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Foreign Exchange Trading: Anti-Corruption Unit calls for transparency, ethical dealings

Foreign Exchange Trading: The Anti-Corruption and Transparency Monitoring Unit has called for transparency and ethical dealing in the Nigerian Forex markets trading, stressing that transparency and ethical dealings will enhance the growth of the forex trading in the country.

Foreign Exchange Trading
L-R: Alhaji Ahmad Sulaiman, Chairman Anti-Corruption & Transparency Monitoring Unit Presidential Villa State House Aso Rock, Abuja, DN. Peter Ede, Chief Operating Officer MBA Forex and Capital Investment Limited, Mr Maxwel Odum, Chief Executive Officer, MBA Forex and Capital Investment Limited and Mr. Ogwueche Lucky, Director of Trade, MBA Forex and Capital Investment Limited During The Bare 2 Blue Business Banquet in Lagos.

Speaking at the MBA Forex and Capital Investment Limited’s “Bare2Blue Revolution” Business Banquet in Lagos at the weekend, the Chairman, Anti-Corruption and Transparency Monitoring Unit, Presidential Villa, Alhaji Ahmad Sulaiman, said ethical business tailored to the policy direction of the current administration remains the way forward in building a fraud-free forex market that will last the test of time in Nigeria.

According to him, the energy of the Nigerian youths needs to be channelled into a sustainable and legitimate business to reduce the unemployment currently plaguing the country.

He noted that part of the drives if adequately monitored and regulated by policymakers to tame unemployment in Nigeria is foreign exchange trading.

“Part of the drives to provide employment, create opportunity for Nigerian youths to be able to trade and engage themselves legitimately is Forex businesses,” Sulaiman said.

He added that MBA Forex and Investment Limited have been certified by the necessary regulatory agencies in Nigeria saying that the company unlike others before it is not a Ponzi scheme.

In addition, he noted that MBA’s modus operandi is in tandem with the anti-corruption and transparency drive of the current administration.

He said, “They have come to us and we have assessed them. They want to be an advocate of not only the business they are doing but the anti-corruption and transparency drive of this government. They wrote to us and we assessed them. We asked them to go through ICPC to train their staff; they’ve also registered with the Central Bank of Nigeria, CPC and other regulatory agency.

“When we assessed them, we realized they are credible, ethical and want to do serious business tailored to the policy of the current administration. So, we then advised them to operate within the ambit of the law and ensure their operation is accountable, transparent and corruption-free and ensure their ethical foundation is very strong and also the business should be sustainable.

“Unlike before when we have this MMM and other different Ponzi schemes, MBA has shown seriousness and they are doing things differently and that is why we are here today in support of their business,” Sulaiman said.

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Furthermore, he advised Nigerians against going into a business that is ethically deficit. He noted that any business lacking in transparency should be shunned as the current administration is all out in its anti-corruption war.

He said, “It is no longer business as usual. Nobody should go for any business that is not sustainable, accountable, transparent and ethical in Nigeria. But only business that has shown to be otherwise and operating within the ambit of the Nigerian laws should be encouraged.”

MBA Forex not ponzi scheme says CEO

While speaking, the Chief Executive Officer MBA Forex and Capital Investment, Dr Maxwell Odum, reiterated the company’s commitment to transparency and ethical dealings.

According to him, the presence of government monitoring in the business would make it impossible to legitimize a Ponzi scheme.

Odum added that there are necessary license binding the company to operate ethically in the market and ensure investors money and other investments are safe.

“MBA FX market is not a Ponzi scheme because our company is incorporated. When you are talking about Ponzi, you are talking about a company not incorporated and a name without a company. But we have a name; structure, and physical properties. This is not a Ponzi scheme because everything that has been put in place has gotten us into incorporation and for us to get incorporated, it means we have what it takes to stay in business and we also have presence of the government monitoring our activities and business. So we want to remove the believe system that FX market is a Ponzi scheme.”

Mr Maxwell Odum further noted that Nigeria can reduce its level of unemployment and fight poverty if potentials in the Foreign Exchange Market are fully explored.

He added that the next level for Nigerians is assured in terms of financial stability if they can key into the forex business.

“In MBA we trade averagely 6.5 trillion US$ daily. We have the expertise, knowledge and technicalism. We have what it takes to navigate into profit. For over two years we have been consistent in getting lives changed through the FOREX market,” he said.

Furthermore, he reiterated the company’s commitment to transparency and ethical dealings.

Odum warned Nigerians not to see forex trading as gambling, saying MBA Forex and Capital Investment Limited is registered and certified by the Central Bank of Nigeria, CBN.

He also added that the company has also been cleared by the Economics and Financial Crimes Commission (EFCC).

Those listed to also have certified the company include the Security Exchange Commission (SEC) and the Corporate Affairs Commission (CAC) to allay the fears of Nigerians on the issue of fraud.

Nigeria Needs Financial Revolution Now, Says Financial Experts

Also at the event, Financial experts called for financial revolution as against other forms of revolution being clamoured for in some quarters, to tame the unrest being witnessed in the country.

According to them, 95% of Nigeria’s challenges will be solved if Nigerians are financially dependent.

Speaking at the day 2 of the “From Bare2Blue Revolution” banquet in Lagos, the Chief Operating Officer, MBA Forex and Investment Limited, Deacon Peter Ede, said there is need for real revolution to steer Nigerians out of poverty and high unemployment rate.

He noted that it is time Nigerians tap into forex and financial market to propel them into financial prosperity.

According to him, Nigerians should take a cue from China and turn her population into its greatest strength rather than its setback.

He said: “There is need for real revolution, the financial revolution and not the other revolution. There is need for financial revolution where everyone can prosper financially and be financially independent without people asking for each other’s help financially.

“To do this, Nigerians need to take advantage of the Financial markets. We are talking of the largest single market in the world where you can trade up to N3trillion on a daily basis.

“Nigeria also needs to take a cue from China. With its highest population density, China has one of the lowest unemployment rates and how is that possible? About 5% of the Chinese youths cue into the forex market and if that can be possible in China why can’t it be possible and replicated in Nigeria.” Ede said.

Furthermore, he advised Nigerians to acquire the technical know-how as that is fundamental in the forex market tradings.

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