The Corporate Affairs Commission (CAC) wants 4,173 Bureau De Change companies to change their names. This is because the Central Bank of Nigeria (CBN) took away their licenses. They have three months to do this.
If these companies don’t change their names in three months, they will lose their certificates and will be closed down. The CAC reminded the company owners and directors to act fast. They have also put the list of affected companies on their website so everyone can check.
What the CAC Is Saying
The CAC is following the rules in the Companies and Allied Matters Act 2020. They said:
“After the Central Bank of Nigeria revoked the licenses of 4,173 Bureau De Change companies in February 2024 for not following rules, the Corporate Affairs Commission is using its powers from the Companies and Allied Matters Act 2020. We advise these companies to change their names and what they do within three months of this notice.
“If they don’t change their names and activities in three months, they will lose their certificates and be dissolved. A company that has been dissolved cannot continue doing business.”
The Backstory
The news website Newslodge reported that the CBN took away the licenses of more than 4,173 Bureau De Change operators. The main reason was that these companies did not follow some important rules.
Specifically, they did not pay all the necessary fees on time, did not renew their licenses, and did not follow the CBN’s guidelines. This includes rules to prevent money laundering, stop the financing of terrorism, and avoid support for illegal activities.
Sidi Hakama, a spokesperson from the CBN, said the bank was using its power according to a law called the Bank and Other Financial Institutions Act 2020 and the Revised Operational Guidelines for Bureaux De Change 2015.
You can find the full list of the affected BDCs here.