NSCDC arrests six for currency racketeering in Rivers


Operatives of the Nigeria Security and Civil Defense Corps (NSCDC) Rivers State Command have arrested six persons allegedly involved in currency racketeering in Port Harcourt.

The NSCDC Commandant, Rivers State Command, Micheal Ogar disclosed this while parading the suspects and seized sums of money before newsmen on Friday, December 9, 2022.

Ogar said their arrest was made in collaboration with the men of the Department of State Services and the CBN.

These are suspects that are involved in currency racketeering. What they have done is against the CBN Act 2007. Their activities contravene sections 20 and 21 of the CBN Act by selling naira to naira,” he said.

“You know if you go to the bank, you don’t get mints. So these people now go to the banks, they get mints, they come out and sell those mints. I want to appeal to the public to be aware that selling of the naira is prohibited by CBN Act 2007, sections 20 and 21.”

He disclosed that while the Point of Sale machines is legal, it was against the law for operators to use it as a cover to perpetrate illegality

“Like when people gather naira and store them in millions. Those involved shall be prosecuted accordingly, PoS machines are legal, but it is being used as a cover.

“You know when you go to the bank, tell them you are doing PoS business, they now give you money, you now go and sell the money. If you are driving a car and you decide to hit your enemy. It is legal for you to drive a car, but it is illegal for you to hit anybody pretending that it is an accident.