ABCON Backs Law Against Fraudsters.

Aminu Gwadabe, President, Association  of Bureau de Change Operators of Nigeria (ABCON) has supported the position of the law against fraudulent practices saying such will not be tolerated from its members.

Gwadabe who spoke against the backdrop of the recent conviction of a bureau de change operator, Auwal Abdulrahman, by an Abuja High Court, said that ABCON was in full support of any kind of penalty meted out to members of the association for any financial infraction.

An Abuja Federal Capital Territory High Court, sitting in Jabi early this month convicted Mr Abdulrahman, Managing Director of Transvex Investment Ltd. for N17 million fraud.

Abdulrahaman who was prosecuted by the Economic and Financial Crimes Commission, EFCC, Kaduna zonal office for offences including cheating and misappropriation was dragged to the commission by a petitioner, Yasir Tijani who alleged that sometime in December 2018, he entered into an agreement with Bani Mbaka Investment Company Limited to transfer the sum of N96 million to Transvex Investment Limited with the understanding that he was going to receive the equivalent sum of £200,000 (Two Hundred Thousand Pounds) within 48 hours.

“Gwadabe said there is need for both government and regulators to enforce regulations and ensure adequate supervision.

”We are also investigating the genuineness of the alleged bureau de change operator and his claim of being a member of our association for proper disciplinary action,” Mr Gwadabe said.

Auwwal’s offence runs contrary to Section 311 of the Penal Code Law Cap 89 Laws of Northern Nigeria 1963 and punishable under Section 312 of the same Law.

The commission in the charge sheet noted that “You, Auwal Abdulrahman and Transvex Investment Limited, sometime in October 2018, in Abuja within the Jurisdiction of this Honourable Court, while operating a Bureau de Change business (Trading in Foreign Currency) and in such capacity entrusted with dominion over the sum of N96,000,000 (Ninety Six Million Naira) in exchange for £200,000 (Two Hundred Thousand Pounds) by one Alhaji Yasir Tijjani, misappropriated the sum of N17,629,425.60 (Seventeen Million, Six Hundred and Twenty-nine Thousand, Four Hundred and Twenty-five Naira, Sixty Kobo).”