CAC Orders Bureau De Change Operators to Restructure or Face Dissolution

• July 11, 2024

The Corporate Affairs Commission (CAC) has directed Bureau De Change (BDC) operators to to restructure their operations by changing their names and objectives or face dissolution.

In a statement on Wednesday, the CAC gave 4,173 BDCs three months to change their names and objectives.

This directive follows the Central Bank of Nigeria’s (CBN) decision on March 1 to revoke the licenses of these BDC operators for failing to comply with regulatory requirements. 

The CBN stated that the BDCs did not adhere to provisions such as timely payment of fees, including license renewal, and compliance with anti-money laundering (AML), countering the financing of terrorism (CFT), and counter-proliferation financing (CPF) regulations.

The CAC warned that failure to comply with the name and objective change within the given timeframe would result in the cancellation of the certificate of incorporation and the dissolution of their companies.

The statement 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 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 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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