The Corporate Affairs Commission (CAC) has directed 4,173 Bureau de Change (BDC) operators to restructure their operations within three months.
This directive, issued on Wednesday, mandates the affected BDCs to change their names and operational objectives or face dissolution.
The move comes after the Central Bank of Nigeria (CBN) revoked the licences of these BDC operators on March 1 for failing to comply with regulatory provisions.
The CBN cited non-payment of necessary fees, including licence renewal, and failure to adhere to guidelines, directives, and circulars—particularly those related to anti-money laundering (AML), countering the financing of terrorism (CFT), and counter-proliferation financing (CPF) regulations.
The CAC emphasized that if the BDCs do not comply with the restructuring directive within the specified period, it will result in the cancellation of their certificates of incorporation and the dissolution of their 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 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 the names and objects of such companies,” the CAC said.
The CAC also reminded the public that it is unlawful for a company whose certificate has been dissolved to continue operating.
