Forex Bureau Association Gets New Officials

From left, President-elect Sayeh; vice president for operations; assistant secretary general and financial secretary.

The National Association of Foreign Exchange Bureaus of Liberia (NAFEBOL), an officially recognized organization, has elected new officials to steer the affairs of the association.

Those elected include Nimely Sayeh as president; Abubakar S. Barry, vice president for operations; Ousman B. Barry assistant secretary general; Abubakar Balde for financial secretary; and Mamadou A. Diallo for treasurer.

Nimely won with 30 votes, while, his opponent for the same position, Korvah received only four votes. All other candidates won their positions unopposed. However, there were other positions, including secretary general, vice president for administration, and chaplain, for which there were no candidates. Addressing this, the president-elect has promised to appoint people to act until the association can elect people in various positions.

According to NAFEBOL’s constitution, those elected will manage the affairs of the association for the next two years. This is the second time for the association to hold elections.

The Association’s elections were held Tuesday, October 15 at the Central Bank of Liberia (CBL) auditorium on Ashmun in Monrovia.

According to Bobby Martins, chairperson of the committee on elections, out of 54 members who were qualified by the CBL, only 36 persons voted in the elections.

The NAFEBOL only recognizes concrete structures that separate the customers from the bureau’s owner. The foreign ex-changers are recognized by the Central Bank of Liberia (CBL) and licensed, thereby overseeing elections activities.

“Out of the 36 electorates who participated in the elections, there are 24 persons from category ‘A’ and 12 from category ‘B’. The CBL categorized the foreign ex-changers into three, including A, B, and C; but only two categories were qualified to participate,” Mr. Martins explained.

Scenes of the NAFEBOL election process as voters, election committee and CBL staffs observed the process.

Shortly after the announcement of the results, Mr. Martins said “the importance of leadership is essential for the growth of any association… because there is a need for leadership to steer the affairs of the membership.”

Mr. Martins reiterated that the elections of new officials will help in fostering unity among members of the association and bring the association to the limelight. According to him, the induction of elected officials will be announced later, and that, “we are hoping to make it very unique and the best.”

He continued: “we have data on registered bureaus, who are licensed by the CBL. We have received the names and their organizations, which the committee has phoned each of them and will be participating in these pending elections.”

Nimely Sayeh, president elect of the National Association of Foreign Exchange Bureaus of Liberia (NAFEBOL) said he was pleased to be elected to steer the affairs of the association.

“It’s very important to have foreign exchange association, especially the active ones coming together to support the bank’s policies. We hope to have a good leadership that will seek the interest of the members,” Mr. Sayeh indicated.

Mr. Sayeh said his leadership will work to recruit more foreign ex-changers who are not members to regularize their status and take full membership.

“We will introduce a new policy that will enable the association to bring more foreign ex-changers. Most importantly, we have the vision to bring changes to the association. This association will be stronger than ever before,” Mr. Sayeh said.


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