Bureau De Change Operators express commitment to transparent, lawful FX transaction

By Fabian Ekeruche

Lagos, March 26, 2021

The Association of Bureau De Change Operators of Nigeria (ABCON) on Friday expressed its commitment to transparent and lawful foreign exchange transactions.

Alhaji Aminu Gwadabe, President of ABCON, disclosed this in a statement in Lagos against the backdrop of alleged infractions by some of the Association’s members.

Gwadabe noted that some of its members have been invited by security agents based on allegations of unlawful FX transactions.

According to him, ABCON had been in contact with the authorities concerned and found out that the investigations were bordering on money laundering, terrorism financing and Know Your Customers status.

“ABCON considers these as serious allegations given the security challenges across the country.

“We strongly identify with the desire of every responsible citizen for thorough investigations with the authorities following every possible lead and taking necessary measures that will improve the security situation in the country.

“We, however, appeal to security agents to expedite their work and ensure that innocent people that have been caught up in this investigation can be identified quickly and released so that they can be reunited with their families.

“We also trust that the authorities will follow the rule of law and ensure that those with a case to answer have their day in court. The rule of law is the foundation upon which every functional society stands,” Gwadabe said.

The ABCON chief assured the public and government of the Association’s willingness to cooperate fully with the relevant authorities to ensure its members’ businesses are not exploited for any form of malpractice that is against the laws of the land or to undermine the stability of the country.