CBN Licence Revocation: CAC Asks 4,173 BDCs To Change Name or Face Dissolution

The Central Bank of Nigeria (CBN) has revoked the licenses of 4,173 Bureau De alter firms. The CAC has requested that these enterprises alter their names within three months.

In a warning sent on Wednesday, the Commission warned them that if they didn’t modify the names under which they were registered as businesses, their certificate of incorporation would be revoked and they would be dissolved.

The CAC stated that information on the impacted firms is available on its website for them to confirm, even as it implores the directors and owners of the companies to take action.

Citing section 8 of the Companies and Allied Matters Act 2020 as the basis of its power to enforce the name change, the Commission said:

“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.”