The Corporate Affairs Commission, CAC has issued a three-month ultimatum to 4,173 Bureau De Change,BDC, companies whose licenses were recently revoked by the Central Bank of Nigeria to change their names.
The commission, in a notice on Wednesday, noted that failure to change the names with which they were registered as companies would amount to the cancellation of their certificate of incorporation and dissolution.
“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.
“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.”
Recall that the CBN in March 2024, revoked the operational licenses of i4,173 BDCs for failure to follow to regulatory provisions.
Also, in May 2024, CBN ordered all BDC operators to re-apply for licenses, increasing the minimum capital requirement for tier-1 and tier licenses to N2 billion and N500 billion, respectively.
Alleluia is the Assistant Editor and Content Writer at LagosPost.ng. She is a prolific writer and editor, she has written features and news stories on Lifestyle, Sports, Business, Politics and B2B marketing. She is also an event coordinator, host and social media content creator.
