The general public is hereby informed that the Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureau De Change (BDC) companies for non-compliance with regulatory standards. This action was documented in the Federal Republic of Nigeria Official Gazette (Vol. 111) No. 37, dated February 2024.
Following this development, the Corporate Affairs Commission (CAC), exercising its authority under section 8(1)(e) of the Companies and Allied Matters Act, 2020, has issued a directive to the affected companies. They are required to change their names and business objects within three months from the date of this publication.
Failure to comply with this directive within the stipulated timeframe will result in the cancellation of their certificates of incorporation and subsequent dissolution of the companies. Details of the affected companies have been published on the CAC’s official website, www.cac.gov.ng.
Shareholders and directors of these companies are advised to check the website for further information. It is important to note that any company deemed dissolved is prohibited from continuing business operations.
For more information and to ensure compliance, affected parties are encouraged to visit the CAC website promptly.
