RG CAC seeks stakeholders’ support for enhanced service delivery

The Registrar-General and CEO of the CAC, Hussaini Ishaq Magaji, SAN, has enlisted the support of stakeholders and customers to work with the Commission to ensure that issues related to the regulation of entities are seamlessly implemented.   The Registrar General made the call today during a one-day familiarisation with customers and stakeholders held in Abuja.   Hussaini Magaji described the event as an avenue to exchange ideas on the way forward for enhancing efficient and effective service delivery that satisfied the yearnings and aspirations of all stakeholders.   He…

CBN affirms CAC’s position on registration of Fintechs

The Central Bank of Nigeria (CBN) today sustained the position of the Corporate Affairs Commission (CAC) that all agents within the Fintech mobile payment cluster are under obligation to register their businesses.   The CAC had previously stated that all Fintechs must register with the CAC before commencing business in line with the express provisions of the Companies and Allied Matters Act, CAMA 2020.   The meeting held at the Central Bank of Nigeria (CBN) was presided over by the apex Bank Governor, Olayemi Cardoso.   The Registrar-General of the…

CAC shines as FG launches jobs initiative in Gombe

The Federal Government has launched the Outsource to Nigeria Initiative OTNI/Commissioning of the Business Outsourcing Centre (BPO) in Gombe State. The ceremony which was performed by the Vice President, Kashim Shettima was also attended by the Registrar-General and CEO of the CAC, Hussaini Ishaq Magaji amongst other important dignitaries. The project, which is an initiative of the Gombe State Government under the leadership of Governor Inuwa Yahaya, aims at creating 2,000 jobs. CAC News reports that the Commission was actively involved in actualizing the initiative held at the ICC Gombe/Hajiya…

JUST IN: CBN revokes licences of over 4,000 BDCs

In it’s effort to curb the activities of unscrupulous Bureaux De Change operators, the Central Bank of Nigeria (CBN), has announced the revocation of the operating licences of 4,173 BDCs in the country.   This was disclosed in statement signed by Acting Director, Corporate Communications of CBN, Mrs Sidi Ali Hakama, on Friday.   The apex bank said the action is an exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BoFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux.  …

JUST IN: FG slams $10 billion fine on Binance

President Bola Ahmed Tinubu-led administration has slammed no fewer than a $10 billion fine on Binance amid a crackdown on the crypto exchange platform in desperate moves to salvage the value of the nation’s local currency.     President Tinubu’s Special Adviser on information and strategy, Bayo Onanuga made this known on Friday morning in an interview with the BBC.   “Binance is fixing enhance rate for Nigeria and it’s illegal. The Central Bank of Nigeria (CBN) is the only authority that can fix the exchange rate in the country.…

BREAKING: CBN begins sale of dollars to BDCs

The Central Bank of Nigeria (CBN) has announced the sale of foreign exchange to Bureau de Change (BDC) operators in the country.   This was disclosed in a memo issued on Tuesday and signed by Hassan Mahmud, the director of Trade and Exchange Department at the apex bank.   This move marked a pivotal shift from the stance taken more than two years ago by the then CBN Governor, Godwin Emefiele, who stopped forex sales to BDC operators in a bid to stabilize the forex market.   The circular titled,…

SERVICE DELIVERY: CAC to sustain partnership with NBA-SBL

The Corporate Affairs Commission has expressed its readiness to continue to partner with stakeholders in order to improve its operations. The Registrar-General/CEO of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, SAN, stated this while receiving the Nigerian Bar Association Section on Business Law, NBA-SBL, led by Chairman of the Governing Board, Dr. Adeoye Adefulu, on a courtesy call to his office. Hussaini Ishaq Magaji, who acknowledged the contributions of the NBA-SBL towards shaping his decisions and the overall progress of the Commission, said his doors remain open for meaningful…

Kudimata seeks partnership with CAC to register 30,000 businesses owned by Corps Members

The CAC has assured that it will collaborate with a nongovernmental organisation, Kudimata, to register 30 thousand businesses owned by Corps Members. The Registrar-General/CEO CAC, Hussaini Ishaq Magaji, revealed this on Tuesday 13th February,2024 while receiving Mrs. Kathleen Erhimu, the founder of Kudimata Nig Ltd.,who was on a courtesy call to the Commission. Hussaini Ishaq Magaji described the development as a huge boost to his dream of registering 20 million businesses in 2024. Speaking on her mission to the CAC, the founder, Kudimata, said the over-two-year-old firm is in partnership…

CAC partners Opay to formalise 300,000 Unregistered businesses

In its continued bid to drive compliance and achieve President Bola Ahmed Tinubu’s dream of creating 50 million jobs, the Corporate Affairs Commission has announced plans to formalise 300,000 businesses in the country. The Registrar-General/CEO of the CAC, Hussaini Ishaq Magaji, revealed on Tuesday during a meeting with the management of Opay Services Ltd. Magaji recalled that last week the CAC recorded a similar milestone for bringing on board two million businesses through Moniepoint. The CAC boss, who stressed that operating businesses without registration was criminal under the provisions of…

CBN must walk the Talk of its monetary reforms – Pol Eco Analytics

Nigerian Think Tank and Research Organization, Pol Eco Analytics have urged the Governor of the Central Bank of Nigeria (CBN), Dr Yemi Cardoso to follow through with it’s latest monetary reforms policy, as against previous efforts that were abandoned half way.   In a press statement made available to Emporium Reporters over the weekend in Abuja, the group under the aegis of Pol Eco Analytics, a Nigerian-based Think Tank and Economic Research Organisation, said that was the option to address the naira crisis in the country.   In the signed…