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  • POS agents, businesses told to avoid delay in CAC registration

    POS agents, businesses told to avoid delay in CAC registration

    Michael Nwabufo (aka Mike Premium), the Ambassador for the Corporate Affairs Commission (CAC), on Tuesday urged Point of Sales (POS) agents and small business to avoid delay in meeting the July 7 deadline for CAC registration.

    Nwabufo, a talent and brand manager, made the appeal in a statement in Lagos on Tuesday.

    He said that business owners must steer clear off anything that could complicate their business operations at the expiration of the window for registration.

    Stressing the importance of the deadline which is five days away, Nwabufo urged businesses to make use of the CAC Special Registration Portal (SRP) or the PCCSIGN platform (www.pccsign.org.ng) to register.

    He described SRP as an innovative solution designed to streamline and accelerate business registration Nigeria.

    “This initiative is a significant step forward, offering a more accessible, efficient, and user-friendly registration process for all Nigerians.

    “We encourage small businesses, particularly Point of Sales (POS) agents, to register via the SRP.

    “This formal registration not only provides legal recognition but also enhances credibility and opens up opportunities for growth,” Nwabufo said.

    He said that the SRP had user-friendly interface while the registration and approval times were also significantly reduced.

    “The portal is designed to cater to users of varying technological proficiency, making it accessible to everyone, including those with limited digital skills,” the ambassador added.

    He added that the CAC had also partnered with the Practitioners of Content Creating, Skit-making, and Influencers Guild (PCCSIGN) platform (www.pccsign.org.ng) to further ease the process and remove all complications.

    Nwabufo said that PCCSIGN platform also offerred a registration platform tailored to the needs of the community.

    He said that PCCSIGN provided an additional avenue for a swift and efficient registration process.

    “The CAC deadline for the registration of POS agents and other small businesses is crucial all registrations must be completed by July 7.

    “The public can register by visiting the Special Registration Portal or the PCCSIGN platform (www.pccsign.org.ng) and follow the provided instructions.

    “There are support teams ready to assist with any questions or challenges you may encounter,” Nwabufo said.

    He advised all stakeholders to meet the deadline to avoid potential delays or complications in business operations.

    The ambassador commended the Registrar-General of CAC, Hussaini Magaji (SAN) and the CAC team for the unveiling of the SRP.

    He said the initiative represented a pivotal step in modernising the business registration process in Nigeria.

    He said that the registrar-general had shown commitment to ensure that every entrepreneur could formalise their business efficiently.

    Nwabufo said that this would contribute to the nation’s economic growth and development.

    Recall that in May, the Registrar-General of the CAC, Hussaini Magaji, stated that Point of Sales (PoS) agents of major fintech companies in Nigeria, including OPay, Palmpay, and Moniepoint, must register their businesses by July 7.

    CAC has stated that it is treating no less than 15,000 applications daily, including on weekends, for its fintech regularisation programme.

  • Mandatory Membership: POS operators drag CAC to court

    Mandatory Membership: POS operators drag CAC to court

    Point of Sale operators operating under the umbrella of the National President of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) says it is ready to approach the court to seek clarification of the the mandatory Corporate Affairs Commission for its members.

    Fasasi Sarafadeen the President of the association has faulted the directive mandating PoS operators to register with the CAC, saying the move had forced the association to go to court to seek a redress.

    Sarafadeen asserted that the directive from the CAC violated the provision of the Companies and Allied Matters Act, Laws of the Federation of Nigeria, 2004, which “explicitly states that the commission has no jurisdiction over individuals not operating as a company.”

    He said, “According to section 863(1) of the Companies and Allied Matters Act, 2004, the order to enforce CAC directive on individual PoS agents operating under their name is wrong and will be challenged, as it contravenes the Companies and Allied Matters Act, Laws of the Federation of Nigeria, 2004, which explicitly states that CAC has no jurisdiction over individuals not operating as a company.

    “We shall challenge it legally. The court will have to intervene in the interpretation of the quoted section of the CAMA if individuals operating as a sub-agent (likened to a bank branch) must register with CAC.

    “CBN is right, no issue, the memo is clear, it only applies to non-individuals, unlike the Corporate Affairs Commission who generalised. We are in talks with the lawyer representing the association already, and a league of human rights lawyers whom we are not disclosing who they are for now.”

