November 14, 2024
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The 4,173 Bureau De Change firms whose licenses have been lately revoked by the Central Financial institution of Nigeria (CBN) have been requested by the Corporate Affairs Commission (CAC) to alter their names inside three months.

LEADERSHIP recollects the CBN revoked the operational licenses of the 4,173 BDC operators in March resulting from noncompliance with sure regulatory tips.

CAC, in a discover issued on Wednesday mentioned the failure of the BDCs to alter the names with which they have been registered as firms would outcome within the cancellation of their certificates of incorporation and dissolution.

Whereas urging shareholders and administrators of the businesses to take motion, the CAC mentioned particulars of the affected firms have additionally been printed on its web site for re-confirmation.

“Following the revocation of the operational licenses of 4,173 Bureau De Change firms by the Central Financial institution of Nigeria vide a Federal Republic of Nigeria Official Gazette (Vol. 111) No. 37 of February 2024 for non-compliance with Regulatory Requirements, the Company Affairs Fee in train of its powers beneath Part 8(1) (e) of the Corporations and Allied Issues Act, 2020 advises these firms to inside three months from the date of this publication, change names and objects.

“Failure to alter the names and objects throughout the stipulated timeframe shall lead to cancellation of certificates of incorporation and dissolution. It’s to be famous that it’s illegal for an organization whose certificates has been deemed dissolved to hold on enterprise,” the CAC mentioned.

The apex financial institution had in March mentioned the businesses did not adjust to the required fee of all vital charges, together with license renewal throughout the stipulated interval according to the rules; rendition of returns according to the rules; and compliance with tips, directives and circulars of the CBN, notably Anti-Cash Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) rules.

CBN’s spokesperson, Sidi Hakama, mentioned the financial institution acted in train of the powers conferred on it beneath the Financial institution and Different Monetary Establishments Act (BOFIA) 2020, Act No. 5, and the Revised Operational Tips for Bureaux De Change 2015 (the Tips).



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