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Tag: ABCON

  • ABCON, NDLEA tackle money laundering

    The Association of Bureaux De Change Operators of Nigeria (ABCON) and the Nigeria Drug Law Enforcement Agency (NDLEA) will be partnering to fight money laundering and drug trafficking.

    Speaking during a visit by NDLEA team to ABCON Secretariat in Lagos, ABCON President Aminu Gwadabe said that the association will work with NDLEA to organise sensitisation workshops for bureau de change (BDCs) to educate members on ways of fighting the menace.

    “Part of our role is ensuring compliance and one of our challenges is the vulnerability of BDCs. So, we will keep training our members on issues like customer identification as required under Know Your Customer’ (KYC) principle. We consider it important that we know our customers. One the reasons why BDCs are vulnerable is because the proceeds of drugs is huge, drug business is in billions of dollars and we deal in dollars, hence we are very vulnerable,” he said.

    Continuing, he said: “The perpetrators who have this proceed can run into our offices and that is why our members really need to provide information that will help the agency to trace them. So, we will partner with the NDLEA to train our members on those things they need to watch out for in order to identify suspicious transactions”.

    Gwadabe noted that empowering BDCs is imperative given the critical role of the industry in the economy. He noted that in addition to providing retail foreign exchange services to travellers, BDCs help in achieving foreign exchange stability, while the industry provide jobs for about 16,000 Nigerians.

    Leader of the NDLEA delegation, Assistant Director, Musa Maina, said that though BDCs are under the regulation of the Central Bank of Nigeria (CBN), their  activities have a bearing on the job of the NDLEA, adding that is the rationale for the visit.

    He said that the agency will work with ABCON to educate BDCs on certain obligations which have bearing on the war against drug trafficking and money laundering. He said one of these obligations is record keeping.

    He said drug traffickers in their efforts to launder the proceeds of their crimes operates in cash, and they usually avoid businesses that keep meticulous records and documents of transactions, while preferring businesses that deals in cash and does not keep record of transactions.

  • ABCON, NFIU hold anti-money laundering training

    The Association of Bureaux De Change Operators of Nigeria (ABCON) and Nigeria Financial Intelligence Unit (NFIU) yesterday concluded a three-day joint training/sensitization programme on anti-money laundering and terrorist financing.

    The programme, attended by head offices/zonal secretariats staff of ABCON and key personalities from the NFIU was held at the ABCON Secretariat, in Ikeja Lagos. .

    Speaking to financial journalists at the end of the training, ABCON President, Alhaji Aminu Gwadabe, said the anti-money laundering training is intended to familiarize Bureaux de Change (BDC) operators with the process of money laundering – the criminal business used to disguise the true origin and ownership of illegal cash – and the laws that make it a crime.

    The training, he said, will create awareness on the need to check money laundering and terrorist financing in this period of electioneering; ensure that BDCs are not used to launder funds by Politically Exposed Persons (PEPs). It will also upscale BDCs’ compliance with the Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for Banks and Other Financial Institutions in Nigeria Regulations, 2013.

    Gwadabe explained that the NFIU is the arm of the global financial Intelligence Unit (FIU) and the joint training is part of the efforts of the Federal Government in combating money laundering, and financing of terrorist activities within the country. The training is in line with BDCs commitment to meeting their obligations towards the Financial Action Task Force (FATF) Recommendations.

    He said the core role of the FIU is that it serves as the country’s central agency for the collection, analysis and dissemination of information regarding money laundering and the financing of terrorism and the training was an opportunity to get more acquainted with the role of NFIU and have a better understanding on how to file their transaction reports to regulatory agencies.

    He said the trainings will enable BDCs to understand how to raise the Suspicious Transaction Reports (STRs) and Currency Transaction Reports (CTRs) to know when to submit such reports.

     

    He said these reports are raised by operators on suspicious activities of individuals and are submitted to Financial Intelligence Unit.

    He said the training was also meant to increase BDCs participation and awareness on the reporting portal of NFIU which is www.goaml.nfiu.gov.ng. It is also expected to address the low level of skills in the BDCs subsector to prepare them for global competition and partnerships. The ABCON boss also alerted BDC operators on the circulation of hoarded currency in the economy.

