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PoS Operators Set To Challenge CAC In Court

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In a bold move, Point of Sale (PoS) operators, led by the National President of the Association of Mobile Money and Bank Agents, are gearing up for a legal battle against the Corporate Affairs Commission (CAC).

The contentious issue revolves around the CAC’s recent directive mandating PoS operators to register with the commission.

President Fasasi Sarafadeen asserts that the directive violates existing legislation, particularly the Companies and Allied Matters Act, 2004, which “explicitly states that the commission has no jurisdiction over individuals not operating as a company.

He said, “According to section 863(1) of the Companies and Allied Matters Act, 2004, the order to enforce CAC directive on individual PoS agents operating under their name is wrong and will be challenged, as it contravenes the Companies and Allied Matters Act, Laws of the Federation of Nigeria, 2004, which explicitly states that CAC has no jurisdiction over individuals not operating as a company.

“We shall challenge it legally. The court will have to intervene in the interpretation of the quoted section of the CAMA if individuals operating as a sub-agent (likened to a bank branch) must register with CAC.

“CBN is right, no issue, the memo is clear, it only applies to non-individuals, unlike the Corporate Affairs Commission who generalised. We are in talks with the lawyer representing the association already, and a league of human rights lawyers whom we are not disclosing who they are for now.”

He explained that Point-of-Sale agents fall into two categories.

He said “CAMA only mandates registration of individuals operating as a company. There are two categories of POS agents: individuals and non-individuals. Individual agents operate under their names, such as Musa Caroline or Abubakar Audu, and are typically profiled with financial institutions under their names.

“Non-individual agents, on the other hand, operate under registered or unregistered business names, such as Wale Ventures or Johnson Enterprises. It is this second category of agents that the Corporate Affairs Commission can enforce the law on, as they are required to register their business names by the law.

“Sub agents are not carrying out as an independent company but branches of a company. For example, while commercial banks operate with bank branches across the country, Fintechs (MMO, super agents, and co) operate with a network of sub-agents. It is therefore lack of knowledge of the workings in a Fintech/agent banking industry to be tagging sub-agents as illegal.”

The head of AMMBAN stressed that the CAC’s priority should be addressing the alarming rate of business failures in Nigeria, rather than imposing regulatory obligations on individual POS agents operating under their names.

“The Corporate Affairs Commission should prioritise addressing the alarming failure rate of registered businesses in Nigeria, rather than targeting sub-agents. With over 4.9 million businesses registered, 50 per cent of which fail every five years, this should be the focus.

“In addition, the Central Bank of Nigeria’s memo specifically addressed non-individual agents, not individual sub-agents, and CAC’s threat to harass sub-agents is unwarranted and excessive.” He added

This new directive follows a series of fraud incidents involving POS terminals and the Central Bank of Nigeria’s plans to prohibit trading in cryptocurrency or any virtual currency.

According to a fraud report by the Nigeria Inter-Bank Settlement System Plc, POS terminals accounted for 26.37% of fraud incidents in 2023.

BIZTELLERS recalls that the CBN halted major fintech firms such as Kuda, Opay, PalmPay, and Moniepoint from accepting new customers.

Additionally, these companies were instructed to caution their customers against trading in cryptocurrency or any virtual currency on their platforms, with the warning of potential account blocks for those engaging in such activities.”

The CBN’s action was connected to an ongoing audit of the Know-Your-Customer process of fintechs, which have faced heightened scrutiny due to concerns about money laundering and terrorism financing.

Prior to the CBN’s directive, the Economic and Financial Crimes Commission had secured a court order to freeze a minimum of 1,146 bank accounts belonging to individuals and companies allegedly implicated in illicit foreign exchange dealings.

 

 

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IPO: ADF Opens Wealth Creation Pathway for 2m Vulnerable Nigerian Women

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The Aliko Dangote Foundation (ADF) has unveiled the Women’s Share Subscription Grant Initiative (WSSGI), a pioneering financial inclusion programme aimed at increasing women’s participation in Nigeria’s capital market through the ongoing Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE (DPRP).

The nationwide initiative is designed to support up to two million Nigerian women, with a special focus on low- and middle-income earners, as well as vulnerable women. Through the programme, ADF seeks to expand access to equity ownership, promote a culture of savings and long-term investing, and empower women with greater opportunities for wealth creation through responsible participation in the capital market.

The initiative is open to several categories of beneficiaries, including independent applicants earning ₦100,000 or less per month, verified participants in designated ADF programmes such as CRoWN, ADFIN, and Mu Shuka Iri, eligible non-commissioned servicewomen and service spouses, as well as verified service widows.

To accommodate different categories of participants, the initiative provides two pathways for entry: Matching Grant Track: Eligible independent applicants who subscribe to a minimum of 10 shares will receive an ADF-funded application for an additional 10 shares in their name.

Unconditional Grant Track
The ADF will fund an application for 20 shares on behalf of eligible beneficiaries who satisfy programme eligibility, investor identification, and Know Your Customer (KYC) requirements.

This category covers verified beneficiaries from designated ADF programmes and verified service widows.

Under both tracks, grant funds will be applied directly through the designated issuing house. No cash payments will be made to beneficiaries, government agencies, or sponsors. Any shares successfully allotted will be credited solely to the beneficiary and held in her name.

Eligibility Requirements
Applicants must be Nigerian women aged 18 years and above; resident in Nigeria; meet the eligibility requirements of their respective participation category; successfully complete all required identity verification and KYC processes; and receive no more than one ADF share grant across all Foundation share grant schemes.

