The Anti-Corruption and Transparency Monitoring Unit has called for transparency and ethical dealing in the Nigerian forex trading activities.
It stated this in Lagos on Saturday during the MBA Forex and Capital Investment Limited’s Bare2Blue Revolution business banquet, noting that transparency would enhance the growth of the forex trading in the country.
The Chairman, Anti-Corruption and Transparency Monitoring Unit, Presidential Villa, Alhaji Ahmad Sulaiman, said ethical business tailored towards the policy direction of the current administration remained the way forward in building a fraud-free forex market that would stand the test of time.
He said, “Part of the drive to provide employment, create opportunity for Nigerian youths to be able to trade and engage themselves legitimately is forex business,” he said.
According to him, MBA Forex and Investment Limited has been certified by necessary regulatory agency in Nigeria, and that the company unlike others before it is not a ponzi scheme.
Suleiman noted that MBA’s modus 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.
“We asked them to go through the ICPC to train their staff. They have also registered with the Central Bank of Nigeria, the CPC and other regulatory agencies.”
He also said, “When we assess them, we realised they are credible, ethical and want to do serious business tailored towards the policy of the current administration. So, we then advised 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 the business should be sustainable.
“Unlike before when we have this MMM and other different ponzi schemes, MBA has shown seriousness and is doing things differently and that is why we are here today in support of their business.”
He advised Nigerians against going into business that was found to be unethical.
Suleiman noted that any business lacking in transparency should be shunned as the current administration was all out to punish those involved in shady deals.
The MBA Forex Chief Executive Officer, Mr Maxwell Odum, reiterated the company’s commitment to transparency in all dealings.
According to him, the presence of government monitoring team in the business would make it impossible to legitimise a ponzi scheme.
Odum added that there was necessary licence binding the company to operate ethically in the market and ensure investors’ money and other investments were safe.
“MBA FX market is not a ponzi scheme because our company is incorporated. When you are talking about ponzi, you are talking about a company not incorporated and a name without a company. But we have a name, structure and physical property.
“This is not a ponzi scheme because everything that has been put in place has got us into incorporation and for us to get incorporated; it means we have what it takes to stay in business. We also have the presence of the government monitoring our activities and business. So, we want to remove the belief system that FX market is a ponzi scheme.”
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