    He said both the NFIU and BDCs used the training opportunity to discuss Central Bank of Nigeria (CBN) penalties on money laundering and terrorist financing adding that an updated code of conducts for BDCs operators in Nigeria will be unveiled later.

    The ABCON boss said the training is also backed by the Money Laundering (Prohibition) Act, 2011 (as amended) and Central Bank of Nigeria (Anti-Money Laundering and Combating the Financing of Terrorism for Banks and Other Financial Institutions in Nigeria) Regulations, 2013.

    He said that ABCON has been working assiduously to cover all aspects relating to fight against money laundering and terrorist financing one of which is capacity building for its members and engagement with key stakeholders.

    He said that ABCON is committed to raising awareness, confronting and advocating in the areas of money laundering and terrorist financing to address any noticed gap in filling their transaction reports.

    Gwadabe said that money laundering and terrorist financing pose not only a threat, but are enormous threats, enormous challenges to the economy, security, and social life in Nigeria, the region and globally.

    A joint study conducted by the Global Financial Integrity (GFI) and the African Development Bank (AfDB) showed that between 2000 and 2009, about $30.4 billion was illicitly transferred out of Africa each year. Over a longer period of 30 years, calculated from 1980, the resource drain was between $1.2 and $1.3 trillion.

    Outflows from West and Central Africa stood at (37 per cent), followed by North Africa (31 per cent) and Southern Africa (27 per cent). The illicit financial flows (IFFs) are derived from various predicate offences of money laundering.

    He said that the BDCs under ABCON do not want to be part of the groups contributing to the IFFs and therefore are doing everything within their power to ensure they comply with AML/CFT rules in the country.

  • Forex: ABCON seeks rate review for BDCs

    The President of Association of Bureaux De Change Operators of Nigeria (ABCON) Aminu Gwadabe yesterday called on the Central Bank of Nigeria (CBN) to review the exchange rate band at which Bureaux de Change (BDCs) buy dollars to align with commercial banks’ buying rate.

    He spoke to financial journalists in Lagos ahead of the 261st meeting of the CBN-led Monetary Policy Committee (MPC) scheduled to hold on Monday May 21 and Tuesday, May 22 at the CBN headquarters Abuja.

    The ABCON boss said that BDC operators still buy dollars from International Money Transfer Operators (IMTOs) as directed by the CBN at N360/$ and sell at N361.5/$ whereas commercial banks buy at N357/$ and sell at N360/$. He therefore urged the CBN to merge the BDCs and bank rates to achieve market harmony and level playing field for all stakeholders.

    He said the underlying market intrigues and political anxieties in the country are pointers that the CBN needs to listen to ABCON demand and merge both rates in the interest of the naira and economy.

    Gwadabe said leaving the rates as they are presently does not allow healthy competition between both segments of the market.

    He added that the ongoing losses being recorded in the equities market where over N700 billion has been lost in recent weeks, as well as speculative tendencies among big foreign exchange players will continue to constitute big threat for exchange rate stability.

    According to him, the rising naira liquidity, high demand for dollars in the travel seasons, payment for school fees for students studying abroad and rising forex demand at the retail end of the market remain big concerns for exchange rate stability.

    Gwadabe however said that despite the near gloomy picture painted above, all hopes are not lost on the state of the economy, market and CBN’s goal of achieving exchange rate stability.

    He cited the growing fiscal buffers which have seen the foreign exchange reserves hit $47.8 billion and the financial discipline seen in current administration as big plus for the economy and naira’s stability.

    He also said that rising oil prices will continue to arm the CBN with required ammunition to tackle any act that will hurt the system. Oil prices are projected to hit $85 per barrel by July and have remained above $78 per barrel in the last few days.

    Gwadabe said the economic war between America and China make Nigeria a preferred choice for investment by international firms.

    He said the continuous stability at the Investors’ & Exporters’ (I&E) Forex Window and the BDCs subsector will continue to boost investors’ confidence in the economy while improving capacity in the manufacturing sector.

    The ABCON boss explained that although the level of foreign reserves is still significantly below the record high of $64 billion recorded in August 2008, it is nearly double the low of $24 billion recorded in October 2016, increasing by more than $23 billion in a nearly 17 months.

