The Corporate Affairs Commission (CAC) has issued a reminder to Point of Sale (Pos) operators across Nigeria that the deadline for business registration, initially set on July 7, 2024, has passed as of September 5, 2024.
In a statement released on Friday, the CAC expressed concern over the low compliance rate among Pos operators, despite their large numbers in the country. The Commission acknowledged and praised those who have successfully registered their businesses, noting their “positive attitudes” towards compliance. However, it also highlighted its apprehension regarding the substantial number of operators who have failed to meet the registration requirements.
The CAC has indicated that non-compliant businesses may face severe legal consequences, including possible shutdowns. The statement emphasized that the Commission is collaborating with Law Enforcement Agencies and other relevant stakeholders to enforce this directive rigorously.
The Federal Government, through the CAC, had previously mandated a two-month registration period for Pos operators to register their agents, merchants, and individuals in line with legal requirements and Central Bank of Nigeria (CBN) directives. This measure was introduced in response to a surge in fraud incidents involving Pos terminals and the CBN’s intention to restrict trading in cryptocurrencies and virtual currencies.
A report from the Nigeria Inter-Bank Settlement System Plc revealed that Pos terminals were implicated in 26.37 percent of fraud cases in 2023. The CAC’s registration initiative aims to curb such fraudulent activities, as well as to address issues related to kidnapping and ransom payments.
Written By; Christopher Emuakpeje