CBN solicits improved corporate governance in BDCs

The Central Bank of Nigeria (CBN) has urged Bureaux De Change (BDCs) directors to develop their corporate governance obligations and guarantee compliance with regulatory standards.

The director, other Financial Institutions Department, CBN, Dalahatu Abubakar, announced this during a virtual general meeting of BDCs directors planned by the Association of Bureaux De Change Operator of Nigeria (ABCON).

Talking about ‘Corporate Governance of Directors’ in BDC Daily Operations, Abubakar, called on the directors to be actively engaged and also completely honest in their supervisory roles.

He further said that each BDC should abide by the minimum number of directors and guarantee consistent board meetings as specified by the CBN.

Abubakar stated that one of the roles of BDCs is to assist the financial authorities in checking money laundering and other illegal deeds.

He added that it is the duty of BDC directors to guarantee that their firms are not used for any illegitimate activity.

While talking at the meeting, ABCON President, Aminu Gwadabe reaffirmed the obligation of the Association to constant training of members to guarantee BDCs are not used for illegal deeds.

In addition, he urged the Central Bank of Nigeria to approve the proposed ABCON Training Institute to improve capacity building efforts of the Association.

He said, “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.”