    He also attributed the new foreign reserves level to two sizeable Eurobond launches, a small Diaspora bond issue, the recovery in oil export revenues and the steady bid by the CBN at the I&E Forex window.

  • ABCON seeks rate review, VAT exemption for BDCs

    •Group launches Naijabdcs.com portal

    The Association of Bureaux De Change Operators of Nigeria (ABCON) yesterday asked the Central Bank of Nigeria (CBN) to review the rate at which dollars are sold to bureau de change (BDCs) to enable the operators compete favourably with commercial banks.

    ABCON President, Aminu Gwadabe spoke during the official launch of www.naijabdcs.com meant to bring about price discover and transparency in the foreign exchange market. The portal launch was attended by representatives of the CBN, commercial banks, Economic and Financial Crimes Commission, Nigeria Financial Intelligence Unit, Travelex, over 3,500 BDC operators among others.

    Gwadabe said: “The BDC sector is confronted with many challenges such as multiple exchange rate,  abnormal bank charges, Value Added Tax (VAT) and Commission on Turnover (COT), parallel market operators and illegal International Money Transfer Operators (IMTOs), porous international boarders, complex documentation requirements and poor capacity/ skills of operators”.

    Continuing, he said: “For instance, the increasing difficulties arising from over regulation and complex documentation requirements that licensed BDC operators are facing in carrying out their daily legitimate operation remain worrisome. These hitches have negative impact on BDCs’ efforts toward compliance to statutory and regulatory requirements. For instance, six units within the CBN are involved with BDC regulations, supervision, licensing, monitoring, saying this  constitutes multiple regulation of a unit of the financial sub-sector that is only involved as a small market player”.

    He said a BDC operator is expected to render daily, monthly, quarterly, half yearly and annual returns to these various departments of the same corporate body, which could be very cumbersome, repetitive and time consuming for both the operator and the regulator.

    “ABCON is therefore using this opportunity to appeal to the CBN  to take urgent steps to review the rate at which the dollar is sold to BDCs in order to boost ongoing recovery of the naira against dollar.

     

    Obviously, the BDC business has been badly affected by “uncompetitive rate as the CBN sells dollars to BDCs at higher rate compared to what it sells to commercial banks, yet both institutions target the same market segment and customers. The BDCs buy dollar from the International Money Transfer Operators (IMTOs) at N360/$1 and sell to end users at N362/$1 while the CBN sells to commercial banks at N358/$1 and the banks sell to end users at N360/$1,” he said.

    He urged the CBN to review BDC rate to align with that of the banks since both sectors serve the same customers. “We also want the CBN to grant ABCON proposed trading platforms approval in principle. This will give ABCON and its technology partners the boost needed to kick-start the project. We also appeal to the CBN to issue Letter of Consent to our proposed training institute. This is going to be a boost to the current ABCON Management commitment to capacity building of its members which boost competency in the sector,” Gwadabe said.

    The ABCON boss also want the apex bank to make BDC transactions Value Added Tax (VAT) and Commission on Turnover (COT) exempt, reduce BDCs licence renewal payments and also expand beyond scope of transactions.

    Also speaking, former ABCON President, James Tifashe, said the group has all it takes to make the portal to be a leading voice in the reporting of financial markets. “The launch of www.naijabdcs.com is a great step in the right direction and ABCON should be commended,” he said.

  • Forex: ABCON to launch Naijabdcs.com live rate portal

    •Gets CBN’s no-objection approval

    The Association of Bureaux De Change Operators of Nigeria (ABCON) will on May 2,  launch www.naijabdcs.com, a live rate engine room created by the group to promote transparency and price discovery in the foreign exchange (forex) market.

    Speaking to financial journalists ahead of the portal launch holding at the Lantana Hall, Eko Hotel & Suites, Victoria Island, Lagos, ABCON President, Aminu Gwadabe, said the group had secured the Central Bank of Nigeria’s (CBN’s) no- objection approval to launch the live rate protal.

    The approval, he said, reaffirmed the regulator’s commitment to a transparent and viable forex market where stakeholders’ interests are protected.

    Gwadabe said the world is going digital, and Bureaux De Change (BDC) operators under his leadership are committed to staying ahead of the competition by deploying time-tested technology to deliver effective services to their numerous customers. He said the objective is to make www.naijabdcs.com a household name in financial reporting, coverage and first choice for investors and tourists in accessing quality and reliable information on forex market and rates.

