CBN revokes licenses of 4,173 BDC operators

Joseph Irikefe

The Central Bank of Nigeria (CBN), has announced revocation of operational licences of 4,173 Bureau De Change (BDCs) operators for failure to observe some regulatory provisions.

The CBN’s Acting Director, Corporate Communications Department, Mrs Hakama Sidi, disclosed this in a statement issued at the weekend in Abuja.

Mrs. Sidi said the move is in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA).

She said that the list of affected BDC operators was available on the Bank’s website.

The CBN spokesperson added that the affected institutions failed to observe at least one of the following regulatory provisions:

They are payment of all necessary fees, including licence renewal, within the stipulated period in line with the guidelines.

Others are the rendition of returns in line with the guidelines and compliance with directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

“The CBN is revising the regulatory and supervisory guidelines for BDC operations in Nigeria.

” Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.

“Members of the public are hereby advised to take note and be guided accordingly,” she said.