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Tag: CAC

  • CAC, NIBSS unveil API to deliver specialised services

    The Corporate Affairs Commission (CAC) and Nigeria Inter-Bank Settlement System (NIBSS) have partnered to unveil an Application Programming Interface (API) to deliver specialized services to all sectors of the economy.

    The API system unveiled by the commission will be working with a few selected private sector called super agents to retrieve data from the CAC data base at a fee, the API before now was classified and was only available to few government agencies, including the law enforcement agencies.

    The Registrar-General, CAC Hussaini Ishaq Magaji disclosed this during the unveiling of API in Abuja highlighting the Product Differentiation for customers satisfaction.

    He said: “The API was aimed at strengthening their investigatory responsibilities in Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) processes in the country. As it stands it is being offered to a few selected private sector organizations that have indicated interest and demonstrated capacity to deliver the specialised services.

    “The API is sensitive to the requirements of the Nigeria Data Protection Act (NDPA) 2023, with identifiable information protected by the Act such as residential address, email address, personal telephone numbers and date of birth which might be restricted.

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    Few organisations like NIBSS, Moniepoint Opay, Oasis Management Company limited are pacesetters pioneer super agents in this field.”

    Magaji said the government knows the credibility of NIBSS, saying: “They are the source of BVN all over the country”.

    This is telling Nigerians that embassies, banks can achieve all the services they require through NIBSS and also generate status report of any company through this medium.

    Speaking at the launch of the CAC integration service, Ngover Ihyembe-Nwankwo, Executive Director, Business Development NIBSS Plc commended the CAC for demonstrating true partnership and a shared commitment to national progress, stating that, the public launch of this service not only democratise access to data verification but does so with full incorporation of data protection, security, and operational efficiency at its core.

  • ‘CAC, EFCC certificates not enough legitimacy for investment schemes’

    ‘CAC, EFCC certificates not enough legitimacy for investment schemes’

    • SEC warns investors on antics of illegal offers

    Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC), has affirmed that registration with the Commission is the sole determinant of legitimacy or otherwise of an investment scheme.

    Director General, Securities and Exchange Commission (SEC), Dr Emomotimi Agama, warned Nigerians to beware of firms that claim that the  registration of their companies with the Corporate Affairs Commission (CAC) and SCUML certificate from the Economic and Financial Crimes Commission (EFCC)  have empowered them to operate investment schemes in Nigeria.

    Speaking on the sidelines of a sensitisation tour against Ponzi scheme at the Garki Market, yesterday in Abuja, Agama said it was disheartening that some Nigerians and foreign companies have specialised in defrauding Nigerians through Ponzi Schemes.

    He warned that the government would no longer sit back and watch billions of naira taken away from the people through ponzi schemes.

    He also highlighted the need for Nigerians to understand the dangers of putting their hard-earned money into ventures that are not registered or regulated by the SEC.

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    He said: “It is disheartening that some Nigerians and foreign accompanies have specialised in duping Nigerians and government won’t sit and watch Nigerians being duped and this is what SEC is coming out to the people to educate them that if it too good to be true, then watch out.

    “We have seen many Ponzi schemes in the past, and the Investments and Securities Act  had been signed into law by the President and the law recommends N20 million fine and 10 years imprisonment for offenders of Ponzi Scheme.

    “So, that has empowered us to be in a better position to flush out all these fraudulent investment schemes that are damaging our economy

    “We are using this sensitisation outreach to bring information to our people and that is why we are here and telling them that we are here to assist them to confirm legitimate investment schemes and we are letting them know we feel their pain.

    “As we are doing this, we have helped to educate them against being duped. CAC registration and EFCC certificate is not enough to show that the company is registered with SEC and these are red flags.

    “Training programmes being organised by these people to lure people into their schemes are also illegal.  Verify before you invest in any scheme, and that is our message to Nigerians”.

    Assistant Director,  Enforcement Department, SEC, Tope Onwionoko, said the management of the Commission is very passionate about financial literacy, especially with respect to Ponzi schemes that has become a scourge in the society of late.

