• About
  • Advertise
  • Careers
  • Contact Us
Sunday, June 22, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
ADVERTISEMENT
Home News

CAC Gives 4,173 BDCs Three Months to Change Name or Face Dissolution

by Adetunji Tobi
July 15, 2024
in News
0
CAC Gives 4,173 BDCs Three Months to Change Name or Face Dissolution
UBA
Advertisements

The Corporate Affairs Commission (CAC) has directed 4,173 Bureau De Change companies whose licenses were recently revoked by the Central Bank of Nigeria (CBN) to change their names within three months.

The Commission in a notice issued on Wednesday said their failure to change the names with which they were registered as companies would result in the cancellation of their certificate of incorporation and dissolution.

While urging shareholders and directors of the companies to take action, the CAC said details of the affected companies have also been published on its website for them to re-confirm.

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 the 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.”

Recall that the CBN revoked the operational licenses of more than 4,173 Bureau De Change (BDC) operators registered under its oversight.

The apex bank indicated that the revocation was due to the failure of the affected BDCs to comply with certain regulatory guidelines.

Specifically, the apex bank said the companies failed to comply with the required payment of all necessary fees, including license renewal, within the stipulated period in line with the guidelines; rendition of returns in line with the guidelines; and compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

CBN’s spokesperson, Sidi Hakama, said the bank acted in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaud De Change 2015 (the Guidelines).

Loading

Advertisements
MTN ADS

Author

  • Adetunji Tobi
    Adetunji Tobi

    Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

    View all posts
0Shares
Adetunji Tobi

Adetunji Tobi

Tobi Adetunji is a Business Reporter with Techeconomy. Contact: adetunji.tobi@techeconomy.ng

Next Post
Airtel Launches Smart Router, Bringing Smart TV Experience to Regular TVs and SmartCash

Airtel Launches Smart Router, Bringing Smart TV Experience to Regular TVs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

Simplifying Purchase, Supply Processes for Construction Materials, Jumba Raises $4.5M

Simplifying Purchase, Supply Processes for Construction Materials, Jumba Raises $4.5M

2 years ago
Kenya Aviation value by IATA

IATA Values Kenya Aviation Sector at $3.3 billion

1 month ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.