    Explaining the categories, he stated that there were two categories of Point-of-Sale agents.

  • Mandatory CAC registration: Police to arrest illegal PoS operators

    Mandatory CAC registration: Police to arrest illegal PoS operators

    The Federal Government has said mandatory registration of Point-of-Sales operators nationwide will reduce kidnapping and help security agencies arrest recipients of ransom payments from kidnap victims.

    It also vowed that security agencies would go after PoS operators who fail to comply with the directive to register with the Corporate Affairs Commission after July 7, 2024.

    The Registrar-General, CAC, Hussaini Magaji, disclosed this at the formal launch of the CAC registration of agents and merchants of fintechs on Wednesday in Abuja.

    The event also marked the unveiling of a 24-hour service centre to help prospective applicants get a prompt response to enquiries and approvals.

    The government had through the commission on Monday issued a two-month registration deadline for PoS operators to register as corporate bodies with the commission in line with the legal requirements and directives of the Central Bank of Nigeria.

    The action backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking aims to safeguard businesses and strengthen the economy.

    It also came against the backdrop of frequent fraud incidents involving PoS terminals and plans to stop trading in cryptocurrency or any virtual currency by the Central Bank of Nigeria.

  • Why PoS operators have to register with us – CAC

    Why PoS operators have to register with us – CAC

    The Corporate Affairs Commission (CAC) has said the importance of registering Point of Sale (PoS) operators in the commission’s database cannot be overemphasised.

    CAC Registrar-General, Hussaini Magaji said this while inaugurating the centre stationed at its Federal Capital Territory (FCT) Office in Abuja on Wednesday.

    He said the centre was well equipped with all the necessary facilities to operate 24 hours a day and ensure the commission’s achievement of its purpose.

    “What we did was accommodate the request from the Fintechs.

    “We have allowed them to integrate with the Corporate Affairs Commission; they have developed their structure, and we gave them access.

    “Once they supply the necessary details for registration on their platform, the certificate is generally generated and transmitted directly to their platform without them having to contact anyone.

    “We have done this to ensure that everyone gets it easy without hitches, but if they choose to apply manually, we have a secretariat open for them to do so.

    The registrar-general reiterated that the centre would be opened to all operators in the fintech industry that voluntarily submitted their agents and merchants for regularisation with the CAC.

    Magaji said that the registration was in line with President Bola Tinubu’s desire to ensure financial inclusion for the youth and strengthen the fight against fraud, finance and other crimes in the country.

    He further expressed his resolve to ensure compliance with the provisions of Section 863 (1) of the Companies and Allied Matters, CAMA 2020, and the CBN guidelines for Agent Banking, 2013.

    On security, the CAC boss said that if a crime were committed using the PoS, the government would easily trace the perpetrators to the CAC data platform if such machines were registered.

    “If an incident happens and they report it to CAC, if we do not have the operator’s details, we cannot respond, and that is the essence of this registration.

    “The registration ensures that every detail of the person is provided, including NIN, passport photograph and all other useful documents.

    “And it is an opportunity for more people to be captured into the formal sector,” he said.

    Special Adviser to President Bola Tinubu on ICT Development and Innovation, Tokoni Peter attended the event.

    The event was also attended by Dr Salihu Dasuki, the Special Adviser to the President on ICT Policy Office, the PoS operators, and other stakeholders.

  • We are not recruiting – CAC

    We are not recruiting – CAC

    The Corporate Affairs Commission (CAC) says it is  not recruiting at the moment and advised Nigerians to be wary so as not to fall victims of deceit.

    The CAC said this in a public notice on Sunday in Abuja.

    It said the commission’s attention had been drawn to series of false and malicious social media reports that it was recruiting, against the Federal Character Principle.

    According to the statement, the CAC’s Registrar-General, Hussani Magaji, upon assumption of office on Oct. 16, 2023, was confronted with a myriad of challenges.

    It said these ranged from the backlog of promotions to other welfare-related issues.

    The notice said that in order to improve the CAC staff welfare, Magaji resolved the issues around the 2022 promotion after approval from the supervisory authority as required by the law.

