Pos Operators Plans To Drag CAC To Court.

Point of Sale operators under the aegis of the National President of the

Association of Mobile Money and Bank Agents in Nigeria said, it has

concluded plans to head to court to address the legality of the mandatory

Corporate Affairs Commission for its members.

The President of the association, Fasasi Sarafadeen, faulted the directive

mandating PoS operators to register with the CAC, saying the move had

forced the association to go to court to seek a redress, adding that, the

directive from the CAC violated the provision of the Companies and Allied

Matters Act, Laws of the Federation of Nigeria, 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.

Explaining the categories, he said, there were two categories of Point-of-Sale

agents, and the clampdown on agent banking in the name of CAC

registration was not in line with President Bola Tinubu’s renewed Hope

agenda, which prioritizes job creation and opposes policies that cause

unemployment.