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CAC to  Revoke 4,173 Bureau De Change Certificates of Incorporation for Non-Compliance

CAC to Revoke 4,173 Bureau De Change Certificates of Incorporation for Non-Compliance

Bureaux De Change whose licences have been revoked by the Central Bank of Nigeria soon will finally be thrown out business.

According to the Acting Director, Corporate Communications the Corporate Affairs Commission Sidi Hakama, 4,173 Bureau De Change operators will have their certificates of incorporation revoked soon.

The CAC in a notice on its website on Wednesday, said the certificates would be cancelled within three months if the affected companies do not change the names and objects of such companies.

The Commission explained that they have failed to meet the Central Bank of Nigeria (CBN) regulatory provisions, which include nonpayment of all necessary fees within the stipulated period.

“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 notice read.

The CBN stated: “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.”

In February, the CBN revoked their licences of over failure to meet regulatory guidelines.

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