The Corporate Affairs Commission (CAC) has issued a warning to the 4,173 Bureau de Change companies whose licences were revoked by the Central Bank of Nigeria (CBN).

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The management disclosed this in a statement on Wednesday.

CAC said it gave the companies whose licences were revoked three months to change their names and objects.

It noted that failure to change the names and objects within the stipulated time frame would result in the cancellation of the certificate of incorporation and dissolution.

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The commission also noted that it is unlawful for a company whose certificate has been deemed dissolved to carry on business.

The regulator added that the details of the companies have been published on its website.

“The general public, shareholders and directors of these companies are advised to check the website, ww.cac.gov.ng.”

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In March, CBN had disclosed that the affected institutions ran afoul of one or all of its regulatory provisions.

The offences included failure to observe licence renewal within the stipulated period in line with the guidelines and rendition of returns.

Another infraction was the failure to comply with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations.