naira equivalent of the money,” the prosecutor said.

    The offences, he added, contravened sections 287(9), 314 and 411 of the Criminal Law of Lagos State, 2015.

    Nwankwo pleaded not guilty.

    Magistrate Bakare granted him N750,000 bail with two sureties in the like sum, among other conditions.

    The case continues on May 22.

  • Revealed: PDP’s $3m per state cash-for-vote plot

    •Ex-INEC chief named in deal    •Peace Panel member romances opposition    •Party denies claim

    Security agencies have uncovered how the opposition Peoples Democratic Party (PDP) has allocated about $3million (N1.8billion) to each state branch of the party, allegedly for inducement of voters.

    The cash was remitted before last Saturday’s postponement elections, but most state chapters were  finding it difficult to change the cash to naira because of the surveillance on Bureau De Change operators by the Economic and Financial Crimes Commission (EFCC) and the Department of State Services (DSS).

    Also, the agencies have intercepted alleged  compromise of some officers of the Independent National Electoral Commission(INEC), policemen and other security agents in some states.

    The intelligence report, including the alleged implication of a former top official of INEC, may be presented to the chairman of the electoral commission, Prof. Mahmood Yakubu, by the security agencies.

    A former Resident Electoral Commissioner is believed to be neck-deep in the massive cash-for-votes plot.

    Besides, a member of the National Peace Committee headed by former Head of State Gen. Abdulsalami Abubakar has been fingered in “political romance” with the opposition, contrary to the mandate of the group.

    The popular thinking is that the PDP has hidden under the guise of “logistics” to allocate about $3million (N1.8billion) per state, which security agencies discovered that it was for inducement of voters.

    Based on the 36 states, about $111million (N66.6billion) has been deployed by the leading opposition party to influence voters.

    The intelligence report indicated that the money was different from the cash allocated to “compromise some officers of INEC, policemen and security agents in some states” which had been marked by security agencies.

    An intelligence source said: “ Reports so far have showed that the main opposition party has allocated $3m(N1.8billion) to each of its state chapters under the guise of logistics for the general elections.

    “But intelligence confirmed that the cash is for vote buying with about N400,000 devoted to some polling units out of the nation’s 120,000.

    “Some of the huge cash cannot be converted to Naira because of the surveillance on Bureau De Change operators by the EFCC and DSS.

    “And most banks have become circumspect in view of a similar experience in 2015 in which about N23.9 poll bribery cash was shared through their branches.”

    The source, who pleaded not to be named because of the “sensitivity” of the matter, gave insights into the alleged compromise of some INEC officers through a former top shots of the electoral commission who had been engaged as consultants.

    The source added: “Detectives also discovered a ‘grand compromise’ of some INEC officers, policemen and others in some states. A former INEC top officer and ex-Resident Electoral Commissioner are implicated in the plans to compromise the nation’s electoral integrity.

    “These former top INEC officers were found to have played a key role in the recruitment of the ad hoc staff in some strategic states by using internal links/ surrogates in INEC to perfect their plot. Many officers in INEC, who were recruited by these former officers, are still loyal to them.

    “These ex-officers had infiltrated the system and could cause any sabotage of the poll at any point, if it does not favour those who hired them. This is why it is easier for the opposition to have every detail about the movement and actions of INEC chairman and his National Commissioners.

    “The intelligence report will be made available to the Chairman of INEC, Prof. Mahmood Yakubu, especially as it relates to its field officers in some states.

    “As for policemen and other security agents, the appropriate authorities are handling specific cases. And these issues will be attended to before the beginning of the poll on Saturday.”

    Asked if the intelligence report has been made available to the National Peace Committee, the source said: “It is still an intelligence document as I speak with you now.

    Read also: Will litigants get justice at election tribunals?

    “The challenge we are having also is that a member of the committee has been fingered in a political romance with the opposition because of vested interests in some deals.

    “Notwithstanding, the government will decide on how and when to brief relevant stakeholders.”

    Reacting, INEC said it was unaware of the existence of a recording of the PDP corrupting its men.

    In the leaked telephone conversation, a top government official in Rivers State was heard mapping out plans on how to win the last Saturday’s election, which was rescheduled.

    INEC officials were said to have been settled to pave the way for the ruling party in the state.

    Besides, names of the officials were mentioned in the conversation, which include officials from neighbouring states.

    The government official could also be heard issuing out warning to kill any INEC officials who fails to cooperate after collecting money from the government.

    However, INEC National Commissioner in charge of Information and Voter Education Committee, Mr. Festus Okoye, said the commission was yet to see the purported recording.

    Okoye, who was responding to inquiry by The Nation, said: “I have not seen the recording you are alluding to.”

