By AUSTIN OWOICHO, Abuja
The Managing Director and Chief Executive Officer of MBA Forex and Capital Investment Limited, Mr. Maxwell Odum at the weekend said Nigeria can reduce its level of unemployment and fight poverty if potentials in the Foreign Exchange Market are fully explored.
Odum during a press conference in Lagos heralding the MBA Forex “From Bare2Blue” revolution in Lagos expressed optimism in the potential of foreign exchange in Nigeria to reduce unemployment and poverty level.
This, he said, by using institutional mechanism to drive a profitable Foreign exchange in the country and with government regulation in the market, Nigeria may be set on its pathway into drastically reducing unemployment and its increasing poverty level. Furthermore, he expressed confidence that if the market is regulated from the inside and investors money protected better by government regulatory body which will boost the investors’ confidence in the market; the next level for Nigerians is assured in terms of financial stability.
Speaking on the event, he said the ‘Bare2Blue’ revolution will play pivotal role by enabling financial diversification through foreign exchange to enhance the economy of Nigeria.
According to him, ‘Bare2Blue’ revolution is intended to change lives by providing jobs and streams of income for Nigerians through its life changing packages.
He revealed that ‘Bare2Blue Banquet’ schedule to hold on 16th and 17th August in Lagos will avail the company opportunity to unveil its products to Nigerians.
He also called for regulation of forex companies in Nigeria, to protect people in forex business.
“MBA FOREX is changing the narratives, by pushing for regulation of forex companies coming into Nigeria. This will help in putting a check on fraudulent activities relating to Forex trade and also protect Nigerians by ensuring that people go into forex through right channels.
“We want the market regulated because we want those in FOREX trade to follow the right path, not getting their hands burnt, because a lot of fraudulent activities is going on in FOREX market and has made many people to become sceptical about the business,” he said.
Odum warned Nigerians not to see forex trading as gambling, saying MBA Forex and Capital Investment Limited is registered and certified by the Central Bank of Nigeria, CBN.
He also added that the company has also been cleared by the Economics and Financial Crimes Commission (EFCC).
Those listed to also have certified the company include the Security Exchange Commission (SEC) and the Corporate Affairs Commission (CAC) to allay the fears of Nigerians on the issue of fraud.
“FOREX is not gambling and the risk is high. In MBA, we want to stabilise the system and make FOREX profitable to venture. Because we know the dynamics on how the market works, I want Nigerians to take advantage of it.
“In MBA we trade averagely 6.5 trillion US$ daily. We have the expertise, knowledge and technicalism. We have what it takes to navigate into profit. For over two years we have being consistent in getting lives changed through the FOREX market,” he said.
Also speaking, the Business Development Manager of Exclusive Markets, Claude Herve Tchatchouang, said the foreign exchange market still remained largely unexplored in Nigeria.
He noted that with the level of willing investors in the market, unemployment will be drastically reduced in the country.
He added that with the transfer of knowledge and needed skill set to Nigerians on the opportunities in the market, unemployment will be dealt with.
“FX market in Nigeria is a growing market, mainly unexplored for the time being. Right now we do understand that with the level of funding in the market, the level of unemployment can be drastically reduced. Because the market gives the stakeholders something they can use an alternative source of income and opportunity for employment.
“Solving unemployment through FX market will be mainly through the transfer of knowledge because you need to particularly understand that FX is skill based business. It is not gambling and it has nothing to do with gambling. The way the business model was introduced in Nigeria was like an activity through which you invest and start gambling, but FX market in the real sense has nothing to do with gambling.
“You will need to learn the skills of trading and from then transform the learnt skills-set into capital and from capital to returns from investments.”
He also no added that the MBA Forex training school offers effective training to individuals in forex marketing.
The bulk of the training, he said, was to give back to the society and not to make profit but as means to give back to the society by helping to curb unemployment.
“MBA FOREX Institute has the experience and skill set to teach the beginners to improve their financial blueprint, thereby turning time into money.”Our clients through our world class trading and training experience are given the opportunity not just to learn to create wealth and income, but also to be disciplined to follow the right principles which will set them apart as successful traders and not gamblers.”MBA FOREX Limited is set to empower the Nation with a system of knowledge that works which could change the lives of millions of individuals and in the process change our country for the better.
On the stage and progress of the forex market in Nigeria, Tchatchouang said: “Right now, the FX is still a virgin market. Just to state it, it is a market that still needs lot of improvement and there is a lot of work going on to create awareness by MBA about the opportunities in the FX market and it is something that is very highly welcomed. We are talking about the population of 200 million people that needs to be taught and to start learning the opportunities to start earning from the foreign exchange market. Right now at the global level, we are talking about the globalization, which is mainly a digital world. Right now, the world is becoming like a bigger village simply because of the interconnectivity of the internet of billions of people around the world.”