Court Remands BDC Operator In Prison Over Alleged $165,000 Fraud

Justice Ibrahim Kala of the Federal High Court in Lagos has remanded a bureau de change operator, Jamilu Maude, in the custody of the Ikoyi Correctional Centre over his alleged involvement in a $165,000 fraud.

Justice Kala ordered that Maude be kept in custody until he perfects the bail conditions he granted.

The defendant was arraigned by the police before the court on three counts of illegal possession, conversion, and fraud totalling $165,000 USD, equivalent to N230 million.

The police prosecutor, Musa Usman, had informed the judge that the defendant, a director at Copro Bureau de Change Limited, committed the offence between May and September 2025 in Kano.

Usman also alleged that the defendant, aiming to commit these crimes, convinced Abdulhadi Agege to transfer N250 million to a Chinese account, promising to pay him the equivalent of $165,000 USD.

The prosecutor further alleged that after receiving the funds into the designated account, the defendant converted them for personal use and failed to pay the promised dollar amount.

He maintained that the offences violate section 18 (2) (d) of the Money Laundering (Prevention and Prohibition) Act, 2022, and are punishable under Section 18(3) of the same Act.

Usman also stated that the offences are contrary to Section 1 (1)(a) of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006, and punishable under Section 1(3) of that law.

The defendant, however, pleaded not guilty to the charge.

Following his plea, the court, after reviewing arguments from his lawyer, Daniel Bankole, granted the defendant bail in the sum of N100 million, requiring two sureties in like sum.

The judge further ordered the defendant to be remanded in the custody of the Nigerian Correctional Services (NCoS) until bail procedures were completed. The case was adjourned for trial.