    “During the exercise, many qualified candidates were promoted to the executive and non-executive cadres in accordance with provisions of the law.

    “Similarly, the commission followed due process to regularise the status of contract staff inherited by the present management and injected fresh hands to meet up with the present administration’s target deliverables.

    “The measure is also in line with the commission’s determination to ensure timely and prompt responses to customer complaints and inquiries in line with global best practices,” it said.

    The notice stated that the CAC, as a law-abiding government agency, would never embark on all these groundbreaking processes without due approvals and certifications from relevant agencies established to enforce compliance.

    It said the Magaji-led CAC had accorded top priority to staff welfare in accordance with its four-point agenda.

    “Management has so far ensured the uninterrupted payment of all staff salaries, allowances, loans and medical assistance to deserving staff in accordance with the prescribed rules and procedures.

    “The Magaji-led CAC,  therefore,  remains resolute and committed to ensuring the progress and development of the commission in line with President Bola Tinubu’s Renewed Hope Agenda.

    “The CAC remains committed to ensuring prompt and efficient service delivery, irrespective of malicious attempts to distract its progress,” the notice added.

  • CAC Pastor lands in trouble over N3.9m fraud

    CAC Pastor lands in trouble over N3.9m fraud

    The Economic and Financial Crimes Commission (EFCC), has arrested an Ilorin-based clergyman, Prophet Adeniyi James, for allegedly defrauding a member of his Church of N3.9 million.

    James is the General Overseer of Christ Apostolic Church (CAC), Freedom City Prophetic and Deliverance Ministry in Ilorin.

    In a statement in Ilorin on Saturday, the commission’s Head of Media and Publicity, Dele Oyewale, said the Ilorin Zonal Command of the EFCC arrested James on April 2, over the said offence.

    Oyewale quoted the victim, Oluwole Babarinsa, as saying in a petition to the commission, that James called him out during a church programme sometime in 2021, and claimed that he had a revelation that he (victim) would travel abroad.

    “The petitioner said the cleric, in the course of giving the revelation, asked him about his preferred country, which he replied ‘Canada’ and they agreed to talk later in order to perfect arrangements for the trip.

    “The petitioner said James later told him that he had a friend in Lagos who could help him facilitate his relocation to Canada, but at a cost of N1.7 million and N2.5 million for processing of flight ticket and travel documents, respectively.

    “Babarinsa added that he had to sell some of his properties and took some loans before he could raise N3,980,000 which he gave the prophet to facilitate his quick relocation to Canada.

    “After prolonged waiting with no result, the petitioner became agitated and began to query the prophet’s vision, prompting him to ask for a refund of his money.

    “He said that all efforts and entreaties to the suspect to refund his money yielded no positive result,” EFCC spokesman said.

    He said the suspect would be arraigned in court after the conclusion of the investigations.

  • How top officials of CAC collude to fraudulently alter registration of entities

    How top officials of CAC collude to fraudulently alter registration of entities

    Indications have emerged that top officials of the Corporate Affairs Commission (CAC) might be colluding with interested parties to fraudulently alter the registration details of entities.

    A case in hand showed how one Khuraira Musa reportedly colluded with some officials of CAC in Abuja to fraudulently alter the registration details of the Arewa Development Support Initiative (ADSI) and unilaterally removed three out of nine members of the board of trustees.

    Investigations revealed that Khuraira, based in the U.S., allegedly connived with the CAC officials to unilaterally remove members of the board of trustees without following due process and after falsifying the constitution of ADSI.

    It was gathered that ADSI with registration number CAC/IT/NO 136547 was formally incorporated by the CAC on October 2, 2019, with the aims and objectives to provide humanitarian services through needs assessment for the general public.

    The organisation was also meant to encourage and mobilise Northerners to positively channel their energy and resources for peaceful coexistence and sustainable socio-economic development.

    When ADSI was formally incorporated, it had Yusuf Mohammed Jamu, Gar Celina, Adam Safaa Musa Usman, Abdullahi Zainab Musa, Umar Hauwa, Tasha Roseline and Hayatudeen Hafsah as trustees.

    Other trustees of the organisation when it was formally incorporated included Dura Magdalene Mbadzendan, Abubakar Suleiman Ubale, Musa Khurairah, Gumi Halima Sadiya and Mohammed Zainab.

