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AMMBAN Decries Mandatory CAC Registration of POS Agents

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Association of Mobile Money and Bank Agents of Nigeria (AMMBAN) has decried the directive coming from the Corporate Affairs Commission mandating all Point Of Sale (POS) agents to register with the commission.

At a press conference which was held over the weekend in Lagos, the group insisted that the reason tendered by the commission that the registration was to curb crime in the Fintech space was not tenable, maintaining that it was purely a revenue drive agenda.

In a paper read by the National General Secretary, Oluwasegun Elegbede on behalf of the President of the association, Fasasi Sarafsdeen Atanda said, “The Association of Mobile Money and Bank Agents of Nigeria (AMMBAN) strongly disagrees with the recent directive by the Corporate Affairs Commission (CAC) that all POS agents must register with it, regardless of their status as individuals or non-individuals. We believe this directive is unnecessary, contradictory to existing laws, and amounts to a mere revenue generation move to further tax hapless Nigerians.”

AMMBAN maintained that the reason that the directive was designed to curb crime in the financial space was not tenable. “We disagree with CAC’s claim that it wants to fight crimes in the agency agency banking business space through registration. We believe that the kind of crimes in the space are both human and technical, which CAC registration cannot fight.”

Referring to Section 18 (1) of CAMA which states that “A person may apply to the commission for the registration of a company” and section 22(1) states that “A company shall be deemed to be a separate legal entity from its members.”

The group insisted that what this means is that individuals and non-individuals (companies) have different legal statuses and requirements. Moreover, the CBN Policy on financial inclusion and development states that “agency banking services shall be provided by agents who are individuals or non-individuals (companies) registered with the CBN (Section 2.1).

“The group disclosed that the policy clearly recognized the distinction between individuals and non-individuals and does not require individuals to register with CAC,” the paper read.

AMMBAN disclosed that it has made and still making spirited efforts in combating the issue of crimes within their business space,  and condemned the insistence of CAC to deploy the police to execute the directive against those who fail to register their business by July 7.

The group while denying allegation credited to the Economic and Financial Crimes Commission (EFCC) that AMMBAN members are  colluding with bank staff to hoard cash or engage in buying and selling of cash. Aside asserting that the allegation was misleading, they also stated that it is damaging to the reputation of their members who are law-abiding citizens.

“Our association finds it criminal for anyone to buy and sell cash, as our role is to bring succour to the general populace at a very convenient cost to serve.” And they also called on the commission to endeavor to prove their case beyond reasonable doubt.

AMMBAN also categorically denied allegation that her members are responsible for scarcity of cash, adding that her members are also facing similar challenge because their agents are not given any preferences in accessing cash from the bank, saying, “it has been a long standing demand that the CBN categorize agencies into different tiers to enable them to have access to cash, rather than seeing them as individuals with a limit of N500000. This will help to address the current cash scarcity and promote financial inclusion.”

The group further said that they reject the CBN ‘s policy limiting multiple accounts/wallets to two. They added that the policy has crashed the agent network category and is an attack on financial inclusion. “We urge everyone to work together to promote financial inclusion and economic growth, rather than engaging in activities that can undermine the progress made so far.”

Chairman of AMMBAN, Fasasi Sarafadeen Atanda disclosed that their members have lost millions of jobs due to inconsistent policies in the Fintech space. “People are asking us why are we taking this step, we are taking this step to save millions of jobs in Nigeria, because it is not just about POS, it is actually beyond POS.

“We know the implications of most of these policies that are not well thought out and their impacts on the economy generally. As of today since the beginning of the cashless policy and the cash redesign policies last year, to the level of NIN and BVN linkage and then the recent policies of asking all agents to go and register with CAC, and lots of policies being dished out to providers internally via internal memo, such as restriction on how many accounts an agent can have, all these policies have led to the following statistics: We have lost over 1.5 million jobs in the last one year.”

