The Corporate Affairs Commission (CAC) has stepped up efforts to regulate FirstMonie Point-of-Sale (PoS) operators, directing that all businesses operating through the platform must be registered with the Commission in accordance with the Companies and Allied Matters Act (CAMA), 2020.
The directive was reiterated by the Registrar-General/Chief Executive Officer of CAC, Hussaini Ishaq Magaji, SAN, during a compliance visit to the headquarters of First Bank of Nigeria Limited in Marina, Lagos.
Magaji, who led the CAC delegation, held discussions with the Group Managing Director of FirstHoldCo, Mr. Wale Oyedeji, the Company’s Secretary and other senior executives on measures to strengthen regulatory compliance and corporate governance.
The CAC boss emphasized that every FirstMonie PoS operator carrying out business activities through the platform must complete registration with the Commission, noting that the move is aimed at ensuring that operators are legally recognized and operate within Nigeria’s corporate regulatory framework.
He said the regulation of FirstMonie PoS operators would improve accountability, strengthen the integrity of the nation’s corporate registry and enhance transparency across the financial ecosystem.
Magaji also urged financial institutions to complement the Commission’s compliance drive by blocking transactions on corporate accounts belonging to companies with inactive CAC status until they regularize their records in line with the provisions of CAMA 2020.
According to him, stronger collaboration between the CAC and financial institutions is essential to promoting a transparent, compliant and trusted business environment.
The meeting concluded with CAC and FirstHoldCo reaffirming their commitment to working together to strengthen corporate compliance, improve governance standards and advance the integrity of Nigeria’s business environment.