    According to him, the new engine room – www.naijabdcs.com will sustain transparent transactions in the BDC corridor, boost the morale of its members and ensure their continuous operations.

    The ABCON chief said the group had fully upgraded its Information Communication and Technology (ICT) platforms, to achieve full digitization of BDCs operations in line with its goal of sustaining transparent operation and prompt rendition of weekly returns to operators.

    He said the www.naijabdcs.com would serve as a reliable platform for local and international investors, who will rely on it to access uniform forex rate across states, regions and markets nationally. He said the Lagos, Abuja, Port Harcourt, Kano and Onitsha markets always have different forex rates, which will be captured by the live-rate engine at all times.

    “The new live rate engine will provide buying and selling rates across different cities and also average national rate for the country. All the CBN-approved BDCs will key into this revolution meant to transform the forex market, and keep speculators out of the market,” he said.

     

  • ABCON unveils quarterly economic review

    The Association of Bureaux De Change Operators of Nigeria (ABCON) has introduced quarterly economic review series. The maiden report captured events in first quarter of this year.

    The series will focus on review of the performance of key indicators in the Nigeria economy during the immediate quarter. Emphasis will be laid on the aggregate effects and especially the foreign exchange market.

    The report showed that aggregate foreign exchange (forex) inflow through the CBN increased by 73 per cent during February into March over the levels in the preceding quarter and the corresponding period of 2016.

    It said the aggregated outflow through the CBN increased by 15.69 per cent in February into March in the quarter. Provisional data showed that sectoral foreign exchange utilisation in first quarter of 2018 has invisible sector accounted for the bulk (47.7 per cent) of total foreign exchange utilization/disbursement, followed by the industrial sector (27.0 per cent).

    It said the utilisation of other sectors in descending order were minerals and oil sector (9.1 per cent), manufactured products (7.6 per cent), food products (6.0 per cent), transport sector (1.4 per cent) and agricultural products (1.2 per cent). Looking at this pattern of foreign exchange management skewed to invisible trade transactions it tends to show that the real sector of the economy is not too active in productive activities. High utilization in the invisible trade operations opens the system to manipulations.

    The report also showed that the 2018 national budget is still awaiting the passage by the legislature.

    It said the N8.6 trillion (approximately $28.2 billion) budget was first presented in November 2017 but up to date various ministries are yet to come before the parliament to defend their allocations, delaying its implementation.

    As the umbrella body and self-regulating organisation for the Bureaux de Change (BDC) industry, ABCON commenced some initiatives in the first quarter to enhance the operations and transparency  of the activities of  BDCs’ and hence increased public confidence in the industry.

    ABCON concluded the development and publicity plan to launch the naijabdc.com, a platform designed to provide credible, reliable, and up-to-date foreign exchange rates to the public. The website would be launched this quarter.

    The acting President of ABCON, Aminu Gwadabe said the issue of multiple rates is a thing ABCON has been discussing with the CBN. “It is not helping a lot of companies to plan. So, we are imploring the CBN who is the custodian of exchange rate management to work towards a single exchange rate that would favour the economy”.

  • ABCON chief is Private Sector Personality of the Year

    The President of the Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, at the weekend won the ‘Private Sector Personality of the Year 2018 Award’.

    He got the award at the seventh Anniversary Lecture & Man of The Year Award organised by the Nigerian NewsDirect, at the Eko Hotel & Suites, Lagos. Gwadabe emerged winner given his contributions to the stability of the foreign exchange market, and the naira.

    Other awardees are Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele who won the Chief Executive of the Year award; Group Managing Director of the Nigerian National Petroleum Corporation, Maikanti Baru, who won the Man of the Year Award; Minister of Power, Works and Housing, Babatunde Fashola, was named Minister of the Year, Group Managing Director, Access Bank Plc, Herbert Wigwe got Bank CEO of the Year Award, among others.

    Gwadabe, who dedicated the award to ABCON staff, said he felt so greatly honoured to be recognised, adding that ABCON remains committed to working with the stakeholders in supporting forex availability and naira stability.

