By Babajide Komolafe
Association of Bureaux De Change Operators of Nigeria (ABCON) has decided to restructure its national secretariat in preparation for the professionalisation of bureaux de change business in the country.

A communique issued at the end of a three-day retreat held in Benin, Edo State, stated as follows: “Following deliberations and discussions on the presentations, the council decided;

“That the restructuring of the ABCON Secretariat is imperative and urgent in order for the association to respond effectively to the challenges of recent growth and expansion in the BDC industry, as well as prepare adequately for expected increased responsibilities.

“That the report of the restructuring of ABCON’s Secretariat be fully implemented following comprehensive and well articulated implementation plan to be designed by the national officials based on recommendations of the National Executive Council

“To proceed with the establishment of the proposed institute, as it is considered critical to professionalism of  BDC operators  and further enhance the status and influence of ABCON as a self regulatory organisation.
“To ensure that all office holders and staff of ABCON abide by the constitution and also promptly sanction any violation of the constitution.”
The retreat which held at the Precious Palm Royal Hotel, Benin City, Edo State, was for three days  from Thursday 23rd to Sunday 26th September 2010. The retreat was declared open by the Branch Controller, Central Bank of Nigeria, CBN, Benin branch, Mr. Victor Oligbo.

Speaking on the theme of the retreat: Enhancing the Credibility, Professionalism and Awareness of ABCON: Beyond the CBN Window, Oligbo said, the theme of the retreat is both strategic and apt.

He said: “This is because there has been a lot of erroneous impressions, articles, misconceptions and comments from different people that the bureaux de change operators of Nigeria are nothing but charlatans, economic and rent agents who are politically connected and are being settled with licenses for their political patronage/contributions as they do not positively contribute to the development of our national economy.

This retreat therefore ought to be given the utmost importance it deserves to enable your association find a way to enhance the credibility, professionalism and awareness of her members and that beyond the CBN window”.
In his opening remarks, ABCON President, Dr. Emmanuel Balogun, said the recent growth and  transformation experienced by the BDC industry has resulted in increased responsibility for ABCON  and  increased expectations from the regulatory authorities to ensure sanctity and sanity in the industry.

“One of the implications of the above is that the industry and ABCON will continue to be critical players in the economy and would continue to grow and expand.

This means that the association needs to begin to prepare for greater and more critical role in the imminent future by not only tackling the challenges of the recent growth and expansion in the industry but also restructure and reposition itself to effectively regulate and provide leadership for the industry. One of the tasks is to raise the bar of operations, service standards and product offerings through compliance with regulatory provisions and professionalism.

“To achieve this, ABCON definitely needs a more articulate and focused secretariat and administrative  structure peopled with the right human resource with the capacity to drive the needed change.”

The retreat featured presentations of reports for the restructuring of the ABCON Secretariat and the proposed institute by Mr. James Tifase, and a paper on the New ABCON Constitution: Legal implications and responsibilities for the national executives by Barrister Alade Agbabiaka (SAN).