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New ABCON President promises closer ties with regulatory authorities

*National Secretariat commissioned Newly elected   President of Association of Bureaux De Change Operators of Nigeria (ABCON), Dr. Emmanuel Balogun has promised to ensure closer working relationship with the regulatory authorities.

“Top on our agenda is to pursue a closer working relationship with our main regulatory body, the CBN and the other relevant agencies to ensure harmonious relationship with the BDCs, which is critical to future development and progress of the subsector,” he said shortly after his election at the Annual general meeting/election of the Association on Saturday

“We will maintain good rapport with these agencies so as to facilitate improved operational efficiency and profitability of our members. Specifically we will pursue further expansion of the business of BDCs so that we can offer more products and services to our teeming clientele.” He said.

Meanwhile, the Association on Friday commissioned its new National Secretariat building called ABCON House. The commissioning was performed by the Deputy Governor, Central Bank of Nigeria, Dr. Sarah Alada, represented by  Mr. B. S Adebusuyi, Deputy Director, Trade and Exchange Department.
Speaking at the commissioning, immediate past president of ABCON, Alhaji Farouk Suleiman, said, “The building we are commissioning today bear eloquent testimony to the success of the policy measure that created the bureaux de change subsector twenty years ago. Most importantly it reflects the transformation that has taken place in the subsector occasioned by the liberalization policy introduced by the CBN in 2006.

The liberalisation policy led to the admission of BDCs into the official market through Cash Sale of Dollars to BDCs, led to the elimination of the parallel market premium and broke the dominion of the illegal market operators and revived the BDC sub_sector. The revival of the sector culminated into the entry of new investors into the sub_sector and hence increased number of BDCs from less than 200 as at December 31st 2005 to over 1500 as at to date.

The implication is that the membership of ABCON, as the umbrella body of BDCs in the country grew accordingly as well as its functions and responsibilities, which include training and monitoring. Consequently, the rented apartment which housed the National Secretariat until last week became grossly inadequate for its accommodation needs. Hence the National Executive Council decided to acquire befitting properties to house the National Secretariat and the Abuja office.

This we were able to achieve with the support  of our members  and also the CBN, our regulators. In addition to this property the Association has acquired two more properties in Abuja for the Abuja office.   It is pertinent to stated that these were not after thoughts. I remember when the present National Executive Council assumed   leadership of the Association in 2002, we promised among other things  to ensure that ABCON have a befitting secretariat.”CIBN moves to address challenges of account reconciliation

The Chartered Institute of Bankers of Nigeria, in a bid to enhance efficiency and promote transparency in the  banking industry, has concluded arrangement to organise a workshop to address issues relating to  Accounts Reconciliation and Rendition of Returns.

The main objectives of the workshop, scheduled to hold next week in Lagos, are to equip participants with appropriate and the required skills to reconcile accounts and render returns, keeping a clean slate and guarantee a clean bill for the regulatory bodies in order to attain the level of efficiency that drives today’s business of financial institutions.

For this purpose, the Institute has assembled seasoned Bankers, Big wigs from the other financial Institutions and experts to deliberate on topical issues such as Account Reconciliation & Rendition of Returns overview; Types & Process and Regulatory framwork of Accounts Reconciliation in the Nigeria Financial System; Inter-Branch Account Reconciliation, Automating Transaction Process and Control; Professional Ethics and Rendition of Returns in Financial Institutions: the Challenges and way Forward; The e_FASS Regime in Rendition of Returns in Nigeria and Accounts Recounciliation and Fraud Detection and Prevention.

Amongst tested professionals selected to examine the topics are Mr. Chima J. Akalezi, Deputy Director of Banking Supervision, Central Bank of Nigeria, Mr. Jude Ememe, FCIB, Mr. T.O. Fatokun, Deputy Director, Central Bank of Nigeria and Mr. Kunle Akiode, Chartered Accountant.


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