The Corporate Affairs Commission (CAC) has directed banks to block transactions on corporate accounts belonging to companies with inactive CAC status until their records are regularised, while also ordering all FirstMonie Point-of-Sale (PoS) operators to register with the Commission in line with the Companies and Allied Matters Act (CAMA), 2020.
The directives were issued by the Registrar-General/Chief Executive Officer of the CAC, Hussaini Ishaq Magaji (SAN), during a compliance visit to the headquarters of First Bank of Nigeria Limited in Marina, Lagos.
Magaji said financial institutions have a critical role in strengthening regulatory compliance by ensuring that only companies with active registration status are allowed to operate corporate accounts.
He also reiterated the Commission’s directive that all FirstMonie PoS operators conducting business through the platform must be duly registered with the CAC, stressing that the move is aimed at improving accountability, transparency and compliance within Nigeria’s corporate sector.
The CAC Registrar-General was received by the Group Managing Director of FirstHoldCo, Wale Oyedeji, the company’s Secretary and other senior executives.
The visit reaffirmed the commitment of both the Commission and FirstHoldCo to deepening collaboration, strengthening the integrity of Nigeria’s corporate registry and promoting a more transparent and compliant business environment.
