Anti-corruption Group Calls for Ethical Dealings in FX Trading

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The Anti-Corruption and Transparency Monitoring Unit has called for transparency and ethical dealing in the Nigerian forex markets trading.

The group stressed that transparency and ethical dealings would enhance the growth of the forex trading in the country.

Speaking at the MBA Forex and Capital Investment Limited’s “Bare2Blue Revolution” Business Banquet in Lagos recently, 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 remain 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 needed 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 policy makers 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 necessary regulatory agency in Nigeria saying that the company unlike others before it is not a ponzi scheme.

In addition, he noted that MBA’s module operandi was 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 assess 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 assess them, we realized they are credible, ethical and want to do serious business tailored to the policy of the current administration.

“So, we then advise 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 have shown seriousness and they are doing things differently and that is why we are here today in support of their business.” Suilaman said.

Furthermore, he advised Nigerians against going into 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 have shown to be otherwise and operating within the ambit of the Nigerian laws should be encouraged.”

While speaking, the NBA Forex Chief Executive Officer, Mr. Maxwell Odum, reiterated the company’s commitment to transparency and ethical dealings.

According to him, the presence of government monitoring in the business would made it impossible to legitimise a ponzi scheme.