Forex Bureaus Go to Elections Tuesday

Assistant Secretary General of the National Foreign Exchange Bureau of Liberia (NAFIBOL), Nimely Saye, is one of two contenders for presidency of the organization

The National Association of Foreign Exchange Bureaus of Liberia (NAFBOL), a registered organization operating bureaus will on Tuesday, October 15, 2019 conduct its elections, which is aimed at addressing some of the problems faced by the association.

The NAFBOL 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.

The chairperson of the committee on election, G. Bobby Martins, in remarks on Thursday, October 10, 2019, said the election of the new leadership will foster unity among members of the Association, and will also take the organization to the next level.

Those contesting for various positions are Nimely Sayeh and Moses S. Korvah, presidency; Abubakar S. Barry, vice president for operations; Ousman B. Barry, assistant secretary general; Abubakar Balde, financial secretary; and Mamadou A. Diallo, treasury.

“We need this election for the betterment of the members, because it will also help to reorganize the dying organization. We have seen this since the election committee was setup to conduct the affairs of NAFBOL,” Mr. Martins said.

He said that only people or foreign-owned bureaus that renewed their licenses through the CBL will participate in the pending elections.

“We have 159 bureaus that registered with the CBL, but only 43 that are active or that have renewed their license. But there are some misplacement of renewing of licenses, and the CBL is currently working on it now to ensure that people who are active members participate in the pending elections,” Mr. Martins said.

According to NAFBOL’s constitution, those elected will serve for the period of two years. Currently, Montserrado County is divided into five zones.

The elections will be held at the auditorium of the CBL on Friday, October 15, 2019. According to Martins, only people with registered bureaus in possession of valid documents in their name, will participate in Tuesday’s elections.

“Only people who have been part of NAFBOL or part of the Association for at least two years will participate in the elections. This association has been in existence since 1999,” he said.

Mr. Martins said since the expiration of the former leadership, several meetings were called for interim leadership, but did not materialize.

“The importance of leadership is essential for the growth of any association. There is a need for the leadership to steer the affairs of the NAFBOL, because we need a leadership to work in the interest of the organization,” he said.

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

Meanwhile, the two contestants for the presidency served in the previous leadership. Nimely Sayeh earlier served as assistant secretary general, while Moses S. Korvah, served as vice president for operations.

At a debate held on Thursday at the CBL, the two presidential candidates promised to work in the interest of the Association.

Nimely Sayeh added, “I am prepared to work with anyone who will win the pending election. I have worked with my contender and will be prepared to work in interest of this Association.”

Mr. Korvah also promised to work in moving the Association forward, saying, “This is something that existed and I am prepared to work with whoever that wins the election.”

It can be recalled that Kelvin Z. Sambola, along with others was inducted in February 2016 as the first elected body of the organization.

Officers elected in along with Sambola at the time were: Paul S. W. Kangar, vice president for administration; Moses S. Korvah, vice president for operations; Robert M. Baysah, secretary general; Nimely Sayeh, assistant secretary; Alpha W. Jawo financial secretary; and Abubakar S. Barry, treasurer.


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