    Also reacting, the PDP said the opposition party lacked the financial wherewithal to deploy such cash.

    Its spokesman Kola Ologbodiyan: “We don’t have such funds anywhere, but we enjoy massive support and goodwill of a greater number of Nigerians. As an opposition party, where can we get that money.

    “It was the same APC that mocked us a few weeks ago, saying that we were broke and that we could not fund our campaign. Now they have turned around to accuse us of spending such funds.

    “Is it not strange that a ruling party is now portraying itself as the victim simply because they have been rejected by the people?

    “Rather, it is the APC that has spent humongous amount on their campaign across the country and they are still spending. We have the figures and at the appropriate time we shall release them. For now, we are focused on the coming elections. So, we are very busy right now.”

  • Man allegedly defrauds Bureau De Change operator

    There was pandemonium in Ogudu, Lagos State last Friday when a Bureau De Change (BDC) client accused of defrauding an operator, slumped and died.

    The Nation learnt that the unnamed man, a regular customer of a BDC operator identified as Maxwell Uba, had gone for a foreign exchange transaction.

    Uba was said to have given the man dollars amounting to about N4million on the agreement that the deceased would transfer the naira equivalent to his account.

    But after collecting the dollars, the deceased, said to have ridden on a motorcycle with another colleague of his, told Uba they had sent the money and left.

    It was gathered that having waited a bit without notification from his bank, the BDC operator boarded another motorcycle in pursuit of his clients for fear they might have defrauded him.

    He was said to have raised the alarm, which attracted people.

    It was learnt that an argument ensued between the parties, which led to onlookers mistaking the unnamed man for a thief. The mob that gathered allegedly beat up the young man, who slumped and died on the spot before policemen from Ogudu were invited.

    Police spokesman Chike Oti said the cause of the death was yet to be established.

    He said the police were still investigating the case, adding that the only information available to him was that the man slumped and died.

    Oti said: “The police got to the scene and arrested Maxwell Uba and the other man who came with the deceased. Both men were transferred to FSARS for investigation that same day.

    “We are yet to find out what really happened. Medical examination will state the cause of death. We will investigate to know if it was a case of delayed notification from the bank or the men actually defrauded the operator.”

  • ‘I can’t remember when I was appointed as a Permanent Secretary’

    Former Permanent Secretary of the Federal Ministry of Labour,  Mr Clement Iloh on Thursday told an Ikeja Special Offences Court that he could not remember the date or year he was appointed as a Permanent Secretary.

    Iloh is facing trial for allegedly stealing N14million  by the Economic and Financial Crimes Commission (EFCC) before Justice Oluwatoyin Taiwo.

    He pleaded not guilty to the charge.

    Iloh however  recalled that as at 2013, he earned N757.000 as a level 17 officer.

    When shown the bank account statements of a company, Clement and Bob, to which he is the sole signatory,  Iloh  maintained that it was his business account which he opened alongside his son.

    When Oyedepo showed him that the account has a credit balance of N453 million,  Iloh said,  ” I don’t know how you jumped into that amount. What brought me here was a N14 million alleged theft charge.”

    Iloh also denied receiving credit alerts into the account from several contractors and junior officials in the Ministry and NIMASA staff.

    Chief Bolaji Ayorinde (SAN) however raised objection when Oyedepo again showed the defendant his company’s statement of account where he received N100 million from a Bureau de Change operator while also receiving the dollar equivalent in cash.

    Chief  Ayorinde questioned why Oyedepo was trying to get his client to accept that he received the dollar equivalent of of N100m.

    “My Lord the prosecution is simply trying to get my client to admit to money laundering charges so that they can file new charges,  ” Ayorinde said.

    Illoh however admitted to collecting another N100 million in ten tranches of N10m each but maintained that the money does not belong to him.

    He explained that the sum of N49 million transferred into his company account by NIMASA was meant for ‘community service. ‘

    On further probing by the EFCC prosecuting counsel, the defendant said that the community  service he referred to was  a SURE P program.

    He however admitted that there was no contract between his company, Clement and Bob and NIMASA as at the time the N49 million was paid.

    Justice  Taiwo thereafter adjourned the matter till November 21 and 22, for continuation of trial.

  • Delegates besiege Bureau de Change

    Bureau de Change operators, especially those located opposite Hotel Presidential Port Harcourt, had a hectic time attending to hundreds of customers suspected to be PDP delegates who crowded around them to exchange money.

    One of the foreign exchange operators opposite Hotel Presidential, Musa Danladi said he attended to more than 50 persons as of 4.00pm on Friday.

    He said people suspected to be party delegates are approaching them in droves to exchange money.

