Hussaini Magaji, the Registrar-General of the Corporate Affairs Commission (CAC), made this disclosure at the formal launch of the CAC registration of agents and merchants of fintechs in Abuja.

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

Magaji reiterated the government’s commitment to fully implementing the mandate by providing a fully digitized service center for easy registration. He emphasized that the registration process aligns with both legal requirements and the directives of the CBN mandating individual merchants or business entities to be captured in its database.

The 60-day deadline for registration, ending on July 7th, will not be extended, and defaulters will face appropriate sanctions. Magaji stated, “After the deadline, we would go after defaulters. If you have been identified as a criminal, security agents will go after you, we will go after them because some are being chased by the security agencies already.”

He highlighted the benefits of registration, which go beyond taxation to encompass access to loans, legality, and compliance with regulatory requirements.

“The law has stated that for any person to carry out business activity in the country, your business must be legitimate, and for your business to be legitimate, you must register, either you are doing your business as an individual or as an agent, you must register with us,” he explained.

The initiative, Magaji emphasized, aims to curb crime and fraudulent practices, particularly incidents where ransom is paid using PoS terminals. He assured that registered businesses would provide detailed information to the government, aiding security agencies in tracking down criminals.

The deadline for registration, originally set for July 7th, provides PoS operators with six months to comply with the directive.

This decision was reached during a meeting between Fintechs and the Registrar-General of CAC, Hussaini Ishaq Magaji, in Abuja on Monday.

There are currently over 1.9 million POS terminals deployed by merchants and individuals nationwide, according to the Nigeria Inter-Bank Settlement System.

Speaking at the meeting, the CAC boss stated that this measure aims to safeguard the businesses of Fintech customers and strengthen the economy.

He emphasized that the action is supported by Section 863, Subsection 1 of the Companies and Allied Matters Act (CAMA) 2020, as well as the 2013 CBN guidelines on agent banking.

The deadline for registration, which expires on July 7, 2024, is not targeted at any specific groups or individuals but genuinely aims to provide protection for businesses, according to the CAC.

A statement by the commission read, “The Corporate Affairs Commission and fintech companies in Nigeria, better known as POS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria.”

This directive comes in response to frequent fraud incidents involving POS terminals and the Central Bank of Nigeria’s plans to stop trading in cryptocurrency or any virtual currency.

According to a fraud report by the Nigeria Inter-Bank Settlement System Plc, POS terminals accounted for 26.37 per cent of fraud incidents in 2023.

Last week, the CBN instructed major fintech firms like Kuda, Opay, PalmPay, and Moniepoint to stop onboarding new customers and to warn their customers against trading in cryptocurrency or any virtual currency on their apps, threatening to block any accounts found engaging in such activities.

This move by the CBN is linked to an ongoing audit of the Know-Your-Customer process of the fintechs, which have been under scrutiny in recent months over concerns around money laundering and terrorism financing.

Before the CBN’s directive, the Economic and Financial Crimes Commission obtained a court order to freeze at least 1,146 bank accounts owned by various individuals and companies allegedly involved in illegal foreign exchange transactions.

In a notice issued on Friday, Opay stated that it would take strict measures against customers who violate its policy, which aligns with the Central Bank of Nigeria’s stance on cryptocurrency trading.

The statement added that several speakers from the fintech industry pledged to collaborate with the commission to ensure the hitch-free implementation of the directive.

Some of them, however, stressed the need for adequate and collective sensitization to ensure that the exercise achieves the desired results.

This call comes amidst reported intentions by the Federal Inland Revenue Service (FIRS) to integrate media content creators and influencers into its tax system.

Hussaini Magaji, the Registrar General of CAC, emphasized the importance of compliance during a courtesy visit by Opay’s Managing Director, Dauda Gotring, and his team in Abuja.

The visit aimed to facilitate the regularization of 300,000 Opay agents and merchants with the commission, thereby expanding the tax base, fostering business growth, and creating employment opportunities for Nigerians.

Recently, the commission initiated the registration of two million small businesses in collaboration with Moniepoint, a fintech company.

Magaji highlighted that social media and content creators are generating substantial revenue without contributing taxes to the Federal Government. He emphasized the legal requirement for businesses to register, regardless of whether they operate under personal or business names, as stipulated in the Company and Allied Matters Act 2020.

Magaji stated, “Ignorance of the law is not an excuse,” underlining the necessity for compliance and warning of penalties for non-compliance.

The commission plans to conduct compliance checks to ensure these businesses fulfill their tax obligations.

The CAC aims to register an additional 300,000 business names through Opay, aligning with its broader target of registering 20 million businesses in 2024 to create 50 million jobs for Nigerian youths.

Dauda Gotring affirmed Opay’s commitment to facilitating business registration with the CAC, emphasizing their mission to provide banking services to the unbanked population in Nigeria.

Opay plans to collaborate with the CAC to ensure all businesses, regardless of size, are registered.

Gotring highlighted Opay’s efforts to sensitize account owners on the importance of business registration with the CAC, aiming for comprehensive compliance across their platform.

