Category: Business

The Federal Government has commissioned a world-class ultra-modern fashion and garment hub at the Odua Textile Complex, Basiri, Ado Ekiti, Ekiti State.   The Registrar-General/CEO of the Corporate Affairs Commission, Hussaini Ishaq Magaji was among several dignitaries that joined Vice President Kashim Shettima to declare open the 3rd Expanded MSME Clinic and Commission the Garment Hub.   In his address, Vice President Kashim Shettima said the hub completed favourably with its global peers and has the potential of creating 48,000 jobs annually.   Kashim Shettima revealed that President Bola Ahmed…

The Competition and Consumer Protection Tribunal (CCPT) has ordered Pay TV operator Multichoice Nigeria to provide subscribers on its DStv and GOtv platforms with one month of free subscription.   Additionally, the tribunal imposed a N150 million fine on Multichoice for contesting the court’s jurisdiction after it had recently barred the company from increasing the prices of its subscription packages.     The Saratu Shafii-led tribunal made the orders following an ex-parte motion lodged by an Abuja-based lawyer, Festus Onifade, who said the 8-day notice given for the price increase…

The Corporate Affairs Commission and the Federal Ministry of Youth Development are collaborating to register 7 million businesses and create 5 million jobs in the next four years.   This was revealed during a visit to the Commission by the Minister of State for Youth Development, Mr. Ayodele Olawande who was represented by Eberechi Okereke.   The collaboration will ensure training for the youth to be self-reliant in graphic design, mobile app building, and freelancing, amongst others.   According to the minister, the proposed partnership is composed of four components,…

The Registrar-General/CEO, CAC Hussaini Magaji has solicited the support of the Commission’s various service providers to optimise performances or face appropriate sanctions. The call was coming at a time when the CAC boss is upscaling efforts to improve the commission’s services in line with global best practices. Speaking today at a meeting with all service providers working for the Commission’s online platform known as the Companies Registration Portal (CRP), Hussaini Ishaq Magaji charged them to provide better quality services or be sanctioned. The Registrar-General emphasised the need for them to…

In continuation of his collaborative meetings with stakeholders aimed at improving the commission’s services and growing its revenue, the Registrar-General/CEO, Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji SAN, today received Dr. M.K. Dikwa on a courtesy call to his office.   Dr. Dikwa is a former permanent secretary of the of the federal ministry of finance and one-time Acting Accountant General of the federation.   During the visit, the duo brainstormed on several areas of mutual benefit for the growth of the economy.   CAC News recalls that in view…

The Corporate Affairs Commission (CAC) today Thursday May 9, commissioned a dedicated Centre for Bulk Registration of PoS Operators. The Registrar-General/CEO, CAC Hussaini Ishaq Magaji, SAN, unveiled the Centre located at the Commission’s FCT Zone 5 Office.   Speaking shortly after cutting the tape to formally flag off activities at the centre, Ishaq Magaji revealed that it is fully equipped with state-of-the art equipment needed to handle the project.   He further explained that it was also equipped with adequate personnel to handle applications in record time and 24 hours…

The Central Bank of Nigeria has announced 44 lists of licensed deposit money banks in Nigeria.   The apex bank disclosed this in a list released on its official website on Tuesday.   According to CBN, Seven banks, including Zenith Bank, Access Bank, First Bank, First City Monument Bank, United Bank of Africa, Fidelity, and Guaranty Trust Bank, have Commercial Banking licenses with international authorization as of April 26, 2024.   Also, fifteen banks have commercial banking licenses with National Authorization.   Commercial banks with national authorisation include Citibank Nigeria…

The Central Bank of Nigeria (CBN) has mandated all banks to begin charging a 0.5% cybersecurity levy on all electronic transactions, as stipulated in a new circular issued on Monday, May 6, 2024. The directive, signed by the Director of the Payments System Management Department, Chibuzo Efobi, and the Director of the Financial Policy and Regulation Department, Haruna Mustafa, is aimed at bolstering cybersecurity measures in the financial sector. The circular, which was addressed to all commercial, merchant, non-interest, and payment service banks, among others, outlines that the levy will…

The Corporate Affairs Commission (CAC) has instructed banks to ensure registration of their customers in the agent banking platform on or before July 7, 2024.   In a letter to all affected banks, the Registrar-General/CEO, CAC Hussaini Ishaq Magaji said the instruction was in line with Section 863(1) of CAMA and the CBN guidelines for Agent Banking, 2013.   The Central Bank of Nigeria (CBN) had earlier, through a memo issued on April 30, 2024, directed all non-individuals on the Agent Banking Authorization to immediately take steps to register their…