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FG Gives Deadline To PoS Operators To Register With CAC
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The Corporate Affairs Commission has set a two-month deadline for Point of Sale operators in the country to register their agents, merchants and individuals, latest by July 7, 2024.
The Registrar-General/Chief Executive Officer, CAC, Hussaini Magaji, SAN, met with some fintech companies, also known as PoS, on Monday in Abuja, during which the agreement was reached.
Magaji said the measure aims at safeguarding the businesses of fintech customers and strengthening the economy, the commission stated via its X handle, tweeting as @cacnigeria1.
Magaji stated that the move complies with “Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 Central Bank of Nigeria’s guidelines on agent banking.”
The tweet partly read, “Hussaini Magaji, therefore, said that the timeline for the registration, which will expire on July 7, 2024, was not targeted at any groups or individuals but genuinely aimed at protecting businesses.
“Several speakers from the fintech industry pledged to collaborate with the Commission to ensure hitch-free implementation of the directive.
“Some of them, however, stressed the need for adequate and collective sensitisation to ensure that the exercise achieved the desired results.”
In his remarks, Tokoni Peter, the Special Adviser to President Bola Tinubu on ICT Development and Innovation, “pledged to ensure the smooth facilitation of the process in line with the Renewed Hope Initiative of the present administration.”
Present at the meeting were representatives of fintech companies, including Opay, Momba, Palm Pay, Moniepoint, Paystack, among others.
Aside from being an avenue for job creation, PoS operators play a significant role in financial transactions nationwide.
The move to compel the registration of the fintech companies with the CAC has come at a much-needed time as the companies have also been a key part of fraudulent transactions.
In its Annual Fraud Landscape (January to December 2023) report, the Nigeria Inter-Bank Settlement System has said that financial institutions lost about N17.67 billion to fraud in 2023.
It was also reported that the Web and PoS channels were the most exploited payment channels by fraudsters in 2023.
The count of Web Fraud decreased by 38 per cent and ATM fraud recorded a 64 per cent reduction from 2022 to 2023.
News
‘Vote for My Husband in 2027’ — Remi Tinubu Appeals to South-East Voters
Nigeria’s First Lady, Senator Oluremi Tinubu, has appealed to voters in the South-East to support President Bola Ahmed Tinubu’s bid for re-election in the 2027 presidential election.
The First Lady made the appeal in Owerri, Imo State, during an official visit to distribute empowerment items to women as part of the Federal Government’s efforts to promote women’s economic participation.
Addressing beneficiaries and residents, Oluremi Tinubu urged the people of the South-East to support her husband’s administration, promising that the government would continue working to improve the lives of Nigerians.
«“Make una vote for Mr President, we go work for una and Nigeria go better. I want to enjoy Nigeria at old age, so I will work for Nigeria, for my old age,” she said.»
The empowerment programme is being implemented through the Office of the Senior Special Assistant to the President on Sustainable Development Goals and is expected to reach 18,500 women across Nigeria.
Under the initiative, 500 women in each of the five South-East states are expected to receive business-support equipment, including generators, industrial grinding machines, gas cylinders and ovens.
In Imo State, Governor Hope Uzodimma expanded the programme by providing additional empowerment items for 2,000 women, bringing the total number of beneficiaries in the state to 2,500.
Following the governor’s intervention, the First Lady announced an additional ₦100,000 cash support for each beneficiary.
She said the initiative was consistent with President Tinubu’s economic development agenda, particularly efforts aimed at empowering women and promoting sustainable livelihoods.
“Recognising the typical role women play in nation building, this is in line with the agenda of Mr President, Bola Ahmed Tinubu, which prioritises economic growth and sustainable development for all Nigerians, particularly women,” she said.
Oluremi Tinubu urged the beneficiaries to invest the equipment and financial support wisely, stressing that the intervention was intended to help women expand their businesses, improve household income and build more secure futures for their families.
“Let it serve as a foundation for creating a better life for you and your family,” she added.
The appeal comes as political parties and major political figures begin positioning themselves ahead of the 2027 general elections, with the South-East expected to remain an important battleground in the presidential contest.
News
Court Grants 67-Year-Old UK-Based Nigerian Woman N150m Bail Over Alleged 13kg Cocaine Shipment
A Federal High Court sitting in Lagos has granted ₦150 million bail to 67-year-old UK-based Nigerian, Mrs Mary Yetunde Barek, who is standing trial over the alleged trafficking of 13 kilogrammes of cocaine to the United Kingdom.
Justice Friday Ogazi granted the defendant bail with two sureties in the same sum, subject to stringent conditions.