He said, “CAC steps up enforcement of 100,000 companies to go off its register for failure to file an annual return.”

At the time, Abubakar announced that the commission would send notice of striking off to the affected companies before embarking on the action as enshrined in section 692 of the CAMA, 2020.

In an update on December 5, CAC said, “Further to its earlier notice of the commencement of striking off the names of Companies from the Register of Companies and published on August 2, 2023, the Commission hereby notifies the General Public that the list of Companies that have failed to comply with the provisions of the Companies and Allied Matters Act 2020, to file up to date annual returns is now ready for publication in accordance with the provisions of Section 692 of the Act.

“Companies who filed complete annual returns in response to the earlier publication are advised to confirm removal from the list of Companies to be struck off. The updated list for publication is available on the Commission’s website.”

It noted that any company that filed complete annual returns but still has its name on the list should send a mail with evidence of filing to compliance@cac.gov.ng not later within 30 days.

It further stated that it is unlawful for any company whose name has been struck off the register of companies to carry on business unless its name is first restored to the register by an order of the Federal High Court.

It added, “The General Public should note further that the striking off of the name of a Company from the Register of Companies is without prejudice to the powers of the Commission to enforce any liability arising under the Act against the directors of the struck off Company.”

The Corporate Affairs Commission (CAC) has exposed a network of 189 fraudulent companies involved in securing land allocations in the Federal Capital Territory (FCT).

The revelation was made by Hussaini Magaji, the Registrar General of the Commission, during a press conference held in Abuja on Tuesday.

The discovery came about in response to a request from the Federal Capital Territory Administration (FCTA) to verify the status of a purported company seeking land allocation. Upon delving deeper into the matter, Magaji and his team unveiled a web of deceit involving numerous fictitious companies.

Furthermore, CAC’s investigation has resulted in the apprehension of two suspects, one of whom is a lawyer. The scheme appears to be a sophisticated operation that involves collusion among staff of the Abuja Geographical Information System (AGIS), lawyers, and CAC personnel.

He said, “Let me use this opportunity to inform the public that one of the major milestones achieved so far since I assumed office is our ability to burst a cartel or a link of individuals that are creating havoc for the Commission.

“This cartel creates companies through collaboration with some lawyers claiming to be accredited agents of the Commission and staff of Abuja Geographical Information System to secure land allocations in the FCT and we only knew this crime after a complaint from the Federal Capital Territory Administration asking us to verify some applications made by some entities, which turned out to be non-existent on our system.”

A video of this jubilant rally went viral, with the workers collectively describing Abubakar as a “tyrant leader”.

Expressing their gratitude, they commended President Bola Tinubu for appointing Hussaini Sani (SAN) as the new registrar for the commission.

The workers also offered advice to Sani, urging him to ensure that the anti-labour policies from the previous administration do not persist.

Video:

Just In: CAC workers celebrate sack of Registrar pic.twitter.com/Kxqau52YOY

— AIT (@AIT_Online) October 16, 2023

President Tinubu had recently appointed Hussaini Sani as the new CAC registrar, which marked a significant change in the leadership of the commission.

The Minister of State for Industry, Trade and Investment, Amb Mariam Katagum,  disclosed this in an interview with the News Agency of Nigeria (NAN).

According to her, this is in line with the recently announced specific programmes aimed at cushioning the impact of COVID-19 on MSME businesses.

“We have got the Corporate Affairs Commission (CAC) to register 250,000 businesses free of charge,” she said.

Some of the MSMEs That Qualify For Free 250,000 FG-CAC Business Names Registration are:

• MSMEs that have a minimum of three and maximum of 50 Staff on their payroll to qualify for it.
• hospitality industry
• private schools
• factory owners
• law firms
• hospitals, among others

Documents needed to register your business:

1. Three (3) Proposed Name
2. Phone Number/Email address
3. Two (2) Passport sized photographs
4. Valid Means of Identification

Application start Date:

The fee registrations started on the 19^th October 2020.

Application Closing Date:

Unspecified

How To Apply For Free 250,000 FG-CAC Business Names Registration for MSMEs

Aggregators have been appointed to receive applications from interested persons in line with CAC requirements. The names and  contact details of the aggregators are provided below

LIST OF AGGREGATORS AND STATE FOCAL PERSONS FOR
THE FREE 250,000 FG/CAC BUSINESS NAMES REGISTRATION
FOR MSMEs

CONTACT PERSONS OF THE AGGREGATORS
1. YOBE STATE
MOHAMMED SAJE JAJERE
08034243245
mohammedsjajere@gmail.com
2. BORNO STATE
ALKALI MOHAMMED UMAR
No.1, NHIS Building, Damboa Road,
Maiduguri, Borno State
07032807091
mualkas58@gmail.com
3. RIVERS STATE
OJIAKOR NDIDIAMAKA
No.10, Ipic/Green Village Estate,
Akpajo Port Harcourt,
Rivers State
08035515095
4. IMO STATE
EMEKA GEOFFREY NWOKORIE
Plot 41, Chief Solomon Close,
New Owerri, Beside Ojukwu Library,
Owerri,
Imo State
08033461826

