A magistrate court sitting in Port Harcourt has remanded 16 Bureau De Change, BDC, operators in the Port Harcourt Correctional Centre for unlawful banking business.

This decision by Magistrate Alatuwo Fubara on Wednesday follows an ex parte application submitted by the police, seeking additional time to conclude their investigation before formally charging the individuals in question.

The police asserted that the activities of the BDC operators violate the Banks and other Financial Institutions Act of 2020.

Fubara, after granting the police’s request, scheduled the matter for plea and potential bail consideration on March 7, 2024.