CAC threaten to delist certificates of revoked BDCs licenses

Onwubuke Melvin
Onwubuke Melvin

The Corporate Affairs Commission has declared that it intends to cancel the incorporation certificates of Bureaux De Change whose licences were withdrawn by the Central Bank of Nigeria earlier this year.

This was disclosed in a notice on its website on Wednesday, stating that the certificates would be canceled within three months if the affected companies did not change their names and objectives.

“The general public is hereby informed that following the revocation of the operational licenses of 4,173 Bureau De Change companies by the Central Bank of Nigeria vide a Federal Republic of Nigeria Official Gazette (Vol. 111) No. 37 of February 27, 2024 for noncompliance with Regulatory Standards, the Corporate Affairs Commission in the exercise of its powers under section 8(1)(e ) of the Companies and Allied Matters Act, 2020 advises these companies to within three months from the date of this publication, change the names and objects of such companies.

“Failure to change the names and objects within the stipulated time frame shall result in cancellation of certificate of incorporation and dissolution. It is to be noted that it is unlawful for a company whose certificate has been deemed dissolved to carry on business,” the CAC notice read.

In February, the CBN canceled the permits of 4,173 Bureau De Change operators for failing to follow regulatory rules.

The apex bank disclosed this in a statement by its acting Director, Corporate Communications, Sidi Hakama.

According to the statement, the regulatory provisions that were violated included failure to pay the required fees within the time frame specified.

It added, “The affected institutions failed to observe at least one of the following regulatory provisions: Payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

“Rendition of returns in line with the guidelines; compliance with guidelines, directives, and circulars of the CBN, particularly Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing regulations,” CBN said in the statement.

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