SETTING THE RECORDS STRAIGHT ON CITIZEN ASAR MICHAEL SESUGH'S DEATH. (PHOTO).#PRESS RELEASE.

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 Setting the Records Straight on  Citizen Asar Michael Sesugh's  Death The Economic and Financial Crimes Commission,  EFCC,  considered it imperative to clear the air on some recent incidents at its Makurdi Zonal Directorate,  Benue State.   Operatives of the Directorate arrested 26 suspected cyber fraudsters on April 28,  2026.  They were profiled and kept in custody for further investigations after obtaining a Remand Order at a Magistrate Court.  Shortly after their arrest,  specifically on May 4,  2026,  three of the suspects sought permission to use the lavatory at the Directorate's  Holding Facility and were permitted.   They cashed in on the opportunity,  broke the toilet's roof and escaped from detention.  Several efforts were made to re- arrest them to no avail. However,  fresh intelligence came on Thursday,  May 21,  2026 that one of the escaped suspects,   As...

CAC REVEALS ONLY 100,000 POS OPERATORS HAVE REGISTERED. (PHOTO).


 


The Registrar General of the Corporate Affairs Commission, Hussaini Ishaq Magaji has revealed that only 100,000 Point of Sale (POS) operators have officially registered their businesses with the commission as part of its POS formalization project.


Magaji said this during the in-house enforcement and compliance training for state offices on Monday in Abuja,


Magaji said that the training,  with the themed “Re-engineering the Commission for Compliance and Enforcement Mandates” would ensure efficient management of corporate entities.


He called for a paradigm shift in the commission’s operations, emphasising the importance of compliance and enforcement functions beyond the routine registration of businesses.


The registrar-general said that advancements in Artificial Intelligence (AI) could handle routine operational tasks like business registration, freeing resources for more complex compliance and enforcement activities.


He reiterated the success of the PoS Formalisation Project, which had registered about 100,000 Point-of-Sale operators under the requirements of Section 863 of the Companies and Allied Matters Act (CAMA) 2020.


According to him, the project aims to formalise at least 250,000 operators in the sector as part of broader efforts to regulate the estimated 40 million micro, small, and medium enterprises (MSMEs) in Nigeria.


He revealed plans to implement sanctions for operators who fail to comply with formalisation requirements and clarified that multiple registrations across fintech platforms were unnecessary, as one registration sufficed.

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