CAC asks BDCs with revoked licences to restructure operations

The Corporate Affairs Commission (CAC) has directed 4,173 bureau de change (BDC) operators to restructure their operations.

In a statement during the week, CAC gave the BDCs three months to change their names and objects.

On March 1, the Central Bank of Nigeria (CBN) revoked the licences of the 4,173 BDC operators for failing to observe regulatory provisions.

CBN said the BDCs failed to observe at least one of its regulatory provisions, such as payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

Other provisions not adhered to are rendition of returns, compliance with guidelines, directives and circulars of the CBN, especially anti-money laundering (AML), countering the financing of terrorism (CFT) and counter-proliferation financing (CPF) regulations.

CAC said if the names and objects of the BDCs are not changed within three months, it will result in the cancellation of the certificate of incorporation and the dissolution of their companies.

“The general public is hereby informed that following the revocation of the operational licences 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 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 the names and objects of such companies,” the commission said.

CAC said it is unlawful for a company whose certificate has been dissolved to continue operating.