He said there are over 3.7 million POS in circulation as of today, but the service providers were only able to deploy 2.7, leaving the gap of 1million POS amounting to a loss of 1million jobs in Nigeria.

He further added “Also agents that are utilizing Fintech solutions, they are utilizing mobile apps, they are utilizing websites, they are also exploring digital and Fintech solutions, that space alone is employing hundreds of jobs, in the form of app developers, UI, US Engineers and all others in that space, we have lost cumulatively 200,000 jobs.

He also stated that the aggregators were not left out in the policy summersaults. “And aggregators, we have about 217 registered Fintech companies in Nigeria and most of them are adopting the strategy of aggregators. Who are the aggregators or who are the agent network?

They are the people that are stepping down all the services of financial institutions. You have aggregators that are helping providers to deploy and manage US terminals and each and every one of these 217 registered Fintech, they have a minimum of a 1000 aggregators. So when you multiply a thousand with at least, 200 out of the 217, you can see the number of jobs that have been lost through that.”

He also said that Nigeria has lost a lot of foreign direct investment.


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RMRDC Urges Investors to Patronise Research Outputs, Embrace Domestic Resource Based Manufacturing

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The Raw Material Research and Development Council (RMRDC) is wooing Nigerian investors to patronise its research outputs by embracing domestic resource based manufacturing that would end Nigeria’s industrial dependency.

The RMRDC made at the Nigeria Manufacturing and Equipment/Nigerian Raw Materials (NME/NIRAM) Expo 2025 through its Director Agricultural and Agro Allied Raw Materials Department, Raw Material Research and Development Council (RMRDC), Dr. Sab C. Ebiriekwe, and the Managing Director of Jola Global Industries Limited, Dr. Moses Omojola, who was formerly a director with RMRDC.

They pointed out that the Nigerian manufacturing sector is relying on importation for over 75 per cent of its industrial inputs while about 80 per cent of manufacturing firms in Nigeria are owned by foreigners.

Ebiriekwe said in his presentation titled “Harnessing Local Resources: Enhancing Value Addition Through Innovation in Raw Material Sourcing” that Nigeria is grappling with industrial dependency despite being endowed with vast natural resources, adding that no country industrialises sustainably without local raw material transformation through innovation.

He said that despite the abundance of local raw materials, only 35 per cent of local manufacturers in Nigeria could rely on steady access to local raw materials.

He added that a gap exists between research outcome and practical application as “only 5.0 per cent of research outputs reach commercialisation.”

According to him, Nigeria’s failure to beneficiate and industrialise its raw material is hindering its bid for economic diversification, jobs creation and export competitiveness.

“As value of industrial raw material imported in 2023 was N2.41 trillion; share of imported manufacturing inputs are over 75 per cent and non-oil export is dominated by unprocessed raw/agro products.”

Omojola, who retired as a director with RMRDC, said during the panel session that about 80 per cent of industries in Nigeria are owned by foreigners, especially Asians.

He asked: “How come Nigerians are going into manufacturing? I have lectured in the university and have worked in RMRDC for 25 years but I told myself that it will be disservice to leave RMRDC without taking home one project. And to the glory of  God I am today a manufacturer in Ekiti State.”

According to him, manufacturing “is very stressful but more rewarding,” which is the reason Asians are coming to Nigeria? “When I ask my Asian friends why they are in Nigeria they will reply that Nigeria is good. And now that I have started manufacturing, I have known that Nigeria is good,” he said.

Omojola also challenged politicians to invest the money they have made from politics into manufacturing in order to create more jobs in the economy.

“We should be going into resource based industry. I produce vegetable oil. Today, Indonesia and Malaysia cannot bring in vegetable oil into Nigeria because our own price is cheaper than their own. Therefore, no imported vegetable oil can compete with us,” he said.

The Founder of AfricanFarmer Discovery Hub, Mr. AfricanFarmer Mogaji, said that chemical extracted from water leaf had been used to coat mugs by Oluwa Glass in Ondo State.