The ADF is implementing the initiative in partnership with Vetiva Capital Management and the Nigerian Exchange Group (NGX) through the Securities and Exchange Commission (SEC)-approved IPO subscription infrastructure.

The Foundation will not receive, collect, or hold applicants’ or sponsors’ subscription funds. All applications, payments, allotments, and refunds will be handled in accordance with the IPO Prospectus, applicable regulatory requirements, and the approved basis of allotment.

Participation in the programme is entirely voluntary. Prospective investors should note that share prices may fluctuate, dividends are only payable when declared, and neither allotment nor investment returns are guaranteed.

To facilitate broad participation, applicants are not required to have an existing Central Securities Clearing System (CSCS) account. Where necessary, accounts will be created through Vetiva upon successful completion of the IPO’s KYC requirements.

Eligible independent applicants may submit their applications exclusively through the official ADF portal at ipo.alikodangotefoundation.org.

READ ALSO: 40 Oil Blocks up for Grabs as NUPRC Opens 2026 Bid Round

Beneficiaries affiliated with the ADF programmes and verified service widows will receive application guidance through approved Foundation channels.

The offer closes on 13 October 2026.

The ADF urges prospective participants to remain vigilant against fraud. Applicants should not make payments to agents, individuals, or personal bank accounts in exchange for grants or promises of guaranteed allotment. Passwords, PINs, and one-time passwords (OTPs) should never be shared, and any unexpected payment request or online link should be verified through official channels before action is taken.

Through this initiative, the ADF is reinforcing its commitment to inclusive economic empowerment, broadening access to investment opportunities, and enabling more Nigerian women to participate meaningfully in the nation’s wealth creation journey.

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NUPRC Outlines Major Offshore Investment Pipelines

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The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has unveiled a pipeline of major offshore projects with the potential to attract significant new investment into Nigeria’s upstream petroleum sector.

This is as the commission has intensified efforts to convert the country’s substantial hydrocarbon resources into producing assets and sustainable economic value, the NUPRC said in a statement.

According to the statement, Nigeria’s upstream investment outlook was presented at the Nigeria Investment Forum 2026 in New York by the Commission Chief Executive (CCE), Oritsemeyiwa Eyesan.

Eyesan, who was represented by the Executive Commissioner, Corporate Services and Administration, Dr. Kelechi Ofoegbu, highlighted the emerging investment opportunities across Nigeria’s offshore, gas and brownfield assets, noting that the combination of regulatory reforms, improved project economics and a growing pipeline of development-ready assets is creating new opportunities for investors and industry partners.

READ ALSO: NCDMB, Zeconia Global Train 50 on Digital Oilfield Operations

A key feature of the presentation, it said, was the identification of 22 major offshore projects, comprising 12 deepwater and 10 shallow-water developments, as part of the pipeline capable of driving substantial new capital into the sector.

According to the commission, the projects include major developments such as Bonga Southwest, Aparo, Zaba Zaba, Owowo, Bosi and Egina South.

The NUPRC also highlighted recent capital commitments across projects including Bonga North, Obeta Gas Development, HIN Associated Gas Development and Iseni Gas Development, demonstrating the movement of investment interest towards actual project development.

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Petrol, Diesel Prices Rise 86% in Eight Months – Report

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The average prices of petrol and diesel have risen by 86 percent in 2026, with the two products reaching their highest average price levels for the year by September 22, according to the latest fuel price trend report by priceandpromo.

The report stated that the average price of Premium Motor Spirit, popularly known as petrol, rose to N1,378 per litre by September 22, while automotive gas oil, commonly known as diesel, increased to N1,899/litre.

It puts the increase in the price of petrol at 80.8 percent from the January 13 base, while diesel recorded a 91.8 percent rise over the same period. The average increase of the two products is 86.3 percent, which rounds to 86 percent.

The report stated, “The latest priceandpromo fuel price trend shows renewed upward movement following the relative stability observed between April and July.

“Petrol rose to an average of N1,378 per litre by 22 September, while diesel increased to an average N1,899 per litre, the highest average price levels recorded for both products in the displayed 2026 series.”

READ ALSO: NNPC Ltd Celebrates Second Year of Zero Voluntary Resignations

According to the report, petrol prices had increased sharply in March before remaining relatively stable at elevated levels between April and July. “After the sharp March increase, fuel prices stabilised at higher levels through July before rising again in August and September,” it added.

The renewed increase came amid heightened volatility in the international energy market, according to the report, which noted that the domestic market remained exposed to movements in global energy costs.

“The renewed increase comes amid heightened global energy-market volatility, highlighting the domestic market’s continued exposure to shifts in international energy costs,” the report added.

The report indicated that the latest movement in fuel prices could have wider implications for transportation, logistics and the cost of distributing goods, given the importance of petrol and diesel to economic activities.

The report noted that fuel prices remained an important channel through which changes in energy costs could feed into transportation and other consumer costs.

The report further warned that the renewed increase in both products is a development to monitor because of its potential implications for the movement of people and goods.

It said, “The renewed increase in both petrol and diesel is therefore an important market signal to watch, particularly for its potential implications for mobility, logistics costs and the wider cost of moving goods through the market.”

The report’s figures show that the increase in diesel prices has outpaced that of petrol, with AGO rising by 91.8 percent compared with PMS’s 80.8 percent increase.

Courtesy – The PUNCH

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