*Pix above: CAC
The Corporate Affairs Commission has threatened to revoke the certificates of over 4,000 Bureau de Change operators, after the Central Bank of Nigeria’s decision to revoke their licences.
The CBN’s crackdown on BDCs comes amidst the continued depreciation of the naira in the official and unofficial markets.
Consequently, the Corporate Affairs Commission (CAC) mandated Bureau de Change companies which licences were recently revoked by the Central Bank of Nigeria (CBN) to change their names within three months.
The CBN withdrew the licences of 4,173 BDC operators for failing to adhere to regulatory guidelines.
According to the apex bank, the affected BDCs were found to have breached at least one of the bank’s regulatory requirements.
Citing Section 8 of the Companies and Allied Matters Act 2020 as the basis for its enforcement, the CAC stated: “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.{agency}###
