It has been published by the CBN that 4,173 BDC License has been revoked while 1,368 BDC remains valid across the Nation.
In the CBN publication signed by Sidi Ali Hakama (Mrs), she did mesioned series of offences that attracted the CBN to revoked the BDC licence and such offences Never involve morethan 3,000 BDCs.
I am a Professional Accountant and a bdc consultant and I consulted for over 3,000 bdcs out of the total number of bdcs quoted above and morethan half of the total number of this bdcs only engage in buying from CBN and selling to end users.
I am beginning to wonder how did issue of money laundering and financing of terrorism will affect such a number of these BDCs.
Going by the CBN regulations, which was visibly stated on the Approval of Principles (AIP), there is not a place mentioned on the AIP that CBN has the right to cancel a BDC License on discretionary choice.
The CBN should note that owners of these BDCs have been in reses for almost 10 years now , but a BDC holder is paying the sum of N250,000 to CBN each year as payment of Annual Renewal.
In spite of following the CBN guidelines, a license of a BDC holder is abruptly cancelled by the CBN.
The CBN should also note that these BDC holders are contributors to the growth of the Nigerian economy, especially particularly creating job opportunities as well as eradicating poverty of the citizenry.
In fact, I believe that with the coming of this new government that has adequate advisers, such an action is supposed not to be made particularly with the level of high increase of commodity prices and other wares.
The CBN should bear it in mine that the BDCs owners are learned enough to fight for their rights, particularly for those that they are operating within the ambit of Law.
In my previous advice that I gave to CBN , I never presume that such advice can not be adhered to and this made me to be thinking that I am talking to a wrong person not to the CBN that consist of professionals.
Rabiu Aliyu Kiru BDCs Consultant wrote this piece from Kano State
Email address rd_aliyu@yahoo.com
