The Economic and Financial Crimes Commission (EFCC) has arrested 12 people in Lagos over alleged involvement in illegal Bureau de Change (BDC) operations.

The suspects were picked up on Wednesday by operatives of the Lagos Zonal Command after weeks of intelligence gathering and discreet surveillance.

According to EFCC’s spokesperson, Dele Oyewale, investigations showed that the individuals were running BDC businesses without the required regulatory approvals.

During the raid, operatives recovered various sums of cash and luxury jewellery believed to be linked to the illegal transactions.

Oyewale added that the suspects are currently being profiled and will be charged in court once investigations are concluded.

The EFCC has in recent months stepped up its crackdown on unlicensed currency traders, as part of efforts to sanitize Nigeria’s financial system and curb illegal foreign exchange dealings.