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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.
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Just in: Dangote Refinery slashes petrol, diesel prices
Dangote Petroleum Refinery and Petrochemicals has announced fresh reductions in the prices of Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), commonly referred to as diesel.
Information made available to an online medium on Saturday by a source familiar with the development showed that the refinery has lowered the gantry price of petrol by N25 per litre, bringing it down from N1,275 to N1,250 per litre.
The source also disclosed that the price of Automotive Gas Oil (diesel) has been reduced by N100 per litre.
The product will now sell at N1,700 per litre at the gantry, down from the previous N1,800 per litre.
The latest price reduction comes about three weeks after reports emerged that Dangote Refinery had increased the ex-gantry price of petrol.
At the time, a credible inside source disclosed that petrol continued to sell at N1,275 per litre at the refinery, hours after reports claimed that the company had raised its petrol price by N75 amid fluctuations in global crude oil prices.
Source: gistcore
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KWARA 2027: A FOOD FOR THOUGHT AND A POINT OF DECISION
My dear people of Kwara State,
Today, I speak not merely as the governorship candidate of the African Democratic Congress (ADC), but as a concerned son of Kwara State who believes that our future can and must be better than our present. This is not an acceptance speech; it is a food for thought and a point of decision for every Kwaran who desires genuine progress, security, and prosperity.
I begin by expressing my profound gratitude to the leadership of our great party, the ADC, and to our members and supporters across the sixteen local government areas for the confidence they have reposed in me. I am humbled by this trust and fully aware of the enormous responsibility it carries.
But beyond politics lies a fundamental question: What kind of Kwara do we want to leave behind for our children and generations yet unborn?
Kwara State is uniquely blessed. By geography and history, we are the gateway between Northern and Southern Nigeria. This strategic location places us at the crossroads of commerce, agriculture, transportation, and investment. Yet, despite these natural advantages, our state has not fully harnessed its immense economic potential.
Under purposeful leadership, Kwara can become the logistics and commercial hub connecting the North and South. We can attract industries, agro-processing facilities, warehousing hubs, transport terminals, and investments that create jobs and wealth for our people. Our fertile lands can support large-scale agriculture and agro-industrial development, while our strategic location can position Kwara as one of Nigeria’s leading destinations for business and investment.
However, no economy can thrive where insecurity persists. Investors do not invest where there is fear. Farmers cannot cultivate their lands where they feel unsafe. Communities cannot prosper when criminal elements threaten lives and property.
Security, therefore, is not merely a government responsibility; it is the foundation upon which development rests.
As a scholar and practitioner in Defence and Security Studies, I possess a deep understanding of contemporary security challenges and the strategies required to address them. My academic background, combined with practical experience in public service, has equipped me with the knowledge necessary to formulate effective security policies for our state.
If entrusted with the mandate to serve, my administration will work closely with conventional security agencies, traditional institutions, community leaders, vigilante groups, hunters’ associations, and other community-based security outfits to establish a comprehensive security architecture that protects every corner of Kwara State.
We shall strengthen intelligence gathering at the grassroots, improve coordination among security stakeholders, support lawful community policing initiatives, deploy technology where necessary, and ensure rapid response mechanisms to emerging threats. Our goal will be clear: to restore Kwara’s reputation as one of the safest and most peaceful states in Nigeria.
Kwara was once widely known for its tranquillity, harmony, and peaceful coexistence. We must not allow criminality, banditry, kidnapping, or external threats to define our future. Together with our security agencies and local communities, we shall reclaim every space threatened by insecurity and restore confidence among our people.
The ADC remains distinct because it is built on the principles of accountability, transparency, inclusion, and people-oriented governance. We believe leadership should be measured by results and service, not by propaganda and political patronage.
My candidacy represents competence, experience, independence, and a genuine commitment to the welfare of our people. I come without the burden of political Baggage, My commitment is to the people of Kwara State and to the vision of building a state where every citizen has an opportunity to succeed.
The election before us is therefore not merely a political contest. It is a defining choice between complacency and progress, between managing challenges and solving them, between unrealized potential and shared prosperity.
I firmly believe that Kwara can become a model state in Nigeria a state where security guarantees prosperity, where agriculture drives economic growth, where industries create employment, where education empowers our youth, and where government remains accountable to the people.
This vision is achievable, but it requires courage, unity, and a collective decision to embrace a new direction.
I therefore call on all Kwarans regardless of ethnicity, religion, political affiliation, or social status to reflect deeply on the future of our state. Let us rise above division and focus on competence, character, and capacity.
Let us choose leadership that understands our challenges and possesses the vision to transform them into opportunities.
Let us choose a future where Kwara’s strategic location becomes a source of wealth, where our communities are secure, where our youths are gainfully employed, and where prosperity is shared by all.
The time has come to move Kwara from potential to performance, from uncertainty to confidence, from insecurity to peace, and from promises to prosperity.
The choice is ours.
The future is ours.
The moment is now.
Hon. Zakari Mohammed
ADC Governorship Candidate, Kwara State.
News
Rema finally reveals why he ended his relationship with girlfriend
Nigerian singer Divine Ikubor, popularly known as Rema, has revealed why he ended his affairs with his ex-girlfriend, claiming that she was “quite manipulative”.
In an interview with YouTuber Korty EO, Rema said the relationship was “beautiful” but not always peaceful.
The singer lamented that sometimes when he returns home hoping to rest from the pressure of the outside world, his then girlfriend often greeted him with chaos.
He said he eventually walked away when he could no longer tolerate her excesses.
“My romantic relationship was beautiful but a little quite manipulative. So much pressure. Knowing the world puts so much pressure on me but coming back home is where you want to feel relieved but when you come back home and you are getting more pressure, it’s a different story. For now, I’m done,” he said.
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