In a bid to strengthen regulatory compliance, the Corporate Affairs Commission (CAC) of Nigeria has announced its intention to cancel the certificates of incorporation of Bureau De Change (BDC) operators whose licences have been withdrawn by the Central Bank of Nigeria (CBN).
This move follows the CBN’s revocation of licences of over 4,000 BDC operators for violating regulatory guidelines, including non-payment of necessary fees and non-compliance with anti-money laundering regulations.
According to the CAC, “Failure to change the names and objects within the stipulated time frame shall result in cancellation of certificate of incorporation and dissolution.”
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This ultimatum gives affected companies a three-month window to comply or face dissolution.
The CAC’s stern stance is a clear warning to BDC operators to adhere to regulatory requirements or risk losing their legal status.
As the commission emphasized, “It is unlawful for a company whose certificate has been deemed dissolved to carry on business.”
This crackdown aims to maintain the integrity of Nigeria’s financial system and ensure compliance with international standards.
