CAC Issues Nationwide Crackdown On Unregistered PoS Operators Starting January 2026

The Corporate Affairs Commission has announced a nationwide crackdown on unregistered Point-of-Sale operators, warning that all PoS businesses must complete proper registration to continue operating in Nigeria. In a statement posted on its Instagram page on Saturday, the CAC noted a surge in PoS operators running without official registration. The commission said this trend violates the Companies and Allied Matters Act 2020 and the Central Bank of Nigeria’s Agent Banking Regulations. The CAC also accused some fintech companies of allowing unregistered agents to operate, describing the practice as dangerous and a threat to Nigeria’s financial system. It warned that unregulated operations put millions of Nigerians, including small business owners and rural communities, at risk of financial and investment losses. The commission stated that beginning 1 January 2026, security agencies will enforce compliance nationwide. Unregistered PoS terminals will be seized or shut down, and fintech firms that facilitate illegal operations will be flagged and reported to the Central Bank of Nigeria. “Effective 1 January 2026, no PoS operator will be allowed to operate without CAC registration. All operators are urged to regularise their businesses immediately. Compliance is mandatory,” the statement read. The move follows growing concerns over fraud in PoS operations and unlicensed cryptocurrency activities. Olufemi Bamisile, Chairman of the House of Representatives ad hoc committee on Economic, Regulatory, and Security Implications of Cryptocurrency Adoption and PoS Operations, highlighted issues including unprofiled agents, cloned terminals, anonymous transactions, and weak Know-Your-Customer measures, all of which expose Nigerians to financial loss, cybercrime, and security breaches.

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BREAKING: 38 Worshippers Kidnapped From CAC Oke-Isegun In Kwara Regain Freedom

All 38 people kidnapped during last week’s attack on Christ Apostolic Church (CAC) Oke-Isegun in Eruku, Ekiti Local Government Area of Kwara State, have regained their freedom, the state government confirmed on Sunday. Mallam Rafiu Ajakaye, Chief Press Secretary to the governor, said the release followed days of sustained efforts by security agencies and government representatives. He credited the success to President Bola Tinubu’s hands-on approach, noting that the president had postponed a scheduled G20 trip to South Africa to address security breaches in Kwara and Kebbi States. Tinubu also ordered heightened security deployments across the state to ensure the safety of citizens. Ajakaye extended the governor’s appreciation to the Office of the National Security Adviser, the Department of State Services, the Nigerian Army, the Nigeria Intelligence Agency, and the Nigeria Police, which deployed four tactical teams under presidential directive. He also thanked local leaders, religious institutions, and residents for their support and cooperation during the crisis. On Sunday, CAC Oke-Isegun held its first church service since the attack, which left three people dead, 38 kidnapped, and several others injured. The service took place under tight security, with soldiers, SWAT, the Anti-Kidnapping Unit of the Kwara Police, and local vigilantes present. During the service, church secretary Michael Agbabiaka clarified that 38 people were abducted, not the 60 reported on social media. He explained that the initial count included 35 members, with three additional non-members later confirmed among the victims. Agbabiaka also disclosed that the bandits initially demanded N100 million per victim, which was later negotiated down to N20 million each before communications with the kidnappers broke off on Friday. Despite the trauma, church leaders encouraged members to attend the service as an act of faith and resilience. Officiating pastor Bamidele Lawrence described the ordeal as a test of faith and said he received divine assurance that all abducted worshippers would return safely, likening their situation to the biblical trials of the Israelites. Congregants expressed gratitude for the safe return of the victims and for the ongoing security presence patrolling the town and the church.

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CAC, SMEDAN Launch Free Registration Drive for 250,000 MSMEs

The Corporate Affairs Commission (CAC) and the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have launched a nationwide drive to provide free business registration for 250,000 Micro, Small and Medium Enterprises (MSMEs).   The free business name registration drive is designed to strengthen Nigeria’s MSME ecosystem by promoting formalization and reducing barriers to growth, in line with the Federal Government’s Renewed Hope vision. The initiative was announced in Abuja on Friday, September 26, during the signing of a Memorandum of Understanding (MoU) between the two agencies. Formalization has long been a challenge for many small businesses, with cost, bureaucracy, and lack of awareness keeping millions in the informal sector. This often denies them access to finance, markets, and government support. The new CAC–SMEDAN scheme removes these barriers by covering the cost of registration and linking beneficiaries directly to SMEDAN’s MSME database. Through this database, registered businesses will gain access to aftercare services and opportunities such as grants, capacity-building programmes, technical support, and market linkages. CAC Registrar-General Hussaini Ishaq Magaji, SAN, emphasized that the free registration drive is aimed at breaking barriers that keep many businesses informal by removing the cost of registration and helping entrepreneurs access growth opportunities. SMEDAN Director-General Dr. Charles Odii added that formalization is the gateway to support, noting that registered businesses will benefit from continuous aftercare such as grants, training, and market access. Together, they highlighted that the initiative represents a major investment in Nigeria’s MSME ecosystem, with CAC foregoing about ₦3 billion in fees, while SMEDAN provides the support system to ensure businesses not only register but also thrive. They agreed that this collaboration gives practical meaning to the Federal Government’s Renewed Hope agenda by lowering barriers and creating an enabling environment for entrepreneurs.

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