The court ordered that both sureties must reside within its jurisdiction and own landed property valued at not less than ₦150 million. They are also required to provide evidence of ownership of the properties and proof of tax payments for the past three years.
Barek, who ordinarily resides in the United Kingdom, was further directed to surrender her British international passport to the court and remain in Nigeria throughout the trial. She must also obtain the court’s permission before travelling outside the country.
The case stems from an alleged cocaine shipment intercepted at the Murtala Muhammed International Airport, Lagos, on June 28, 2026.
The National Drug Law Enforcement Agency (NDLEA) alleged that Barek was arrested during the outward clearance of passengers travelling on a Virgin Atlantic flight from Terminal 2 of the airport in Ikeja.
According to the prosecution, the 13kg consignment of cocaine was allegedly concealed and disguised as plantain in an attempt to facilitate its transportation to the UK.
The NDLEA further alleged that Barek transported the prohibited substance from her residence on Alhaji Azeez Ajanaku Street, Okota, Lagos, to the airport for onward export.
She was subsequently arraigned before the Federal High Court in August and pleaded not guilty to the charges.
The prosecution said the alleged offence contravened Section 11(b) of the National Drug Law Enforcement Agency Act, a provision dealing with unlawful dealing in and trafficking of controlled narcotic substances.
During the bail proceedings, the prosecution opposed the application, while Barek’s lawyer urged the court to consider her age and reported health condition in granting her temporary freedom pending trial.
After considering the arguments, Justice Ogazi granted bail but imposed strict conditions designed to ensure that the defendant remains available for trial.
The court specifically ordered that she must not leave Nigeria without its prior permission.
The allegations against Barek remain unproven, as she has pleaded not guilty and is presumed innocent until proven guilty by the court.
News
NCC Moves to Block Unapproved Phones From Nigerian Networks — What Users Must Know
The Nigerian Communications Commission (NCC) is moving to strengthen the identification of mobile phones and other SIM-enabled devices operating on Nigerian telecommunications networks, a development that could eventually see unapproved or illegally imported devices blocked from accessing local networks.
The initiative is aimed at establishing a central system for identifying and authenticating mobile devices in Nigeria, with the International Mobile Equipment Identity (IMEI) serving as a key identifier.
What does the NCC’s move mean for phone users?
In simple terms, the NCC wants to establish whether devices connected to Nigerian networks are genuine, properly approved and legally introduced into the Nigerian market.
Every mobile phone has a unique IMEI number — essentially a digital identity that distinguishes one device from another.
Under the proposed system, information linked to devices, including their IMEI numbers, can be used to identify, authenticate and manage phones and other SIM-enabled equipment operating on Nigerian networks.
Will your phone suddenly stop working?
Not necessarily.
The development does not mean that every existing phone in Nigeria will immediately be disconnected from mobile networks.
The initial focus is expected to involve manufacturers, importers, dealers and devices entering or already circulating in the Nigerian market.
However, as the device identification system becomes fully operational, phones that fail approval requirements or are found to have been illegally imported could potentially be restricted from accessing Nigerian mobile networks.
What about fairly used phones?
People who buy fairly used or imported phones will need to exercise greater caution.
A cheap price does not necessarily mean a good deal. A device with an invalid, altered or questionable IMEI, or one reported as stolen, could face connectivity problems if it is eventually identified and blocked.
Buyers are therefore advised to purchase devices from reputable sellers and check the phone’s identity and condition before completing a transaction.
Can the NCC access your WhatsApp messages and photos?
No.
The device identification system is designed to identify and authenticate mobile devices. It does not, by itself, give NCC officials access to a user’s WhatsApp conversations, photographs, videos, contacts or other personal content stored on the phone.
Could the system help fight phone theft?
Yes.
One potential benefit is improved identification and blocking of stolen devices.
Because an IMEI is tied to the device rather than the SIM card, changing the SIM in a stolen phone does not change its IMEI. If the device is reported and subsequently blocked, inserting another SIM card would not necessarily restore its access to Nigerian mobile networks.
What should phone buyers do now?
Consumers should:
– Buy phones from trusted and reputable dealers.
– Be cautious when purchasing unusually cheap imported devices.
– Check the device’s IMEI before buying.
– Avoid phones with signs of IMEI tampering.
– Keep purchase receipts and other proof of ownership where possible.
– Be particularly careful when buying fairly used phones from unknown sources.
Bottom line
The NCC’s device-management initiative is essentially about giving mobile devices a verifiable digital identity on Nigerian networks.
For ordinary phone users, there is no need for immediate panic. However, as the system develops, buying genuine, properly approved devices from reliable sources could become increasingly important.
The message is straightforward: know the phone you are buying, verify its identity and avoid questionable devices.
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