Nigeria’s Corporate Affairs Commission (CAC) has said it would revoke the certificates of incorporation of Bureau De Change (BDC) operators whose licences have been withdrawn by the Central Bank of Nigeria (CBN).
The CBN had withdrawn the licences of over 4,000 BDC operators for violating regulatory guidelines. The infractions listed by the apex Bank include non-payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.
As per the CBN directive, the CAC announced on its website that companies failing to change their names and objects within three months would have their certificates cancelled.
“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,” the CAC notice read.