CBN licence revocation: CAC asks 4,173 BDCs to vary identify or face dissolution


The Company Affairs Fee (CAC) has requested the 4,173 Bureau De Change corporations whose licences had been not too long ago revoked by the Central {Bank} of Nigeria (CBN) to vary their names inside three months.

The Fee in a discover issued on Wednesday stated their failure to vary the names with which they had been registered as corporations would end result within the cancellation of their certificates of incorporation and dissolution.

Whereas urging shareholders and administrators of the businesses to take motion, the CAC stated particulars of the affected corporations have additionally been revealed on its web site for them to re-confirm.

What the Fee is saying

Citing part 8 of the Firms and Allied Issues Act 2020 as the premise of its energy to implement the identify change, the Fee stated:

“Following the revocation of the operational licenses of 4,173 Bureau De Change corporations 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 Requirements, the Company Affairs Fee in train of its powers underneath part 8(1) (e) of the Firms and Allied Issues Act, 2020 advises these corporations to inside three months from the date of this publication, change names and objects.

“Failure to vary the names and objects inside the stipulated timeframe shall end in cancellation of certificates of incorporation and dissolution. It’s to be famous that it’s illegal for an organization whose certificates has been deemed dissolved to hold on enterprise.”

The backstory

Nairametrics had not too long ago reported that CBN) revoked the operational licenses of greater than 4,173 Bureau De Change (BDC) operators registered underneath its oversight. The apex {bank} indicated that the revocation was as a result of failure of the affected BDCs to adjust to sure regulatory pointers.

Particularly, the apex {bank} stated the businesses did not adjust to the required fee of all essential charges, together with licence renewal, inside the stipulated interval consistent with the rules; rendition of returns consistent with the rules; and compliance with pointers, directives and circulars of the CBN, notably Anti-Cash Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) laws.

CBN’s spokesperson, Sidi Hakama, stated the {bank} acted in train of the powers conferred on it underneath the {Bank} and Different {Financial} Establishments Act (BOFIA) 2020, Act No. 5, and the Revised Operational Tips for Bureaux De Change 2015 (the Tips).

The total record of the affected BDCs will be discovered right here.

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