By: Tijani Salako.
The Corporate Affairs Commission (CAC) has urged financial institutions to halt transactions on corporate accounts with inactive CAC regulatory status as part of its ongoing drive to strengthen regulatory compliance.
This was disclosed on the agency’s X handle, which emphasised the need to ensure compliance through collaboration with financial institutions.
The Registrar-General/CEO, Hussaini Ishaq Magaji, SAN, disclosed this during a compliance visit to First Bank of Nigeria in Marina, Lagos.
During the visit, the Registrar-General added that companies with inactive CAC status should be blocked until their records are regularized in accordance with the Companies and Allied Matters Act (CAMA), 2020.
He also reiterated the Commission’s directive on the full regularization of FirstMonie terminal (PoS) operators, stressing that all operators conducting business through FirstMonie must be duly registered with the Corporate Affairs Commission as required by law.
The Registrar-General was received by the Group Managing Director of FirstHoldCo, Mr. Wale Oyedeji, the Company Secretary of FirstHoldCo, and other senior representatives of the Group.
The meeting reaffirmed the shared commitment of CAC and FirstHoldCo to promoting transparency, strengthening the integrity of Nigeria’s corporate registry, and advancing a compliant and trusted business environment, with emphasis on the shared collaboration view of the Registrar-General.
In a related development, the Registrar-General/CEO of the Corporate Affairs Commission (CAC), Ishaq Magaji, SAN, today personally led the first practical training session for CAC Enforcement Field Officers on navigating the Commission’s newly launched Enforcement Portal in Alausa, Ikeja, Lagos.
The hands-on session equipped officers with the knowledge and skills to effectively deploy the technology-driven platform, which was developed by the Innovation Digital and Service Unit of the Commission.
The portal is designed to simplify enforcement operations, enhance efficiency, promote transparency, and strengthen regulatory compliance across Nigeria.
Marking another significant milestone in CAC’s digital transformation journey, leveraging technology and innovation to deliver smarter, faster, and more effective regulatory services.
