The Economic and Financial Crimes Commission (EFCC), Lagos Zonal Command, has apprehended 12 individuals for alleged involvement in unlicensed Bureau de Change (BDC) activities.

EFCC spokesperson, Dele Oyewale, confirmed the arrests in a statement, noting that the suspects were taken into custody on Wednesday following intelligence reports and discreet surveillance.

Preliminary investigations indicated that the suspects had been operating BDC businesses without the required regulatory approvals.

Recovered items include large sums of cash and luxury jewellery. Oyewale added that the suspects are currently undergoing profiling and will be prosecuted once investigations are completed.