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POS Machine Source: Arunachal24.in
The Corporate Affairs Commission has issued a stern reminder to Point-of-Sale operators across Nigeria that the deadline for business registration initially announced on July 7, 2024, expired on September 5, 2024.
In a statement released on Friday, the CAC expressed concern over the inadequate compliance with the directive despite the large number of PoS operators in the country.
However, the CAC commended operators who had taken steps to formalise their businesses, praising their “positive attitude” towards compliance.
The commission noted with concern the significant number of operators who had not adhered to the directive.
“Recalcitrant operators have refused to adhere to the advice for formalisation due possibly to engagements in unwholesome activities or for some reasons best known to them,” part of the statement read.”
The CAC emphasised that it was working in collaboration with law enforcement agencies and other relevant stakeholders to implement a comprehensive enforcement and sanction framework.
“We are to make it clear that the commission is working with law enforcement agencies and other relevant stakeholders to deploy comprehensive enforcement and sanction framework that may include not only possible shutdown but other severe legal consequences,” the statement further read.
Recall that the Federal Government, through the CAC had previously set a two-month deadline for PoS companies to register their agents, merchants, and individuals with the Commission in compliance with legal requirements and the directives of the Central Bank of Nigeria.
Reacting, the National President of the Association of Mobile Money and Bank Agents in Nigeria, Sarafadeen Fasasi, described the move by the CAC to clamp down on his members who were yet to register with the commission as illegal.
Fasasi insisted that the commission had no right to curb fraud in their industry and called on his members to ignore the CAC’s threat.
“What the CAC is doing is illegal; the case is in court. What they are trying to do is contempt of court and we are writing the court immediately to stop CAC from going ahead with its plan.
“We are writing the court and the CAC itself to call their attention to the issue of contempt of court because they don’t have the right to enforce anything and we are also writing all the security agencies.
“We have taken the CAC to court on this matter. So, it will be tantamount to contempt of court for the CAC to still be issuing this type of directive. All the parties in the case are expected to respect the court and maintain status quo until after the case is determined,” Fasasi said.