    She said: “ So, we want everybody to know about it, from the oldest to the youngest, from the rich to the poor. We want the message to go round the entire Nigeria. And as a start off point, management decided that it’s a good thing to come to the market, because we know the place the people who trade in the market hold in the economy.

    “So, we feel that we should bring this message to them, hoping that they will understand what to look out for, what the red flags are, and by the time we are done, the people that perpetuate Ponzi in Nigeria, they will carry their bags and leave, because it will no longer be business as usual.

    “The people who fall victims are usually people who are not knowledgeable about how Ponzi schemes work. So, I think that for the most of them, it is lack of knowledge, essentially.

    “We want to believe that economic hardship has a part to play. But more than anything, is lack of knowledge. Because even if you are hard up for cash in the economy, and there is an opportunity for you to lose the small that you have, you won’t go there.

    “So I think it’s because people don’t know what to look out for. They don’t know that somebody is attempting to collect what is in their hand. That’s why they fall victim.”

  • CAC cracks down on unregistered businesses, says it’s criminal offence

    CAC cracks down on unregistered businesses, says it’s criminal offence

    The Corporate Affairs Commission (CAC) has declared that operating a business in Nigeria without proper registration under the Companies and Allied Matters Act (CAMA) 2020 is a criminal offence.

    According to a statement signed by the CAC management, section 863 of the Act prohibits conducting business as a company, limited liability partnership, limited partnership, or under any business name without registration, or using a name or acronym other than that registered.

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    The Commission also cited section 729 of the Act, which mandates that every registered company must display its official registered name and number at all places of business, as well as on all official documents and materials, including letterheads, signage, and promotional content.

    Furthermore, the statement warned that under section 862(1), any person who knowingly makes false statements in any official business document commits an offence punishable by up to two years in prison and daily fines for continued violations.

    The CAC has given companies, partnerships, and business name proprietors six weeks to comply fully with these requirements or face enforcement actions, including prosecution.

  • AMMBAN engages CAC over tax burden, registration enforcement

    AMMBAN engages CAC over tax burden, registration enforcement

    The National Executive Council (NEC) of the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) has engaged the Corporate Affairs Commission (CAC) to address concerns over tax burdens and the enforcement of mandatory registration among its members.

    The association noted that its members were initially surprised by the enforcement measures, which were implemented without prior consultation.

    During a visit to the CAC headquarters in Abuja, AMMBAN’s leadership, including its Board of Trustees (BOT) Chairman, Victor Olojo, and Acting President, Dr. Oti Obiroha, expressed gratitude for the warm reception they received.

    The delegation was welcomed by Justine Nidiya, Director of Compliance, who represented the Registrar-General of the CAC.

    The CAC’s approach of engagement rather than confrontation was welcomed.

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    A statement by AMMBAN Ag. President Dr. Obioha Oti, General Secretary Elegbede Oluwsegun, Vice President Adeyemo Yusuf; the National Treasurer Alh Aliu Abdurahman read: “This development marks a significant shift from the previous court battle to a more collaborative approach, and it is expected to have a positive impact on the mobile money and bank agent industry in Nigeria.

    “It is worth noting that AMMBAN had previously taken the CAC to court over issues related to registration and taxation. However, with this recent development, it appears that both parties are now making progress towards finding a mutually beneficial solution.

    ‘’The meeting centered on key areas, including a better collaboration and working relationship, reduced and discounted business Name Registration, direct opportunities for registered agents, scaling up registration, public awareness and inclusion in national issues’’.

  • CAC to implement dispute grievance committee

    CAC to implement dispute grievance committee

    Corporate Affairs Commission in line with Section 851(1) CAMA 2020 has established an Administrative Proceeding Committee (APC) to resolve disputes arising from implementation of the CAMA Act.

    The commission urge customers with grievances to bring their complaints to the committee instead of the courts, saying their complaints will be attended to free.

    CAC is strengthening its partnership with British High Commission on legacy records, which is working to back up documents  on ground since 1912, vital to nationals growth and data collaboration of companies.