“That was innovation. But unfortunately, it was not scaled. In Ibadan, the shell of the cashew nut had been used in making brake pads. We can revisit these innovations at Small and Medium Enterprises (SMEs) level,” Mogaji said.

He also urged retire military generals to invest in manufacturing like their counterparts in Malaysia that funded Malaysia’s turn around.

However, the Managing Director of Spectra Industries Limited, Mr. Duro Kuteyi, said that absence of government’s policies that could protect the SMEs is one of the reasons Nigerians are not going into manufacturing.

Kuteyi said: “Unless government will come up with policy the way India is protecting its products and SMEs, it will take time for us to grow.

“I started using Nigerian raw materials to make products like natural cocoa powder that is good for diabetics, hypertension, etc. We also use soya as one of our basic raw materials.

“But as it is currently, SMEs are finding it difficult in the market place where they are competing with multinationals that are ready to kill them and kill them totally.

“A multinationals firm went to the market and offered generators to my customers to stop dealing on my products.”

The Managing Director of FACCO West Africa, Mr. Femi Adelayo, said that wealthy Nigerians should be encouraged to embrace manufacturing rather than buying houses in Dubai.

Adelayo also said that manufacturers should be supported with a holistic robust policy to ensure their survival and enable Nigeria to withstand the emerging global trade dynamics that is being characterised by punitive tariffs.

He appealed to the RMRDC to help his livestock feed manufacturing firm with raw materials that could substitute for maize and soya. He said: “We work in the feed mill industry where we produce livestock feeds. But maize and soya are major challenges. We will like RMRDC to help us to have alternative protein production.”


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Zinox Chairman Leo Stan Ekeh Donates State-of-the-Art Tech Experience Centre to Federal University Birnin Kebbi

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Federal University Birnin Kebbi (FUB) received a significant boost in its quest to produce globally competitive graduates, following the donation of a multimillion-naira Tech Experience Centre by the Leo Stan Ekeh Foundation (LSEF).

The facility, donated by Mr. Leo Stan Ekeh, Chairman of Zinox Group and Founder of LSEF, was commissioned on his behalf by the President of the Nigeria Computer Society (NCS), Dr. Muhammad Sirajo Aliyu, FNCS.

The centre is equipped with the latest Zinox computers, powered by the iPower renewable energy suite, which features high-performance solar panels and certified lithium batteries. It is also connected to a 24-hour, non-disruptive satellite internet service powered by Starlink, a service that the LSEF has committed to funding for the next five years.

According to Mr. Ekeh, the Tech Experience Centre is dedicated to the use of students and knowledge workers at FUB, with the aim of equipping them with the digital skills and resources required to compete with their peers globally and contribute meaningfully to Nigeria’s economic development.

This centre is one of several cutting-edge technology hubs donated by the Leo Stan Ekeh Foundation to tertiary institutions across Nigeria. It supports the Federal Government’s vision to upgrade the nation’s higher institutions to world-class standards.

For over 25 years, Mr. Ekeh and the Zinox Group have consistently invested in promoting digital education by donating tech laboratories and innovation hubs. In recent years, the Foundation has delivered and equipped centres at St. Augustine University, Lagos, and Imo State University and refurbished older facilities it had donated in the past. According to Mr. Ekeh, the next phase will see the Foundation extend similar interventions to secondary schools across the country.

He called on politicians, government agencies, and wealthy Nigerians to intentionally invest in the nation’s education sector, stressing that a well-educated populace is the Foundation for national development.

Mr. Ekeh expressed his appreciation to the Chairman of the University Council, the council members, Vice Chancellor Professor Muhammad Zaiyan Umar, members of the University Management, staff, and students of FUB, as well as the Honourable Minister of Education, Dr. Tunji Alausa, for their support in accommodating the LSEF’s vision.

