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CAC To Cancel Certificates Of BDCs With Revoked Licences
The Corporate Affairs Commission has announced its intention to cancel the certificates of incorporation of Bureaux De Change whose licences were revoked by the Central Bank of Nigeria earlier this year.
In a notice on its website on Wednesday, CAC said the certificates would be cancelled within three months if the affected companies do not change the names and objects of such companies.
“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 CAC notice read.