ABCON: ‘Corporate Governance Compliance Key In BDCs’ Operations’

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Association of Bureaux De Change Operators of Nigeria (ABCON) has urged Bureaux De Change (BDC) to carry out their operations in line with sound corporate governance practices for  sustainable  growth of the industry.

Its President, Aminu Gwadabe spoke  in Lagos at the opening session of 2021 Annual ABCON Nationwide Training on BDC Operations.

He said the training was been organised  in partnership with the Central Bank of Nigeria (CBN), the Nigeria Financial Intelligence Unit (NFIU), adding that it  was meant to improve   professionalism and higher compliance level in the BDC sub-sector  as well as  enhanced service delivery to forex end users.

BDCs, he noted, occupy a very important position and play critical roles in the nation’s foreign exchange market which are germain to achieving stable exchange rate and easy access to foreign exchange for members of the public in a conducive environment.

To effectively play this role, Gwadabe explained that, “BDC operators must be adequately informed and effectively equipped with the right professional skills and mindset to discharge their duties as required by the laws of land and the industry.

“Thus the need for BDC directors and staff to be continuously exposed to quality capacity building programmes carefully designed to enhance their ability to professionally discharge their duties to forex end users and to the regulators”.

The above, according to Gwadabe, informed the decision of ABCON to partner with the CBN, NFIU and other security agencies to organise the annual nationwide training on BDC operation

Explaining further, he said, “The training will be executed by a team of highly experienced professionals from the CBN, NFIU and other organisations.

‘The training, which will hold from May 24th to June 30th in four locations across the country,   involves a careful designed course content which includes: Daily and Monthly Report Rendition; Monthly Balance Sheet Report and Annual Audited Account;  Corporate Governance; Fit and Proper Check in Directors Appointment; Anti Money Laundering/Counter Financing Terrorism Policy; Obligations of Compliance Officer; Reporting on GOAML and NIL-Report Platform; ABCON Compliance Requirements by Members.”

– The Nation

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