CAC advises BDCs whose licences were revoked to change name

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Abuja, July 11, 2024 – The Corporate Affairs Commission (CAC) has advised Bureaux De Change whose licences were revoked by CBN this year to change the names.

 The CBN, had in February, revoked licences of 4,173 Bureau De Change operators for failure to meet regulatory guidelines.

CAC said it would cancel such licences if the affected companies failed to change the names and objects of their companies within three weeks.

The CAC gave the directive in a notice posted on its website.

The notice reads: “The general public is hereby informed that 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 27, 2024 for noncompliance with Regulatory Standards, the Corporate Affairs Commission in the 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.

“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.”

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