Speaking on behalf of the university, Professor Muhammad Zaiyan Umar, Vice Chancellor of FUB, expressed deep appreciation to Mr. Ekeh and the LSEF for the generous donation.

“This Tech Experience Centre will make a remarkable difference in the academic and research output of our students and staff. We are grateful for Mr. Ekeh’s vision, generosity, and long-standing contributions to this institution and to digital education in Nigeria. This facility is more than a building with computers; it is an investment in the future of our graduates and the growth of our nation.”

Speaking on the sidelines of the commissioning, Mr. Chimezie Orisakwe, Head of Corporate Communications for the Zinox Group, highlighted Mr. Ekeh’s sustained promotion of digital learning across Nigeria — from interventions in the media sector to landmark projects with the media, Independent National Electoral Commission (INEC), the National Population Commission (NPC), and others.

He also highlighted Mr. Ekeh’s reflection on the current state of Nigeria’s education sector, warning that many institutions, both public and private, face severe funding deficits. This, he noted, raises the risk of closures, which would deprive graduates of the enduring legacy of their alma maters.

To address these challenges, the Zinox Chairman proposed that the Federal Government adopt a college system and reclassify existing universities. He recommended granting approvals for specialized professional colleges affiliated with reputable universities, similar to the Lagos University Teaching Hospital (LUTH) model with the University of Lagos.

Ekeh emphasized that the quality of an institution’s academic content now matters more than its physical size. Those passionate about establishing tertiary institutions must be focused on their core mission, be willing to invest adequately, and possess the mental and financial capacity to sustain standards.

He further urged that educational institutions be regulated even more stringently than banks, given their central role in producing the human capital that drives both the public and private sectors.

“Educational institutions are not limited liability companies that can be liquidated at will. Their true profit is not in short-term returns but in the quality of graduates they produce, men and women who can lead this nation and give back to the institutions that shaped them,” Ekeh stated.

The donation to FUB is the latest in a long list of interventions by the Zinox Group to support Nigeria’s technological advancement. Through the Leo Stan Ekeh Foundation, the Group has also funded thousands of scholarships, donated modern digital learning facilities nationwide, extended non-interest loans to budding entrepreneurs, and supported churches, hospitals, and humanitarian causes.


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No More Leaks: FIRS Slaps ₦5m Fine on Info Disclosure

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Nigeria Revenue Service (NRS) Act has introduced strict penalties for the unauthorised disclosure of confidential information and documents by its staff, with offenders facing fines of up to N5 million, imprisonment for up to three years, or both.

The NRS Act is one of four bills recently signed into law by President Bola Tinubu, alongside the Nigeria Tax (Fair Taxation) Law, the Nigeria Tax Administration Law, and the Joint Revenue Board (Establishment) Law. The regulations will take effect on January 1, 2026.

In Part VI of the NRS Act, covering miscellaneous provisions, the law designates all internal records—including institutional information, memoranda, and communications—as confidential.

“Without prejudice to the provisions of any other Act concerning data privacy or data protection, institutional information or communication, all internal information, communications, documents or memoranda of the Service are confidential,” the law states.

It further warns that, “Except as otherwise provided under this Act, any other law or any enabling agreement or arrangement or as otherwise authorised by the Executive Chairman or management of the Service, any person who discloses or attempts to disclose institutional information, communication, document or memorandum of the Service is liable on conviction to a fine not exceeding N5,000,000 or imprisonment for a term not exceeding three years or both.”

The provision applies to all officials and individuals involved in the administration of the Act. The NRS also specified that business records, tax returns, notices, assessments, and documents relating to a person’s assets, liabilities, or profits must be “treated as secret.”

Exceptions to the confidentiality rule include disclosures authorised by the service, those mandated by court order, or situations where the information is needed for the enforcement of Nigeria’s tax laws.

The development follows a February 20, 2024, warning from the federal government cautioning civil servants in ministries, departments, and agencies (MDAs) against leaking sensitive documents to the public.


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