CBN license revocation: CAC gives 4,173 BDCs deadline to change name or face dissolution

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The Corporate Affairs Commission, CAC has issued 4,173 Bureau De Change companies whose licenses were recently revoked by the Central Bank of Nigeria a three-month ultimatum to change their names.

The commission, in a notice issued on Wednesday, noted that failure of the affected BDCs to change the names with which they were registered as companies would amount to the cancellation of their certificate of incorporation and dissolution.

“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.”

Recall that in March, this year, CBN revoked the operational licenses of 4,173 BDCs for failure to adhere to regulatory provisions.

More recently, in May 2024, CBN ordered all BDC operators to re-apply for licenses, increasing the minimum capital requirement for tier-1 and tier licenses to N2 billion and N500 billion, respectively.

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