Executive Council of Association of Bureaux De Change Operators of Nigeria, ABCON, yesterday in Lagos announced the indefinite suspension of Amazon BDC, its directors and staff, pending the outcome of the investigations by its disciplinary committee, Nigeria Drug Law Enforcement Agency, NDLEA, Economic and Financial Crime Commission, EFCC, and the Central Bank of Nigeria, CBN.
The suspension follows the September 18, 2015 media report of the arrest of six persons including a BDC operator, Manager of Amazon BDC, Mr. Nwokenta Emmanuel.
They were arrested at the Excel Oriental Hotel Ikeja by the operatives of the NDLEA for swallowing $156,000 intended for export to Brazil.
According to the association, while the suspension was not to pre-empt the outcome of the investigations, the suspension was to serve as strong warning to all ABCON members that any case of illegality and unethical conduct would be severely dealt with by the association.
Condemning the actions of the Manager of Amazon BDC, ABCON maintained that in line with its zero tolerance stances, its disciplinary and investigative committee has commenced comprehensive investigations of Amazon BDC and the actions of its directors and staff, stressing that Amazon BDC’s actions was sharp contrast to its principles and code of conduct for BDC operators in Nigeria.
Briefing Newsmen yesterday in Lagos, ABCON’s Acting President, Alhaji Aminu Gwadabe who pressed shock and embarrassment over the discovery and the involvement of a BDC operator in such an illegal act, said “We hereby condemn in its entirety the actions of the Manager of Amazon BDC and hereby state that his actions are sharp contrast to ABCON’s principles and code of conduct for BDC operators.
I want to reiterate that ABCON has a zero tolerance for non-compliance with regulatory requirement and for unethical conduct amongst its members.
“I will like to reiterate the unequivocal support of ABCON for recent measures by the CBN to enhance the value and stability of the naira. We also support the resistance to international pressures and clamour for further depreciation of the naira. Like we have stated many times, BDC operators and ABCON prefer stable exchange rate, as this augur well for our business and also for the economy at large.
“ABCON is shocked and highly embarrassed by this discovery and the involvement of a BDC operator in such an illegal act. We hereby condemn in its entirety the actions of the Manager of Amazon BDC and hereby state that his actions are sharp contrast to ABCON’s principles and code of conduct for BDC operators. I want to reiterate that ABCON has a zero tolerance for non-compliance with regulatory requirement and for unethical conduct amongst its members.
“It for this purpose that the association created the office of compliance officer in its national secretariat and in all its zonal offices and also provided official vehicles for the compliance officers to regularly pay inspection visits to BDCs under their jurisdictions. Furthermore, the association has a disciplinary and investigative committee that handles all cases of unethical conducts by BDC operators,” he said.
Speaking further, he said consequently, and in line with the zero tolerance stance of the association, the disciplinary and Investigative Committee of ABCON has commenced comprehensive investigations of Amazon BDC and the actions of its directors and staff. He said, “We call on all BDC operators not to allow anyone to use their services or license for money laundering or any act of illegality and criminality.


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