    Read Also: CAC calls for training to enhance productivity

    Registrar-General, Hussaini Ishaq Magaji, said the partnership between CAC and British High Commission is important to the work at hand, considering that there has not been backed up data documents for businesses all these years…’’

    “Both organizations are working towards mopping up these documents no matter how long ago the companies or establishments have existed. This is to ensure proper data documentation for them, knowing how important this is to the growth of the nation,” he said.

    He added that the CAC will work with the British High Commission in Abuja and Lagos assuring that no document will be left behind without capturing. The commission will do anything to move the nation forward. That way all documents can be traced.

  • CAC calls for training to enhance productivity

    CAC calls for training to enhance productivity

    Registrar-General Corporate Affairs Commission (CAC.), Ishaq Hussaini Magaji (SAN), has said that regular training of staff help to shape their attitude to work and also enhance productivity and service delivery at the work place.

    He spoke at the  2024. Management retreat in Jos on Thursday with the Theme: ‘Repositioning the Corporate Affairs Commission For Enhanced Service Delivery.’

    He said such trainings also enable organisations to reinvent or recreate itself to meet the present and future needs of its customers.

    Magaji said that’s the only way to ensure a customer-centric organisation through restructuring.

    The registrar-general described the theme of the retreat as “not only appropriate, but apt because of its tacit recognition that

    excellence is not a spirit or destination but a journey with deliberate breaks at intervals to evaluate whether the trajectory where we are headed will lead us to the desired destination or whether there is need for a U-turn.”

    “A learning organisation such as ours is always ready and willing not only the present needs of the customer but focus on the future needs of the customer to ensure that structures and processes do not become obsolete.

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    “That underscores my choice of these opening remarks and they indeed the theme of the retreat. Retreat as a management tool helps an organisation to evaluate where it is coming from, where it is at the moment.

    “It provides a solution where it wants to go and how to get there. That’s 3 W and H. That is exactly what we want to do in the few days that we will be here.”

    He said that the policy initiatives he introduced  on the resumption of office in October 2023.such as industrial harmony, accelerator harmony, capital level, fintech formalisation, recovery and governance of the organisation, bulk registration work from home special reward system stabilization of company registration portal and artificial intelligence among many others have resulted in 100 percent attainment of budgetary projection for the year 2023

    He said that the budgetary fit encourages the organisation to plan a budget bigger and better for 2024 and 2025, stressing that the summary of what CAC had been achieved gave it an idea of where it is at the moment while the current position give it some measures of comfort it, which by no means guarantee its future.

    “The world has changed and so have the dynamics of operations history and experiences elsewhere have taught us that the structure that we currently operate cannot give us the desired physical and emotional benefit of corporate affairs commission of our dream.”

  • CAC reactivates feedback mechanism on service delivery

    CAC reactivates feedback mechanism on service delivery

    The Corporate Affairs Commission (CAC) is set to create a trust base, efficient customer service relations with customers through a feedback module on the commission’s porter for effective service delivery. 

    The Registrar-General/CEO Corporate Affairs Commission, Hussaini Ishaq Magaji, stated this during the one week customer service week with the theme, “Above and beyond” in Abuja.

    He said: “The automated feedback module of the call centre will enable customers to relate their service experiences back to the commission through the platform. 

    Read Also: CAC gives assurance on service delivery

    “The customer service department will collate the feedback, analyse it, and provide speedy resolution to noticeable challenges”. 

    Magaji reaffirmed his commitment to excellence, enhance user experience, and offer seamless services in line with global best practices.

  • CAC reaffirms commitment to quality service delivery 

    CAC reaffirms commitment to quality service delivery 

    The Registrar General Corporate Affairs Commission (CAC), Hussaini Ishaq Magaji on Tuesday, October 8, assured that the commission is fully committed to quality service delivery. 

    Magaji gave this assurance during the 2024 Customer Service Week in Abuja, stating that the goal is customer satisfaction, quality delivery and feedback. 

    He said: “Today marks the beginning of Customer Service Week, a global celebration that is designed by the United Nations (UN) to recognize the importance of delivering and exceptional service. At the CAC we cherish this opportunity to reaffirm our dedication to serving you better.