    CAC certificate of ADSI showing trustees
    CAC certificate of ADSI showing trustees

    However, investigations revealed that Khuraira allegedly connived with some senior officials of CAC to illegally remove some members of trustees from all the documents of ADSI.

    She also singlehandedly changed the Secretary of the Trustees, findings revealed.

    Findings also revealed that Khuraira unilaterally took the decision and made the changes without following the proper procedures of calling for a meeting of the board of ADSI or making a newspaper publication.

    It was also discovered in documents obtained from CAC that Khuraira forged the dates and signatures of some trustees and also altered the constitution of ADSI to her favour.

    Speaking with our reporter, a source, who craved anonymity said: “I discovered that there was never a meeting held to change the constitution of ADSI.

    “However, there are now two documents claiming to be the constitution.

    “The first document signed by Roseline Tasha as Secretary and Khuraira as Chairman was filed for registration at CAC on August 6, 2019.

    “The second document, presented as the new constitution, has two signatures without names and is dated October 2, 2019.

    “The signatures on the new document appear to be those of Khuraira and Celina after carefully examining the signatures they submitted from the original documents”.

    Findings revealed that the forged documents were signed on the same day CAC gave approval for the registration of the organisation and changed the Secretary’s name from Roseline Tasha to Celina Gar.

    Original signatory
    Original signatory
    Faked signatory
    Faked signatory

    Khuraira also altered the Constitution Article 4G of the Trustees, which states that trustees cease to hold their position if they don’t reside in Nigeria.

    Altered Article 4G of the Trustees
    Altered Article 4G of the Trustees
    Original Article 4G of the Trustees
    Original Article 4G of the Trustees

    It was gathered that Khuraira carried out the scandal in cahoot with some top officials of CAC who brazenly violated the rules and procedures of the commission with impunity and made the changes.

    Also, Khuraira was said to have become so powerful, yanking off trustees from the WhatsApp platform of ADSI, thereby making herself the sole administrator.

    Meanwhile, CAC has been petitioned to provide details of all the individuals involved in carrying out the post-incorporation changes on the file of ADSI.

    The Commission has also been petitioned to place a temporary caveat on the file of ADSI and restrict access to the file of the organisation with CAC until a final determination of the investigation into the matter.

    Petition to CAC

    Efforts to reach the Head of the Public Affairs unit at CAC, Mr Dominic Inyang proved abortive at the time of filing this report.

    Calls pulled through to Inyang to make clarifications on the matter were not answered.

    Similarly, Khuraira could not be reached to make clarifications on the matter.

  • Real reason content creators must register their names – CAC

    Real reason content creators must register their names – CAC

    The Corporate Affairs Commission (CAC) has said that everyone using their names for businesses and making income must register with the Commissions, stressing that ignorant of the law is not an excuse.

    TheNewsGuru.com (TNG) reports the CAC to have also said for a business to take place in Nigeria, it must be registered with the CAC and that failure to do so is a crime in Nigeria.

    Registrar-General of CAC, Hussaini Magaji said this on Tuesday at a meeting with OPAY Digital Services Ltd held to commence the registration of the businesses in Abuja.

    Magaji disclosed the CAC is collaborating with OPAY Digital Services Ltd. to register an additional 300,000 small businesses.

    According to CAC, this is in line with the Companies and Allied Matters Act (CAMA) 2020. Magaji stressed that the move is also in line with his mission to register more than 20 million small businesses by the end of 2024.

    Recall the Commission on February 8 partnered with Moniepoint to commence the registration of two million small businesses.

    ”The purpose of this meeting is to enforce the provision of the law, which mandates that for a business to take place in Nigeria, it must be registered with the CAC. Failure to do so is a crime in Nigeria. In the course of this, we are able to create jobs.

    “Last week, we were at the Ministry of Industry, Trade and Investment, where we accommodated two million small businesses for registration. Today, we are here to receive another bulk of small businesses,” Magaji said.

    The CAC boss said the Commission decided to accommodate the registration to regularise them into the system, in line with the renewed hope agenda of President Bola Tinubu.

    According to him, the president is targeting to provide 50 million youth with jobs, to provide access to wealth, stamp poverty out of the system, and ensure job creation for the youth.

