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CBN calls for improved corporate governance in BDCs

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By Babajide Komolafe

ECONOMY

The Central Bank of Nigeria, CBN, has called on bureaux de change (BDCs)  directors to improve on their corporate governance responsibilities and ensure compliance with regulatory requirements.

Dalahatu Abubakar, Director, Other Financial Institutions Department, CBN, made this call while addressing a virtual  general meeting of BDC directors organised by the Association of Bureaux De Change Operator of Nigeria (ABCON).

Speaking on ‘Corporate Governance of Directors’ in BDC Daily Operations, Abubakar charged the directors to  be up and doing and also be above board in their oversight functions.  

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He added that each BDC should comply with the minimum number of directors and ensure regular board meetings as stipulated by the CBN.    

Noting that one of the roles of BDCs is to aid the monetary authorities in checking money laundering and other criminal activities, Abubakar averred that it is the duty of BDC directors to ensure that their organisations are not used for any illegal activity.  

While speaking at the meeting, ABCON President Aminu Gwadabe reiterated the commitment of the Association to continuous training of members to ensure BDCs are not used for criminal activities.

He however appealed to the CBN to approve the proposed ABCON Training Institute to enhance capacity building efforts of the Association.  

“The association has on its own, organized training for its members, and also partnered with Nigerian Financial Intelligence Unit (NFIU) and the Economic and Financial Crimes Commission (EFCC) to build capacity for operators. We have educated BDC operators on how they can help in tackling money laundering, terrorist financing and the benefits of keeping records of their transactions.”

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