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Only 100,000 POS operators registered – CAC
The Registrar General of the Corporate Affairs Commission, Hussaini Ishaq Magaji has revealed that only 100,000 Point of Sale (POS) operators have officially registered their businesses with the commission as part of its POS formalization project.
Magaji said this during the in-house enforcement and compliance training for state offices on Monday in Abuja,
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 called for a paradigm shift in the commission’s operations, emphasising the importance of compliance and enforcement functions beyond the routine registration of businesses.
“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 said that advancements in Artificial Intelligence (AI) could handle routine operational tasks like business registration, freeing resources for more complex compliance and enforcement activities.
He reiterated the success of the PoS Formalisation Project, which had registered about 100,000 Point-of-Sale operators under the requirements of Section 863 of the Companies and Allied Matters Act (CAMA) 2020.
According to him, the project aims to formalise at least 250,000 operators in the sector as part of broader efforts to regulate the estimated 40 million micro, small, and medium enterprises (MSMEs) in Nigeria.
“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.
He revealed plans to implement sanctions for operators who fail to comply with formalisation requirements and clarified that multiple registrations across fintech platforms were unnecessary, as one registration sufficed
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 also unveiled plans to address issues like shell companies, opaque ownership structures, and proper disclosure of persons with significant control, in line with global standards and the Persons with Significant Control Regulations.
“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.
“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.
Suspected bandits have reportedly attacked the palace of a traditional ruler in Olayinka community, Ifelodun Local Government Area of Kwara State, abducting the monarch, his wife, and one other person in the early hours of Saturday.
According to sources who spoke to newsmen, the armed men stormed the palace around 1:40 a.m., firing sporadically before taking the royal father to an unknown destination.
Yes. At Olayinka at about 1 am. His wife and one other person were also abducted.
The Monarch is one of the recently graded.”
Another source added, “The bandits invaded the palace around 1:40 a.m. on Saturday. They came heavily armed and took the monarch away without resistance because everyone was terrified.”
The abducted monarch was said to have been recently elevated and officially installed by the Kwara State Government earlier this year, a development that has made the incident particularly shocking to residents.
The attack is the third reported case of a traditional ruler being kidnapped in Kwara South within a year. In 2025, two monarchs in the region were abducted by suspected bandits and were only released after ransom payments were made.
Domestic prices of petrol and diesel are expected to decline following a sharp drop in global crude oil prices triggered by the reopening of the Strait of Hormuz.
As of Saturday morning, West Texas Intermediate (WTI) and Brent crude fell by 11 percent and 9 percent to $83.85 and $90.38 per barrel, respectively, down from about $100 per barrel.
The decline comes after Iran announced that the Strait of Hormuz has been fully reopened for vessel passage.
The development has begun to reflect in Nigeria’s downstream petroleum market, where depot marketers have slightly reduced fuel prices.
Petrol prices at depots now range between N1,205 and N1,206 per litre— about N5 to N6 higher than the Dangote Refinery price of N1,200 per litre.
This pricing trend was observed among marketers such as Aiteo, Bono, and NIPCO.
Meanwhile, diesel prices at depots in Lagos, including Menj and Duport, stood at N1,775 per liter.
Market observers say the drop in crude oil prices has triggered panic selling among depot marketers.
Despite this, retail pump prices have remained unchanged as of filing this report, with petrol selling between N1,290 and N1,333 per litre, while diesel ranges from N1,850 to N1,900 per litre.
The President of the Independent Petroleum Marketers Association, Abubakar Maigandi, confirmed the development, noting that further reductions are likely if the downward trend in crude prices persists.
“We expect fuel prices to drop in the coming days if crude oil prices continue to decline.
Daily Post
An Area Court at Centre-Igboro, Ilorin, Kwara State, has dissolved the Islamic marriage between a couple, Toyin Ajibola and Bashirat Mohammed on grounds of lack of money.
The presiding judge, Hammad Ajumonbi, while delivering ruling said that even though Toyin did not want to divorce his wife, she still had the needed to move on not be left stranded.
He, dissolved their marriage and granted custody of the three children from their union to the wife.
The court also ordered the woman to observe the three months iddah (waiting) period before remarrying.
Ajumonbi ordered Toyin to be responsible for the feeding of their children.
“The defendant should have unrestricted access to their children, while the plaintiff should always make their children available any time the defendant requested to see them,” the judge said.
Earlier, Bashirat had applied for divorce saying that she was tired of her marriage to her husband due to paucity of fund and her husband’s irresponsibility.
“I want the court to grant me divorce so that I can have rest of mind,” she said.
The husband, however, told the court that he was still interested in his wife even though he was financially handicapped.
“I have been trying hard to get money to feed my family, but couldn’t.
“It is so painful that I can’t get money to visit her and the children when they left home,” he said.
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