    “Since morning we have been attending to persons suspected to PDP delegates. They were coming in large number to negotiate and exchange money from us. It has been a good business and I pray it will remain like this,” he said.

     

  • CBN injects $210m into foreign exchange market

    The Central Bank of Nigeria (CBN), on Tuesday injected 210 million dollars into the inter-bank Foreign Exchange market to meet customers’ requests in various segments of the market.

    The CBN acting Director, Corporate Communications, Mr Isaac Okoroafor said that the CBN offered 100 million dollars to authorised dealers in the wholesale segment of the market.

    Okoroafor said also that the Small and Medium Enterprises (SMEs) segment got 55 million dollars while another 55 million dollars was allocated for tuition fees, medical payments and Basic Travel Allowance (BTA).

    Read Also: CBN sustains forex intervention with $210m injection

    He said that the apex bank would continue to intervene in the interbank foreign exchange market, in line with its pledge to sustain liquidity in the market and maintain stability.

    According to him, the CBN will not renege on its promise to manage the foreign exchange market with a view to reducing the country’s import bills and halt the depletion of its foreign reserves.

    It will be recalled that on July 03, the CBN intervened to the tune of 210 million dollars to cater for requests in the wholesale segment of the market.

    Meanwhile, the naira continued its stability in the foreign exchange market, exchanging at an average of N360 to a dollar in the Bureau De Change segment of the market.

    NAN

  • Naira stable at N360/$ at parallel market

    The Naira maintained N360 to the dollar at the parallel market on Monday in Lagos.

    The Nigerian currency had been trading at N360 to the dollar for four days running, while the Pound Sterling and the Euro closed at N486 and N420, respectively.

    Read Also: Naira hedges against dollar at parallel market

    Trading at the investors’ window saw the naira close at N361.40 with a turnover of N198.3 million, while it closed at N305.75 to the dollar at the CBN official window.

    The naira closed at N360 to the dollar at the Bureau De Change (BDC) window, while the Pound Sterling and the Euro closed at N486 and N420, respectively.

    Meanwhile, the naira traded at N359 across the markets in Kano, Abuja and Port Harcourt.

     

    NAN

  • Naira remain stable at N360 to dollar at parallel market

    The Naira on Friday remained stable at the parallel market in Lagos, exchanging at N360 to the dollar.

    The Nigerian currency had traded at same rate for the past two days, while the Pound Sterling and the Euro closed at N480 and N421 respectively.

    Read Also: Naira’s long-road to stability

    At the Bureau De Change (BDC) window, the Naira also closed at N360 to the dollar, while the Pound Sterling and the Euro traded at N480 and N421, respectively.

    Trading at the investors’ window saw the naira close at N361.32, while it exchanged at N305.75 to the dollar at the Central Bank of Nigeria (CBN) official window.

    Traders expressed optimism that the naira would remain stable in the weeks ahead as the CBN continues its interventions at the foreign exchange market.

    NAN

  • Naira hedges against dollar at parallel market

    The Naira on Wednesday exchanged at N359.80 to the dollar at the parallel market in Lagos  gaining  20 kobo from N360 exchanged on Tuesday.

    The Pound Sterling and the Euro, however, closed at N482 and N419, respectively.

    Read Also: Naira maintains N361.50 per dollar at parallel market

    At the Bureau De Change (BDC) segment, the naira traded at N360 to the dollar, while the Pound Sterling and the Euro exchanged at N482 and N419, respectively.

    Trading at the investor’ window saw the naira close at N360.91 to the dollar, while it exchanged at N305.75 at the CBN official window.

    Traders said they expected the naira to remain stable as the CBN continues its interventions at the foreign exchange market.

    NAN

  • CBN boosts forex market with $210 million

    Mr Isaac Okorafor, Acting Director, Corporate Communications, Central Bank of Nigeria (CBN) said the apex bank boosted the foreign exchange market with 210 million dollars to meet customers’ requests in various segments.

    Okoroafor said this in a statement on Wednesday in Abuja.

    According to him, the bank, in its desire to meet customers’ needs, offered 100 million dollars to authorised dealers in the wholesale segment of the market, while the Small and Medium Enterprises (SMEs) segment got 55 million dollars.

    Read Also: Forex: CBN boosts retail SMIS with $343.06m

    Okorafor also said customers needing foreign exchange for invisibles such as tuition fees, medical payments and Basic Travel Allowance (BTA), among others, were also allocated 55 million dollars.

    He recalled that the CBN on Thursday, intervened with 343.06 million dollars to cater for requests in the retail segment of the foreign exchange market.

    He added that the naira continued its stability in the foreign exchange market, exchanging at an average of N360 per dollar in the Bureau De Change (BDC), segment of the market Wednesday.