The Corporate Affairs Commission (CAC) has mandated Bureau De Change companies whose licences were recently revoked by the Central Bank of Nigeria (CBN) to change their names within three months.
TimesNow.com.ng earlier reported that in February, the CBN withdrew the licences of 4,173 BDC operators for failing to adhere to regulatory guidelines.
According to the apex bank, the affected BDCs were found to have breached at least one of the bankâs regulatory requirements.
Following up on the CBN directive, the CAC, in a notice, warned that all affected BDCs must comply with its directive or face cancellation of their certificates of incorporation and subsequent dissolution.
Citing section 8 of the Companies and Allied Matters Act 2020 as the basis for its enforcement authority, the CAC stated:
In a related development, TimesNow.com.ng reported that Nigerian banks and fintech companies are set to block the accounts of PoS operators who fail to register their businesses.
The banks are now warning that failure to comply with the CAC registration requirement will result in account freezing.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