    “I am therefore particularly delighted that the Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele is implementing appropriate measures to make foreign exchange available and the naira stable against world currencies. At the ABCON end, we have established the naijabdcs.com, a live rate engine room to be rolled out soon, that will ensure uniform genuine rate quote across forex market”.

    Continuing, he said: “Let me assure the CBN and other stakeholders in the forex market that Bureau de Change (BDC) operators stand ready to collaborate with them in supporting the development of a viable and stable foreign exchange market for the country.,” he said.

    Speaking on the award, Publisher, Nigerian NewsDirect Limited, Dr. Samuel Ibiyemi, said that ABCON under Gwadabe’s leadership has helped to stabilize the naira exchange rate against world currencies, especially the dollar.

    “If you look at ABCON, you should know that its leadership under Gwadabe has helped to stabilize the naira exchange rate. The BDCs are now partnering with the CBN to achieve and improve market stability”.

  • What JP Morgan’s likely return to Nigeria means for economy, by ABCON

    Bureaux De Change (BDC) operators are excited that the Federal Government plans to open talks with JPMorgan Chase & Co. for its reinstatement in the local-currency emerging-market bond index. They believe JP Morgan’s return will bring great benefits to the economy.

    Naira securities were removed from the JP Morgan Index in 2015 because of foreign-currency shortages which led to volatility in the market. JP Morgan is the largest bank in the United States, the world’s sixth largest bank by total assets, with total assets of $2.5 trillion, and $28 trillion in assets under custody and administration.

    Association of Bureaux De Change Operators of Nigeria (ABCON) President Aminu Gwadabe said yesterday that the return of the global finance giant will improve foreign exchange (forex) inflows and boost the Central Bank of Nigeria’s (CBN’s) chances of achieving its $60 billion foreign reserves target by 2018 in spite of any fall in oil prices.

    He praised the Federal Government’s plans to begin talks with JP Morgan about being included in its government bond index for emerging markets.

    To the ABCON boss, such return will also enable Nigeria benefit from the $20 billion overseas investment planned by the US bank which will see it raise wages, hire more hands, and open new branches in emerging market countries.

    Gwadabe said: “I want to use this opportunity to congratulate the CBN and the Federal Government on the good news of JP Morgan renewed interest in Nigerian bond market which will enhance investors’ confidence on our economy. The CBN has brought stability in the forex market by making dollar available to genuine forex users, especially at the retail-end of the market. That has ended volatility in the market and boosted the confidence of foreign investors in the local economy.”

    He also praised the CBN for introducing the Investors’ and Exporters’ (I&E) Forex Window, which has since April 2017 attracted over $27.8 billion in turnover into the economy and brought about transparency as well as stability in the forex market.

    The ABCON boss said the US Bank’s return to Nigeria will enable the government access funds for infrastructural development. He urged the CBN to explore the opportunity in reducing the multiple exchange rates and create more confidence for foreign investors. “It will create more opportunity for a genuine and transparent competition among forex operators and boost employment opportunities in the country as well as deepen the forex, naira and the equities markets,” Gwadabe said.

    The Federal Government is presently selling more foreign debts to reduce the financing burden from paying double-digit yields on local-currency bonds. That would help free up funds to increase investment in infrastructure and spur economic growth.  ”We would like to get back into the JP Morgan  Index,” Director-General of Debt Management Office (DMO) Ms. Patience Oniha said.

    Daily trading volumes for the naira have risen to about $200 million from as little as $20 million three years ago, according to Standard Chartered Plc. That bodes well for discussions on returning to the index, according to Oniha. “The securities trading was never the problem; it was always the foreign-currency liquidity, which has now improved”, she said.

    Also, Finance Minister Kemi Adeosun said the government is focusing on improving its economy, and indexes will “naturally” return to Nigeria when they see adjustments in line with their requirements.

    “JPMorgan have their own framework of how they evaluate an economy, and when they are ready, when conditions are good, they will list Nigeria again,” Mrs. Adeosun said.

    ”We should just move in our own direction. What we need to do is to re-position this economy,” she said, adding: “JPMorgan or any other index will come naturally. My focus really is on the recovery of the economy. They will come when the macro fundamentals are right. They left because the macro fundamentals were not right.”

    JP Morgan Chase & Co plans to expand its African presence into some countries, including Ghana and Kenya, Chief Executive Jamie Dimon said.  ”You will see us open in some countries we are not in, in Africa you will be hearing about some of that stuff,” Dimon said at the 2017 World Economic Forum meeting in Davos, Switzerland.

