Licence revocation: ABCON to hold emergency meeting

The Association of Bureau De Change Operators of Nigeria (ABCON) is to hold an emergency National Executive Council (NEC) meeting to take a position on the revocation of licences of over 4,000 of its members, Daily Trust on Sunday can report.

The Central Bank of Nigeria (CBN) had said the affected BDCs ran afoul of one or all of its regulatory provisions.

The offences included failure to observe licence renewal within the stipulated period in line with the guidelines and rendition of returns.

Our correspondent learnt that the development came as a rude shock to the association; hence, its decision to meet and deliberate on the matter this week in order to come out with a position that would be in the interest of the members.

The president of ABCON, Alhaji Aminu Gwadabe, who confirmed the meeting in a chat with our correspondent, said the position of the association would come out after the meeting.

However, he said the wave of reforms by the CBN was a welcome the development, saying the reform provides “credible opportunities” for its members, as well as some concerns, which would be addressed.