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CAC registration: Police to go after illegal PoS operators

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By Francesca Hangeior

The Federal Government has said mandatory registration of Point-of-Sales operators nationwide will reduce kidnapping and help security agencies arrest recipients of ransom payments from kidnap victims.

It also vowed that security agencies would go after PoS operators who fail to comply with the directive to register with the Corporate Affairs Commission after July 7, 2024.

The Registrar-General, CAC, Hussaini Magaji, disclosed this at the formal launch of the CAC registration of agents and merchants of fintechs on Wednesday in Abuja.

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The event also marked the unveiling of a 24-hour service centre to help prospective applicants get a prompt response to enquiries and approvals.

The government had through the commission on Monday issued a two-month registration deadline for PoS operators to register as corporate bodies with the commission in line with the legal requirements and directives of the Central Bank of Nigeria.

The action backed by Section 863, Subsection 1 of the Companies and Allied Matters Act, CAMA 2020 as well as the 2013 CBN guidelines on agent banking aims to safeguard businesses and strengthen the economy.

It also came against the backdrop of frequent fraud incidents involving PoS terminals and plans to stop trading in cryptocurrency or any virtual currency by the Central Bank of Nigeria.

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PoS terminals accounted for 26.37 per cent of fraud incidents in 2023, according to a fraud report by the Nigeria Inter-Bank Settlement System Plc.

Last week, the CBN stopped major fintech firms like Kuda, Opay, PalmPay and Moniepoint from onboarding new customers. The fintech firms later warned their customers against trading in cryptocurrency or any virtual currency on their apps, threatening to block any accounts found engaging in such activities.

Speaking at the event, Hussaini reiterated the government’s resolve to fully implement the mandate by providing a fully digitised service centre for easy registration.

He emphasised that the registration process aligns with both legal requirements and the directives of the CBN mandating individual, merchant or business entities to be captured in its database.

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He further warned that the 60-day deadline would not be extended while stressing that defaulters would receive adequate punishments after the deadline.

He said, “We have launched a 24-hour service centre to accommodate enquiries from Point of Sales operators and agents who may want to register as directed by the new policy.

The secretariat is filled with staff members who have the responsibility of availability, and some are being saddled with the responsibility of approving requests. We have equipped the secretariat with the necessary facilities.

“This is to show you how the government is taking this issue seriously and the centre will be open for a 24-hour service. It will be open for compliance and any feedback from the public especially PoS operators who have been mandated to register their businesses with the commission.”

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He added, “We have trained our staff to accommodate these activities and these staff can work from home and that’s why we said 24-hour service. We have equipped them with facilities and they can work from home for approvals and availability segment. The deadline remains 60 days and it will end July 7th.”

The CAC boss further stated that the timeline was not intended to target specific groups or individuals but genuinely aimed at safeguarding businesses.

The CAC boss explained, “Of course, the mandatory registration will reduce crime and fraudulent practices, the commission is hosting data and if any crime is committed anywhere, the security agencies would have to reach us to know the people behind the company and the fraudsters. But if they are not registered, we can’t do anything and that’s the essence of the registration.

“We have had a situation where a ransom is being paid with a PoS terminal and a lot of fraud but after the registration, if anything happens we can provide the details of the persons behind the company to the government. We will capture the picture and other relevant information and this is a good development for the country.”

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He stressed that “after the deadline, we would go after defaulters, If you have been identified as a criminal, security agents will go after you, we will go after them because some are being chased by the security agencies already.”

He elaborated on the benefits of registration, emphasising that it goes beyond taxation to encompass access to loans, legality, and compliance with regulatory requirements.

“The law has stated that for any person to carry out business activity in the country, your business must be legitimate and for your business to be legitimate you must register, either you are doing your business as an individual or as an agent, you must register with us’.

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Osun Govt finally speaks As Court orders banks to freeze state accounts

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The Osun State Government has said it has filed an application before the Federal High Court in Lagos seeking to set aside the ex parte order restricting transactions on accounts operated by the state government over a $13.9 million arbitration award in favour of Gamji Nigeria Company Limited.

The government also assured the public that it had commenced necessary legal steps to vacate the order and protect the state’s interests through a judicial review of the arbitration award.

In a statement issued on Sunday and signed by the Commissioner for Information and Public Enlightenment, Kolapo Alimi, the government described the order as having been obtained through what it called non-disclosure of material facts to the court.

