The Corporate Affairs Commission CAC has announced that following the revocation of operational licences for 4,173 Bureau de Change companies.by the Central Bank of Nigeria, it intend to cancel the certificate of incorporation of the organisations.
This was confirmed in a release by the CAC management.
The commission said, “The general public is hereby informed that folllowing 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 CAC noted that failure to change names and objects within three months shall result in cancellation of the certificate of incorporation and dissolution.
The Commision noted that 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 in March, the CBN revoked the licences of the BDCs as part of its operational functions.
