BDC Operator Faces Trial for Alleged N157 Million Fraud
A Bureau De Change (BDC) operator known as Atoyebi Bamidele, or “Bam-Bam,” operating under the name Prosocial International Limited, has been arraigned before the Federal High Court in Lagos. Bamidele stands accused of orchestrating a substantial financial fraud, allegedly defrauding traders in the Alaba Market of a staggering N157 million through deceptive means. These charges, filed by the Force Criminal Investigation Department, Alagbon-Ikoyi, Lagos, encompass three critical counts: conspiracy, obtaining money under false pretenses, and theft.
The case against Bamidele stems from a petition submitted by aggrieved traders, who sought legal redress through their legal representative, Henry Mejulu.
According to the prosecuting attorney, S. O. Ayodele, Bamidele purportedly conspired with unidentified accomplices to carry out this intricate financial fraud. The alleged transgressions took place between December 2022 and January 2023, during which Bamidele allegedly promised to assist traders in acquiring the equivalent of N157,206,000 in United States dollars. Shockingly, it is claimed that instead of fulfilling this commitment, Bamidele diverted these substantial funds for personal gain.
The charges brought against Bamidele are said to contravene Sections 8(a) and 1(1)(c) of the Advance Fee Fraud and Other Related Offences Act (CAP A8 Vol 1, Laws of the Federation of Nigeria). Consequently, they are punishable under Section 1(3), 383 of the Criminal Code Act (Cap C 38), as well as Section 390(9) of the Laws of the Federation of Nigeria, 2004.
In response to these grave allegations, Bamidele pleaded not guilty during his arraignment.
Upon hearing this plea, the prosecutor requested that the court remand the defendant in the custody of the Nigerian Correctional Service Centre until the charges are fully adjudicated. However, Bamidele’s defense counsel, E. A. Alafin, informed the court that they had already filed a bail application on behalf of their client, which had been served to the prosecution. Alafin further urged the court to grant bail to his client under the most lenient terms possible.
The prosecutor, however, opposed this request, citing the need to thoroughly review the bail application before providing a response.
Consequently, Justice Akintayo Aluko adjourned the case until October 5, 2023, to hear the defendant’s bail application. Until that time, Bamidele will remain in the custody of the Nigerian Correctional Service, awaiting the next legal proceedings in this ongoing case.
