The Corporate Affairs Commission (CAC) has hinted of its plans to cancel the certificates of incorporation of 4,173 Bureau de Change (BDC) companies from its corporate register following the recent revocation of their operational licences by the Central Bank of Nigeria (CBN).
The Commission made this disclosure in a statement issued by the management.
It stated: “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, 2024 for non-compliance with Regulatory standards, the Corporate Affairs Commission in 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 names and objects.”
The Commission warned that failure by the affected entities to change names and objects within three months shall result in cancellation of their certificates of incorporation and dissolution.
According to the statement, the details of the companies had been published on the commission’s website.
The CAC warned that it was unlawful for a company whose certificate had been dissolved to carry on business.
It would be recalled that the CBN had in March this year revoked the licences of the BDCs in furtherance of its monetary regulations to ensure the nation’s financial system stability.
The apex bank, in a press release issued on the policy measure on March 1 this year by its Acting Director, Corporate Communications, Mrs. Hakama Sidi Ali, hinged its decision on the revocation of the BDCs licences on the exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines).
It stated that the affected institutions failed “to observe at least one of the following regulatory provisions: a. Payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines. b. Rendition of returns in line with the Guidelines. c. Compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.
“The CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective. Members of the public are hereby advised to take note and be guided accordingly”, the CBN added.
