EFCC Arrests Fake BDC Operator Over N369.3 Million Fraud Scheme in Enugu
The Economic and Financial Crimes Commission (EFCC) has made a significant arrest in Enugu, apprehending a man identified as Callistus Okeke for his alleged involvement in a sophisticated multi-million naira fraud scheme. According to official statements, the suspect is accused of defrauding two individuals through separate transactions totaling an astonishing N369.3 million by falsely presenting himself as a licensed Bureau De Change operator.
Details of the First Petition and Alleged Diversion of Funds
EFCC spokesperson Dele Oyewale revealed that the commission's Enugu Zonal Directorate operatives took Okeke into custody following formal petitions filed by the complainants. The first petitioner, Chinedu Ezeugwu, alleged that he transferred N157.3 million to the suspect for onward remittance to a business associate in China. However, only N24 million reportedly reached the intended recipient, with the vast majority of the funds allegedly diverted for the suspect's personal use.
During subsequent interrogation, Okeke allegedly admitted to using the diverted funds to offset other financial obligations, citing business difficulties as justification. The suspect reportedly sent fabricated bank transfer documents via WhatsApp to the complainant, presenting telex copies purportedly issued by ABA Bank of Cambodia as proof of payment for the outstanding balance. These documents were later discovered to be forged when presented abroad, according to EFCC investigators.
The commission has confirmed that Okeke has refunded N50 million to Mr. Ezeugwu, leaving an outstanding balance of N83.295 million still unpaid. Investigators further established that the suspect was not a licensed Bureau De Change operator, contrary to his earlier representations to the victims.
Second Complaint and Additional Financial Misrepresentation
In a separate complaint, Ernest Agu alleged that in 2024, the suspect requested a loan of N212 million to facilitate a transaction, claiming his funds were held in dollars outside Nigeria. Based on assurances of repayment, the complainant transferred the substantial amount, but attempts to recover the money reportedly failed completely.
The EFCC stated that invoices and telex documents provided by the suspect were later found to be falsified, indicating a pattern of deception. So far, Okeke has returned N167.6 million to Mr. Agu, leaving a balance of N44.3 million still outstanding and unpaid according to official records.
Legal Implications and Ongoing Investigation
Mr. Oyewale confirmed that the suspect will be arraigned in court upon the conclusion of investigations, with the EFCC emphasizing that Okeke will face prosecution for his alleged crimes. Under Nigerian law, offences such as obtaining money by false pretence and forgery are criminalised by both the Criminal Code Act and the Penal Code, carrying substantial penalties.
Section 419 of the Criminal Code prescribes up to three years' imprisonment for obtaining by false pretence, while Section 467 provides specific penalties for forgery offences. In northern Nigeria, Section 364 of the Penal Code allows for prison terms of up to fourteen years for forgery-related offences, demonstrating the serious legal consequences facing the suspect.
Broader Context of Bureau De Change Operations in Nigeria
This arrest comes amid ongoing challenges in Nigeria's foreign exchange market. Legit.ng recently reported that Bureau De Change operators have not yet accessed the official forex window despite the Central Bank of Nigeria's announced approval allowing licensed BDCs to purchase up to $150,000 weekly through authorised dealers.
Operators have disclosed that no transactions have been completed under this new arrangement, as the directive remains largely unimplemented in practice. Some industry participants have questioned the feasibility of seamless, real-time transfers between domiciliary accounts across different banks, noting that such financial infrastructure may not yet be fully operational nationwide.
The EFCC continues its investigation into this case, emphasizing its commitment to combating financial crimes and protecting citizens from fraudulent schemes that undermine economic stability and public trust in financial institutions.