    Magaji urged everyone using their names for businesses and making income to register with the CAC as ignorant of the law was not an excuse.

    “Bring yourself to full registration. If you are a content creator on the internet, you have followership, and you are gaining from it, you must register.

    “That is the provision of the law. And we are all out to enforce the provision of the law.

    “That is why we have different classes of registration, company, business loan registration. There are various classes of registration that can accommodate any kind of business you are doing,” he said.

    Earlier, the Managing Director, Opay Digital Services , Dauda Gotring expressed delight at the opportunity to bring on board unregistered businesses into the formal sector.

    According to Gotring, the numbers being registered are mostly agents and merchants that have been using their individual names.

    He said the corporate businesses normally would have strictly followed CAC rules and registration processes.

    ”We have only 300,000 names that we want to regularise. We are encouraging them to regularise, which is what we need, because that way, they expand the tax net.

    “And of course, we also encourage Small and Medium Enterprises (SMEs), small businesses, which will create jobs, and of course, stimulate the economy, basically.

    “So, I thank you for this opportunity and assure that we will cooperate fully with CAC and all their guidelines, so that all those that have not met the guidelines will fall in line properly,” he said.

    The managing director said the financial service provider would collaborate with the CAC to ameliorate the cost of registration for the small businesses.

  • CAC announces extension of penalty deadline to companies

    CAC announces extension of penalty deadline to companies

    The Corporate Affairs Commission (CAC) has announced extension of the deadline for the commencement of penalties against companies that failed to file annual returns, from January 1 2024 to April 1, 2024.

    The deadline extension was made known via a statement issued in Abuja on Thursday by the commission’s Director of Press, Mr Dominic Inyang, said management decided to extend the penalty date following glitches experienced on the Company Registration Portal (CRP).

    Iyang  stated that the date was also extended due to appeals from the Micro, Small and Medium Enterprise (MSME) sector.

     

    It would be recalled that the full application of the penalties was prescribed by the Companies and Allied Matters Act (CAMA) 2020 and the Companies Regulations 2021 against companies and their directors or officers for who failed to file annual returns.

    “CAC at this moment extends the commencement date from January 1 to April 1, 2024.

    “This extension has become necessary given the glitches presently experienced on the CRP and in deference to appeals from the MSME sector,” Inyang quoted CAC management as saying.

    He enjoined all registered entities under the CAMA to take advantage of the window provided by this extension to file their annual returns to date with the commission.

    “The entities included Companies, Limited Liability Partnerships, Limited Partnerships, Business Names and Incorporated Trustees.

    “The general public should please note that this extension of time does not affect the striking-off proceedings commenced by the commission prior to the publication of November 2.

    “Companies, their directors, and their officers should note that the Commission shall henceforth proceed against the directors and officers of struck-off companies to recover undischarged penalties against them.”

  • Budget defence: Senate tells IGP to arrest CAC Registrar General

    Budget defence: Senate tells IGP to arrest CAC Registrar General

    The Senate Committee on Finance has urged the Inspector General of Police to compel the Registrar General of Corporate Affairs Commission,(CAC) Mr Garba Lawal to appear before it for 2024 budget defence within 24 hours.

    The Chairman of the Committee, Sen. Sani Musa said this on Wednesday in Abuja, when officials of CAC appeared before the committee for budget defence.

    Musa said that the Registrar General had refused to honour the Committee’s invitation for the third time.

    He said that the registrar general was needed to provide some information on the discrepancies in the commission’s budget.

    “The four senior officials of the Corporate Affairs Commission having confirmed several letters of invitation by the Clerk of the Senate Committee on Finance could not explain the registrar general absence, “Musa said.

    Also, Sen. Abdul Ningi a member of the committee advised the CAC officials to ensure that the registrar general appeared before the committee, so he could provide the information needed by the committee.

    ”Mr Chairman, it is imperative to understand where they are coming from that this is not the first time they are appearing before the Committee.

    “There was a deliberate discussion with you that there was discrepancies in revenue generation and expenditure by the Corporate Affairs Commission and we said, the Registrar General should be here.

    “Yet you are here and you probably told him that you can do the job.,even if you can do the job, this job is not for you please. Don’t take the bullet that is meant for him,” Ningi said.