The Corporate Affairs Commission (CAC) has directed the 4,173 Bureau De Change companies whose licences were recently revoked by the Central Bank of Nigeria (CBN) to change their names within three months.
In a notice to the affected BDCs, the CAC said failure to change the names with which they were registered as companies would result in the cancellation of their certificates of incorporation and dissolution.
It cited section 8 of the Companies and Allied Matters Act 2020 as the basis of its power to enforce the name change.
“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.”
It urged shareholders and directors of the companies to take action.
The CBN recently revoked the operational licenses of over 4,173 Bureau De Change (BDC) operators, citing failure of the affected BDCs to comply with certain regulatory guidelines.