  • ABCON holds emergency meeting on rate convergence

    The Association of Bureaux De Change Operators of Nigeria (AMCON) members will be holding an emergency meeting tomorrow where they would discuss key challenges facing the sector. The meeting, summoned by ABCON, would enable its members discuss rate convergence for banks and BDCs s well as rising bank charges on BDCs’ transactions.

    The meeting, which holds at Gloval Hall, Lagos, will be attended by over 3,500 Central Bank of Nigeria (CBN)-licenced BDCs and members of ABCON.

    The ABCON President, Aminu Gwadabe, who disclosed this yesterday, said negative margins being experienced by BDCs, review of annual license renewal in view of the number of the BDCs, and approval of additional foreign exchange (forex) disbursement centers in Port Harcourt, Maduguri, Benin, Ibadan, among others, will also be discussed at the meeting.

    According to the ABCON boss, Company Income Tax (CIT) and Value Added Tax (VAT) payment by BDCs, ABCON members’ statutory payments which include CBN Licence Renewal Fees and Annual Subscription Fees as well as late disbursements of forex at various centres would be looked into.

    Gwadabe disclosed that the meeting would equally enable members review and acquaint themselves with all the level automations of BDCs operations, ABCON, presentation of ABCON Logo for Members’ Corporate Identity and the ABCON Estate among other burning issues within the industry.

    He disclosed the challenges faced by BDCs are enormous, as many forex users now prefer to buy their Business Travel Allowances (BTA), Personal Travel Allowances (PTAs), medical bills and school fees payment abroad through the banks instead of BDCs following the convergence of naira/dollar rates at parallel market and BDCs.

    The exchange rate at both parallel market and BDCs closed at the weekend at N361/$1.

  • ABCON sensitises BDCs on BVN validation

    Association of Bureaux De Change Operators of Nigeria (ABCON) in collaboration with the Nigeria Interbank Settlement System (NIBSS) has carried out a comprehensive sensitisation of Bureaux de Change (BDCs) on usage and deployment of Bank Verification Number (BVN) Validation Portal provided by the NIBBS.

    Speaking on the exercise, ABCON President, Alhaji Aminu Gwadabe, said the BVN validation sensitisation programme was part of the confidence-building agenda of the association to ensure that BDC operators abide by the rules guiding the Nigerian Foreign Exchange (Forex) Market.

    He said the sensitisation programme became exigent given that the world is going digital, and BDCs under his leadership must stay ahead of the pack, deploying time-tested technology to deliver seamless services to their numerous customers.

    According to him, the sensitisation programme was held in the six geopolitical zones  namely: Kano, Lagos, Awka and Abuja, among others. The programme, he added, was attended by over 3,500 registered operators across the country.

    “The ABCON/NIBSS Sensitisation Programme on BVN Validation Portal has been on in the last two months. We are happy that all our six geopolitical zones have been covered. It is our own input to the CBN’s policy implementation and an opportunity to take confidence-building in BDCs’ operations to the next level,” he said.

    Gwadabe added that BDCs are ready and committed to abide by the CBN’s regulations on the forex market. “The CBN directed BDCs to validate the authenticity of BVN that clients wanting to buy forex submit to them. Already, the BVN is becoming very important to government, hence, we are thinking ahead and equipping our members with the right skills and technology. We are committed to ensuring that our members do not fall short of regulatory requirements,” he said.

    He said the BDCs have supported the CBN to achieve exchange rate stability as seen in the naira exchanging at N361/$1 at the weekend, from over N520/$1 last February.

    Gwadabe appealed to the CBN to help BDCs reduce rising bank charges associated with their transactions. “BDCs are charged N1,000 per N1 million transaction and with each operator paying as much as N67,000 for the N67 million monthly transactions. These charges are too high, and I urge the CBN to help reduce the charges, which are becoming huge burden on BDC operators,” he said.

    The CBN had directed all licensed BDCs to ensure that all transactions they consummate have the BVN of the buying customers. The information must be included in the forex returns to the regulator. In the case of corporate customers, the BVN of a director of an authorised signatory of the entity must be provided to the BDC.