CAC to Invalidate Certificates of BDCs with Revoked Licences

CAC to Invalidate Certificates of BDCs with Revoked Licences

by Joseph Anthony
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The Corporate Affairs Commission (CAC) has announced its intention to cancel the certificates of incorporation of Bureaux De Change (BDCs) whose licenses were revoked by the Central Bank of Nigeria (CBN) in February. The CBN had revoked the licenses of 4,173 BDC operators due to their non-compliance with regulatory guidelines.

In a statement by its acting Director of Corporate Communications, Sidi Hakama, the CBN clarified that the revoked licenses stemmed from the BDCs’ failure to meet regulatory obligations, such as payment of necessary fees, timely submission of returns, and adherence to CBN guidelines on Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Financing.

Following the CBN’s directive, the CAC issued a notice on its website indicating that it would cancel the certificates of incorporation of these BDCs within three months if they do not change their names and objects. The notice, referencing section 8(1)(e) of the Companies and Allied Matters Act, 2020, emphasized that failure to comply within the stipulated timeframe would lead to the dissolution of these companies. It also reiterated that it would be illegal for dissolved companies to continue operating.

This move underscores the regulatory actions taken to enforce compliance and maintain standards within the financial sector in Nigeria.

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