CAC Threatens To Cancel Certificates Of 4,173 BDC Companies

By Sunday Etuka, Abuja

The Management of the Corporate Affairs Commission (CAC) has threatened to cancel the certificates of Incorporation of 4,173 Bureaux De Change (BDC) Companies whose licenses were revoked by the Central Bank of Nigeria (CBN) for non- compliance with Regulatory Standards.

In a Public Notice issued on Wednesday, CAC in exercise of its powers under section 8(1) (e) of the Companies and Allied Matters Act, 2020 advised the companies to within three months from the date of this publication, change names and objects.

It said, failure to change the names and objects within the stipulated time frame shall result in cancellation of certificate of incorporation and dissolution.

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The Commission said, the details of the companies have been published on its website, therefore, urged the general public, shareholders and directors of the companies to check the website.

It noted that it was unlawful for a company whose certificate has been deemed dissolved to carry on business.

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