The Central Bank of Nigeria earlier this year cancelled the licences of Bureaux De Change; the Corporate Affairs Commission has stated that it intends to cancel the companies’ certificates of incorporation.
If the impacted organisations do not alter their names and purposes, CAC warned in a notice posted on its website on Wednesday that the certificates will be revoked in three months.
The CAC notice holds: “The general public is hereby informed that 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 27, 2024 for noncompliance with Regulatory Standards, the Corporate Affairs Commission in the 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 the names and objects of such companies.
“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,” the notice added.
Also read: https://brandspurng.com/2024/07/11/ncs-import-duty-rate-increases-to-n1549-per-dollar-naira-crashes/
The banking and finance news holds that
4,173 Bureau De Change operators had their licences withdrawn by the CBN in February due to their noncompliance with regulatory requirements
Sidi Hakama, the acting director of corporate communications of the apex bank, revealed this in a statement.
The statement claims that among the regulatory provisions broken is the failure to pay the required fees within the allotted time.
Furthering, it holds that: “The affected institutions failed to observe at least one of the following regulatory provisions: Payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.
“Rendition of returns in line with the guidelines; compliance with guidelines, directives, and circulars of the CBN, particularly Anti-Money Laundering, Countering the Financing of Terrorism and Counter-Proliferation Financing regulations,” the statement added.
Since then, new rules and directives for Bureau de Change operations in Nigeria have been published by the CBN. These include new classifications with distinct capital bases.
