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CAC cancels certificates of BDCs with revoked licenses

The Company Affairs Fee has introduced that it plans to cancel the certificates of incorporation of Bureaux De Change, whose licences had been revoked by the Central Financial institution of Nigeria earlier this yr.

In a message on CAC’s web site on Wednesday, it mentioned the certificates can be cancelled inside three months if the businesses concerned didn’t change the identify and objective of the companies.

“Most people is hereby knowledgeable that following the revocation of the working licenses of 4,173 Bureau de Change firms by the Central Financial institution of Nigeria by means of an Official Gazette of the Federal Republic of Nigeria (Vol. 111) No. 37 dated twenty seventh 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 such firms to vary the names and objects of such firms inside three months from the date of this publication.

“Failure to vary the names and objects throughout the stipulated interval will lead to cancellation of the certificates of incorporation and dissolution. It needs to be famous that it’s illegal for an organization whose certificates has been deemed dissolved to do enterprise,” the CAC discover mentioned.

The CBN in February revoked the licenses of 4,173 foreign money trade operators for failing to adjust to regulatory tips.

The main financial institution made this recognized in an announcement by its Performing Director of Company Communications, Sidi Hakama.

In keeping with the assertion, the breached authorized provisions embrace failure to pay all vital charges throughout the stipulated interval.

It was added: “The affected establishments have did not adjust to not less than one of many following authorized provisions: fee of all vital charges, together with renewal of the license, throughout the set deadline in accordance with the rules.

“Submitting of returns in accordance with the rules; compliance with the rules, directives and circulars of the CBN, significantly the rules on anti-money laundering, counter-terrorism financing and counter-proliferation financing,” the CBN mentioned within the assertion.

The CBN has since printed new guidelines and tips for the operations of foreign money trade homes in Nigeria, together with new categorisations with completely different capital bases.

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