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The Corporate Affairs Commission has announced its plan to revoke the certificates of incorporation of Bureaux De Change whose licenses were terminated by the Central Bank of Nigeria earlier this year.
In a notice on its website on Wednesday, the CAC stated that the certificates would be revoked within three months if the affected companies do not change their names and business objectives.
The CAC asserted: "The public is hereby informed that following the revocation of operational licences of 4,173 Bureau De Change companies by the Central Bank of Nigeria, the Corporate Affairs Commission advises these companies to change their names and business objectives within three months from the date of this publication.
"Failure to do so will result in the revocation of the certificate of incorporation and dissolution. It is illegal for a company whose certificate has been dissolved to continue operating."
In February, the CBN revoked the licences of 4,173 Bureau De Change operators for non-compliance with regulatory standards.
The apex bank made this known in a statement by its acting Director, Corporate Communications, Sidi Hakama.
The statement mentioned that the regulatory provisions violated include non-payment of necessary fees within the stipulated period.
It also stated, "The affected institutions failed to comply with at least one of the following regulatory provisions: payment of all necessary fees, including licence renewal, within the stipulated period in accordance with the guidelines as well as the submission of returns on foreign exchange transactions within the stipulated period."
