- The Registrar General of Corporate Affairs Commission underscored the accomplishments of the Point-of-Sale (POS) Formalization Project, which has successfully registered approximately 100,000 operators in adherence to Section 863 of the Companies and Allied Matters Act (CAMA) 2020.
- The Registrar General disclosed the Commission’s intention to impose sanctions on operators who do not comply with the formalization requirements.
The Corporate Affairs Commission’s Registrar General, Hussaini Ishaq Magaji, announced that approximately 100,000 Point of Sale (POS) operators have formally registered their businesses with the commission as part of its POS formalization initiative.
Eko Hot Blog gathered that Magaji made this statement during an in-house enforcement and compliance training for state offices held on Monday in Abuja.
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Magaji said that the training, with the themed “Re-engineering the Commission for Compliance and Enforcement Mandates” would ensure efficient management of corporate entities.
He emphasized the importance of enforcement and compliance functions beyond the routine registration of businesses and called for a paradigm shift in the commission’s operations
“One of the key priorities I identified upon assuming duty in 2023, was the need to bring the commission’s regulatory and management functions to the forefront.
“This led to the inclusion of compliance enforcement as a key component of my four-point agenda,” he said.
The Registrar General emphasized the potential of Artificial Intelligence (AI) in streamlining routine tasks such as business registration, thereby allowing the Commission to allocate resources towards more intricate compliance and enforcement activities.
He also underscored the accomplishments of the Point-of-Sale (POS) Formalization Project, which has successfully registered approximately 100,000 operators in adherence to Section 863 of the Companies and Allied Matters Act (CAMA) 2020.
The project’s broader goal is to formalize at least 250,000 operators within the sector, as part of a comprehensive strategy to regulate Nigeria’s estimated 40 million micro, small, and medium enterprises (MSMEs).
“Formalisation is the first step for legitimate business operations and access to government interventions.
” It also mitigates the risks associated with unregistered businesses, such as money laundering and terrorism financing,” Magaji said.
The Registrar General disclosed the Commission’s intention to impose sanctions on operators who do not comply with the formalization requirements.
He clarified that a single registration is sufficient for operators working across various fintech platforms, eliminating the need for multiple registrations.
Beyond pre-incorporation activities, the registrar-general stressed the need to prioritise post-incorporation compliance, which he described as a sustainable revenue stream for modern registries.
He further announced plans to tackle challenges such as shell companies, opaque ownership structures, and the disclosure of persons with significant control in accordance with international standards and the Persons with Significant Control Regulations.
He clarified that a single registration is sufficient for operators working across various fintech platforms, eliminating the need for multiple registrations.
“This training will position our staff to undertake compliance enforcement and inspection duties with confidence.
” It also marks the start of our drive towards a hyper post-incorporation compliance mode.
“The training includes technical sessions on statutory books, records, returns, and filings for registered entities, with input from resource persons from law enforcement agencies to share practical experiences, “he said.
He urged participants to engage actively and embrace the reforms as part of efforts to align the commission’s operations with global best practices.
Representing the National Drug Law Enforcement Agency, its Deputy Commander on Narcotics, Harami Wakirwa, said that the initiative demonstrated CAC’s commitment to promoting compliance, integrity and accountability.
“This is a good step in the right direction. I wish you all a productive and engaging experience.
” Let us work together to foster a culture of compliance and make a positive impact in our industries and countries,” he said.
Also, DCP Usman Ahmed, Deputy Director, Nigeria Police Force National Cybercrime Center (NPF-NCCC), acknowledged the crucial role compliance and enforcement played in safeguarding and fostering a secure regime for business operations.
“The challenges we face today, especially in cyber-attacks, demand that we continually adapt and improve our strategies and practices.
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“This training is not just an opportunity to acquire knowledge, but should allow us to improve cybersecurity, inter-agency collaboration, and share the responsibility to restore confidence in public institutions.
“We must embrace this opportunity to re-engineer our operations and reinforce our ability to excel in cyber security. Together, we can make a significant impact,” he said.
