Category: Business

Annual returns: CAC, NIBSS partner to drive compliance

Emporium Reporters

The Corporate Affairs Commission (CAC) and the Nigeria Inter-Bank Settlement System (NIBSS) PLC are set to collaborate in a wide range of areas to enhance compliance with the requirements of the Companies and Allied Matters Act, CAMA, 2020. This indication was given today during a courtesy call on the Registrar-General/CEO CAC, Hussaini Ishaq Magaji, SAN, by the Managing Director/CEO of the NIBSS, Premier Oiwoh, in his office.   The Registrar-General stressed the need for collaboration between the two bodies, especially on driving compliance as regards the payment of annual returns…

CAC Registrar-General reiterates commitment to effective service delivery

Emporium Reporters

The Registrar General/CEO of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, SAN, has restated his commitment to ensuring prompt and effective service delivery. Hussaini Ishaq Magaji stated this while receiving the Editor-in-Chief/Publisher of World Entourage Magazine, Abdullahi O. Haruna, today in his office. The Registrar-General stressed that he was encouraged by the CAC’s recent performance in the just-released 2023 Business Facilitation Act Compliance Report by the Presidential Enabling Business Environment Council (PEBEC). In the report, the CAC emerged as number 3 on the list of the top 5 performing…

NITDA partners Katsina Govt to train, empower MSMES on Digital Marketing

Emporium Reporters

The National Information Technology Development Agency, (NITDA) in conjunction with the Katsina State Enterprise Development Agency, KASEDA have organised a capacity-building and empowerment programme for 50 indigenes of the state to support the transformative growth of their businesses by leveraging digital technology.   The three-day capacity building aimed to implement digital technology adoption for Micro Small and Medium Enterprises, (MSMEs) in the state. This will help ensure that MSMEs adopt modern and relevant digital technologies to increase efficiency and effectiveness in achieving their business goals. At the opening ceremony of…

CBN announces new minimum capital base for banks

Emporium Reporters

The Central Bank of Nigeria (CBN) has officially announced new minimum capital base for commercial banks.   Mrs Hakama Sidi-Ali, CBN’s Acting Director Corporate Communications disclosed this in a statement in Abuja.   She said the new minimum capital base for commercial banks with international authorisation will now be N500 billion.   The statement further stated that all commercial, merchant, and non-interest banks and promoters of proposed banks are required to meet the minimum capital requirement within 24 months commencing from April 1, 2024, and terminating on March 31, 2026.…

EFCC Chair applauds CAC’s Business registration ,says the initiative ‘ll boost fight against corruption

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The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukayode has said Corporate Affairs Commission’s efforts towards formalising unregistered businesses had potential to boost the fight against corruption and other financial crimes in the country.   The EFCC Chairman stated this today when he received the Registrar-General of the Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji, SAN, on a courtesy call to his office. Ola Olukayode lamented that a lot of Nigerians fell victim to the activities of some International Money Transfer Operators IMTOs, in view…

RG CAC seeks stakeholders’ support for enhanced service delivery

Emporium Reporters

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

Emporium Reporters

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

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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

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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

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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.…