Central Bank of Nigeria Mandates Registration of All PoS Operators with CAC

In a bid to tackle fraudulent activities and bolster transparency within the financial sector, the Central Bank of Nigeria (CBN) has issued a directive requiring all point-of-sale (PoS) operators to register with the Corporate Affairs Commission (CAC) within a two-month timeframe. According to reports, PoS terminals have been implicated in a significant portion of fraud incidents, accounting for a staggering 26.37% of such cases in 2023 alone. This move by the CBN seeks to address these concerns and ensure the integrity of transactions conducted through PoS systems. With Nigeria boasting 1.8 million PoS agents as of 2022, the directive mandates that all operators must undergo registration with the CAC to continue conducting business in the country. The announcement came following a meeting between representatives from the fintech industry and Hussaini Magaji (SAN), the Registrar-General/Chief Executive Officer of the CAC, held in Abuja on Monday, May 7th. Magaji emphasized that the registration deadline of July 7th is in accordance with legal obligations and aligns with the directives of the CBN. “The Corporate Affairs Commission and Fintech companies in Nigeria, better known as PoS operators, have agreed to a two-month timeline to register their agents, merchants, and individuals with the CAC in line with legal requirements and the directives of the Central Bank of Nigeria,” stated Magaji. The collaborative effort between the CAC and fintech companies underscores the commitment to regulatory compliance and the promotion of a secure financial ecosystem in Nigeria.

NIMASA registers 8,014 seafarers in 30 months

The Nigerian Maritime Administration and Safety Agency (NIMASA) has revealed that a total of 8,014 seafarers were registered in 2021, 2022, and the first six months of 2023. A statement by NIMASA Assistant Director, Public Relations, Osagie Edward, stated that 24 MLC, 2006 certificates were issued in the year 2021, 49 MLC, 2006 certificates issued in the year 2022 and 63 MLC, 2006 certificates have been issued in the year 2023 (January-July).  “Thus, a total of 8,014 seafarers have been registered from 2021 to 2023 (Jan-July) and 136 MLC, 2006 certificates issued after inspections within the same years.  “Moreover 65 stevedoring companies, 26 terminal/jetty operators and 1,395 dockworkers have been registered from 2021 to 2023 (January-July).  “NIMASA under the current administration led by Dr Bashir Jamoh, have placed 3,705 seafarers on board Cabotage vessels in the year 2021, 7,238 seafarers placed in 2022 and 1013 placed in 2023 (Jan – July). Overall, a total of 11,956 Nigerian seafarers have been placed onboard Cabotage vessels from January-2021 to July- 2023.  “Resultantly, 539 Nigerian seafarers have been recommended for replacement in the first quarter of 2023,” NIMASA said. According to the Agency, in December 2022, it sent forth 235 Nigerians to India and Greece as Batch B of the 435 young Nigerians are expected to be trained as Licensed Deck and Engine Officers including Naval Architects under the Agency’s Nigerian Seafarers Development Programme (NSDP) with an additional 200 having been previously sponsored for overseas training under Batch A. The NSDP was initiated in 2008 with the sole mandate of training Nigerian youths to become seafarers and Naval Architects in fulfilling one of its cores in the area of Maritime Capacity Building. The programme was designed to train Nigerian youths up to Degree level in Marine Engineering, Nautical Sciences and Naval Architecture in some of the best Maritime Training Institutions (MTIs) abroad and to position them to compete effectively in the global Maritime Industry as a means of developing the Nigerian maritime space. Speaking at the time, the NIMASA Director General Dr Bashir Jamoh, had noted that the Agency was working with countries who are committed to an understanding for mutual recognition of Certificate of Competency, CoC, and that had underpinned the selection of the chosen Institutes to train the beneficiaries.  “It is also noteworthy that the Agency has succeeded in providing sea time for all beneficiaries of the NSDP. This implies that the bedrock for young Nigerians to earn foreign currencies and improve remittances to the country has been set by the Agency,” he said. The NIMASA spokesman further said that “One of the cardinal principles of the Cabotage regime is the localization of manning vessels operating in Nigerian waters. To a considerable extent, NIMASA has ensured the placement of Nigerian seafarers on board Cabotage vessels in line with its placement function and the provisions of the Cabotage Act, 2003. “Improving on this, Cabotage manning applications are now processed on the condition that all foreign crew especially Ratings on board vessels are to be replaced with Nigerian seafarers/cadets within two-three weeks of operations.”