According to the statement, the arbitration award Gamji sought to enforce was also allegedly affected by several irregularities, prompting the state government’s legal team to approach the Lagos State High Court to challenge the award.

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The government said the ex parte order of September 9, 2026 referenced an alleged arbitral award, but maintained that no such award was made against the state government in July 2024.

It clarified that the only arbitral award against the state government was issued in July 2026 and that the award was already being challenged by the government before the Lagos State High Court.

The government traced the dispute to a 2017 contract awarded during the administration of former Governor Adegboyega Oyetola. It said the administration rejected a variation request by Gamji, particularly over the company’s claim that the state was indebted to it in the sum of $15,982,638.22.

The matter subsequently proceeded to arbitration, which the state government alleged was improperly handled in favour of Gamji, while the state was denied a fair hearing and full participation in the process.

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The government said its legal team had already filed a suit at the Lagos State High Court on September 1, 2026, seeking to set aside the arbitral award before Gamji approached the Federal High Court.

It added that a motion on notice seeking to suspend enforcement of the award pending the determination of the suit was also filed and served on Gamji and its counsel.

According to the state government, Gamji was therefore aware that the award was being challenged before a competent court when it approached the Federal High Court to seek enforcement.

The government further alleged that Gamji failed to disclose to the Federal High Court that the validity of the award was already being challenged before the Lagos State High Court and that the company had been served with an application seeking to suspend enforcement pending the determination of the case.

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The state government disclosed that it had also filed a motion on notice seeking to set aside the September 9 order and informed the Federal High Court of the circumstances surrounding the arbitration proceedings and the pending challenge.

It, however, said it would refrain from making further comments on the merits of the case because the matter remains sub judice.

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Sad development as abductors beat up 20 corp members, reduce ransom from N50m to N5m each

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The 20 National Youth Service Corps (NYSC) members kidnapped by gunmen in Imo State have allegedly been subjected to physical ass@ult by their captors, with the kidn@ppers reportedly reducing their ransom demand to N5 million per victim.

The graduates were abducted on Thursday while travelling from Ibadan to their NYSC orientation camps in Abia and Akwa Ibom states. They were reportedly att@cked along the Owerri-Onitsha Road in Umunoha, Imo State, while travelling in two buses.

A relative of one of the victims, Alhaja Alimot Akande, said the abd¥ctors initially demanded N50 million for each victim but had now reduced it to N5 million.

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“They are still demanding N5 million. They have come down to N5 million each,” she said.

Akande also alleged that the abductors had started beating the victims, including the women.

When I spoke to my sister, they started beating them since yesterday,” she said.

Asked if the female victims were also being assaulted, she replied: “They are not sparing anybody. They are beating all of them.”

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She said one victim was also allowed to speak with his father, with the abd¥ctors reportedly monitoring the calls to assess the family’s ability to raise the ransom.

Meanwhile, the Oyo State Government said it was working with the Imo State Government and security agencies to secure the victims’ release.

Oyo State Commissioner for Information, Prince Dotun Oyelade, said the government was drawing on its experience from the recent Oriire abduction to assist efforts in Imo State.

“Oyo State Government had not and will not abandon its citizens. We will continue to work endlessly and desperately to secure the release of our children,” he said.

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Painful! Varsity VC dies 48hrs after taking office

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Tansian University, Umunya, Anambra State, has been thrown into mourning following the sudden death of its newly inaugurated substantive Vice-Chancellor, Professor Carter Dike Umeoduagu, barely 48 hours after assuming office.

Umeoduagu was formally sworn in as the substantive Vice-Chancellor of the university on Thursday, October 1, 2026, marking the commencement of his tenure.

However, the professor reportedly took ill on Saturday, October 3, two days after his assumption of office, and subsequently died.

His sudden death has sent shock waves through the university community, particularly coming at a time when the institution has been facing leadership challenges.

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The development is also coming amid recent controversy over the leadership of the university, including disputes surrounding the tenure of the former Vice-Chancellor, Professor Eugene Okoye Nwadialor, and the emergence of an acting leadership structure.

The death of Umeoduagu, coming almost immediately after his formal assumption of office, has added a tragic dimension to the university’s recent leadership crisis.

Details of the circumstances surrounding his illness and death were not immediately available as of the time of filing this report.

The university community, academics, colleagues, family members and associates are expected to mourn the deceased academic and administrator, whose tenure as Vice-Chancellor ended almost as soon as it began.

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