5. ZAMFARA STATE
SHEHU JARI ABUBAKAR
Yarima Quarters,
Kaura Namoda,
Zamfara State
07066572766
6. GOMBE STATE
MUHAMMAD MUSA BABA
Sakin Bolari Street,
Gombe, Gombe State
08138400118
muhammademir2@gmail.com
muhdemir01@yahoo.com
7. NASARAWA STATE
MOHD INUWA YAHAYA
Ta’al Model E-Library,
Nasarawa State
07037625935
8. NIGER STATE
HON. DANJUMA MANIN

Muye Transport Service,

Opposite Newsline Tunga,
Minna,
08036002690

9. EDO STATE
UZIEWE NELSON ENAKENO
6 Ero Drive, Off Maho Street,
Off Ekewan Road,
Benin City
08035353587
10. BAYELSA STATE
EKWOMMA HARRISON
Okutukutu By Damis Junction,

11. TARABA STATE
ABDULRAZAQ MOHAMMED NUHU
No.13, Hammaruwa Way,
Brothers Filling Station,
Adjacent MTN Head Office,
Jalingo,
08038772005
abdulmaiharka@gmail.com
12. KADUNA STATE
iBase Technologies LTD
Suite 1 2nd Floor,
Imam House,
Ahmadu Bello Way,
Kaduna State
08032846128
13. SOKOTO STATE
MUSTAPHA ABUBAKAR ALKALI
Sokoto North Senatorial District, ,
Garba Duba Road,
08025327960
14. KEBBI STATE
KAMA’AIKI COMPUTERS
Go Slow Road, Nasarawa,
Birnin Kebbi,
08037133071

15. ADAMAWA STATE
IBRAHIM MOHAMMED
Mohammed Mustapha Way,
Near Capital School,
Jimeta, Adamawa State
08069747512
16. KOGI STATE
HAJIYA FATIMA MUSA
Behind Former Federal Pay Office,
New Layout, Kogi State
08036018707
Fmusa6003@gmail.com
17. AKWA IBOM STATE
BRIGHT LAW CONSULT
42, Sanni Ogun Road,
Ikot Ekpene,
Akwa Ibom State

08039113913
18. OYO STATE
ABIDEMI OSENI ODUNTAN
(CORE EQUITY LIMITED)
Suite 58, Adebayo Shopping Complex,
Adex Bus Stop,
Along Monatan Iwo Road,
Ibadan,
08099990741

coreequity@gmail.com

19. ENUGU STATE
CHIEMEZIE OKONYIA
(CORE EQUITY LIMITED)

Enugu state
08134069965
coreequity@gmail.com
20. CROSS RIVER STATE
OGBECHE McDON KENNETH
SHOP RITE PLAZA ANNEX,
28, MCC ROAD,
CALABAR,
07031525265
iconmcdon@gmail.com
21. KANO STATE
MUSTAPHA NASIR
NO. 8 GIDAN BABAN GWOGGO,
UNITY ROAD, KANO
08035686398
22. ABIA STATE
NESOCHI ALFRED-IGBOKWE
`08123010407
23. BENUE STATE
MONE NYAKAN
08138413403
24. EKITI STATE
IPAYE TITILOLA
08164248733

25. ONDO STATE
ADEGBOYEGA OLUFUNMILOLA SEUN
08138584754
26. OSUN STATE
OLUWAFUNMI OLUSEGUN AKANKI
07058027905
27. LAGOS STATE
TIMOTHY ASOBELE EMMANUEL DARE
07087759674
28. EBONYI STATE
FLORA OCHADU
08122544224
29. EBONYI STATE
FLORA OCHADU

08122544224
30. KWARA STATE
MUBARAK OPEYEMI
08148600902
31. OGUN STATE
OPEYEMI OLATINWO
07058027905
32.
ABUJA-FCT
ADESHINNA AGOI
07036657855
Abuja-FCT

33. ANAMBRA STATE
NASME
THEO NNOROM
08033152061
34. DELTA STATE
NASME

35. JIGAWA STATE
SMEDAN
AMINU SALEH
08032982133
36. KATSINA STATE
SMEDAN
ISAH MIQDAD
07064607578
37. BAUCHI STATE
ITF
MR. RICHARD BABA AUDU
08035769191
INDUSTRIAL TRAINING FUND,
Bauchi Area Office,
Murtala Mohammed Way,
Off Central Bank Round About,
Federal Low-cost Housing Estate,
Bauchi State
38. PLATEAU STATE
ITF
HAJIYA KHADIJA MUDI
08034526707
INDUSTRIAL TRAINING FUND,
Jos Area Office,
No.1, Kufang Miango Road,
Opposite Maranatha Bible Church,
Kufang, Jos, Plateau State

For more information, click here

This is coming days after the office of the Accountant General of the Federation was on fire.

The building is located in the highbrow Maitama District of the territory.

As at the time of filing this report, the cause of the inferno is still unknown.

However, it was learned that the Federal Fire Service had been alerted to the incident and were on their way to the scene.