In February, the Central Bank of Nigeria (CBN) revoked the licenses of 4,173 Bureau De Change operators for failing to adhere to regulatory guidelines, as explained in a statement by its acting Director of Corporate Communications, Sidi Hakama.
According to the CBN, these operators violated regulatory provisions such as nonpayment of necessary fees within the prescribed period, failure to submit required returns, and non-compliance with CBN directives on Anti-Money Laundering, Countering the Financing of Terrorism, and Counter-Proliferation Financing regulations.
Following the CBN’s directive, the Corporate Affairs Commission (CAC) announced on its website that affected companies must change their names and business objectives within three months. Failure to comply within this period will lead to the cancellation of their certificates of incorporation and dissolution.
“The CAC advises these companies to take necessary actions within the stipulated timeframe, as conducting business after dissolution is unlawful,” the notice stated.
