CAC to cancel certificates of BDCs with revoked licences

• Published On: 11 July 2024 at 18:30

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has declared that it intends to annul the incorporation certificates of Bureaux De Change whose licences were withdrawn by the Central Bank of Nigeria earlier this year.

CAC announced on its website on Wednesday that the certificates will be cancelled within three months if the concerned firms did not change their names and objects.

"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 via 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

"Failure to modify the names and objects within the specified time frame will result in the cancellation of the certificate of incorporation and dissolution. It should be emphasized that it is illegal for a corporation whose certificate has been deemed dissolved to conduct business," the CAC notice stated.

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

Sidi Hakama, the acting Director of Corporate Communications at the top bank, made the announcement in a statement.

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


It further stated, "The impacted institutions failed to observe at least one of the following regulatory provisions: Payment of all required fees, including license renewal, within the timeframe specified by the standards.

"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," the Central Bank of Nigeria (CBN) said.

The CBN has since issued new laws and standards for Bureau de Change operations in Nigeria, including new categories with varying capital bases.