    Read Also: CAC factions set to end 34-year-old feud

    “We care about the customers and we’ve made significant strides in enhancing our registration processes, leveraging technology to improve efficiency and reduce processing time. Our online portal has simplified company registration, and our customer service team has worked tirelessly to resolve issues promptly.”

    He added that the vision remains to provide world-class service, ensure every interaction with the CAC leaves a lasting positive impression. 

    “We’ve established a robust feedback mechanism to listen to your concerns and suggestions, driving continuous improvement.”

    The RG enjoined the participants to collaborate with his team to achieve the objective which is delivering outstanding service. 

    He said: “Together we shall build a more customer-friendly and responsive commission.”

    Speaking, the Abuja Chapter Chairman of Institute of Chartered Secretaries and Administrators (ICSAN), Chioma Angela Okeke stressed that the 2024 customer week is very crucial considering the importance of the CAC. 

    “This is a service delivery organization offering services to outsiders. When you are in the system you cannot see things the way outsiders see things.”

  • CAC factions set to end 34-year-old feud

    CAC factions set to end 34-year-old feud

    Factions of Christ Apostolic Church (CAC) have begun peace talks to end the 34-year-old leadership crisis.

    President, Christ Apostolic Church, Supreme Council, Nigeria and Overseas, Pastor Henry Ojo, made this known yesterday at the opening of the 2024 Pastors’ Conference and Convention at Ile-Anu, Alasepe, Ikire, Osun State.

    He said the leadership of the groups had been meeting on how to resolve the age-long crisis.

    Dr Ojo said: “The division in the body of Christ will soon be over. We have had prayer-meetings together as one body of Christ.

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    “I can authoritatively tell you that the crisis rocking the church will soon be over.’’

    On the ongoing convention, he said no fewer than 600 pastors would be ordained and sent to the field for evangelism.

  • Nigeria will experience turn around soon, CAC President assures

    Nigeria will experience turn around soon, CAC President assures

    The President, Christ Apostolic Church (CAC) Nigeria and Overseas, Pastor Samuel Oladele, has assured the nation will soon experience turnaround.

    He urged Nigerians to intensify prayers for the country and turn to God in righteousness to experience the turnaround.

    Speaking in Efon-Alaaye, Ekiti state during a funeral service for Mrs Mary Abere at CAC Oke-Ayo Babalola Zonal H/QS, Oladele said Nigerians should pray and turn to God for comfort and relief to return to the country.

    Madam Abere, who died at 88, was the mother of Mrs Mercy Ologbonyo, the wife of the planter of CAC, Boanerges Worldwide, Prophet Adegboyega Ologbonyo.

    According to the cleric, there will be turnaround in Nigeria if Nigerians repent of all their sin and work in the path of righteousness.

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    He said: “This is possible and will come to reality with love and unity among the citizenry irrespective of their tribe, language, religious and  leanings.

    “We have keep on keeping on. The Lord is on the throne and with prayers, we believe the He is going to bring a turn around to our situation very soon . He is going to surprise us.

    “It has happened before in the history of some other nations of the world and ours shall not be an exception. Our God in the bible says, look unto me all ye nations, we have to unto him. We entrust our destiny to some people. He is the one that rules in the affairs of men here on earth . 

    “It happened like that in the Bible when the gate of Samaria was shut and all of a sudden there was a turnaround, so we need to trust in him for this to happen”.

    Speaking in the same vein, Prophet Femi Dairo said: “We should all forsake our sins and go back to God because He is the pillar of everything. He wants us to seek His face, pray in humility and He has promised to heal our land.

    “Nigeria is sick, it needs healing and it is not artificial healing but natural or spiritual healing which only God can do, no man can do it with his effort or power. All Nigerians should come together to pray for God’s intervention and comfort”.

    Prophet Olu-Alo, Mrs Samuel Eluwole and other dignitaries at the event said the deceased and her husband were ministers of God who were godly and prayerful persons, adding that they instilled discipline and character in their children.

    They described the deceased as disciplinarian, caring, prayerful person, a devote christian, loving wife and a very good supporter of her husband who was supportive till she breath her last, saying they would miss her words of encouragement and endurance.