CAC Seeks Stronger Compliance as Registrar-General Visits First Bank Headquarters
CAC Seeks Stronger Compliance as Registrar-General Visits First Bank Headquarters
CAC Seeks Stronger Compliance as Registrar-General Visits First Bank Headquarters
The Corporate Affairs Commission (CAC) has intensified its drive to strengthen corporate compliance and promote transparency in Nigeria’s business environment with a high-level compliance visit to the headquarters of First Bank of Nigeria Limited in Marina, Lagos.
Leading the delegation, the Registrar-General and Chief Executive Officer of the Commission, Hussaini Ishaq Magaji, SAN, met with the Group Managing Director of FirstHoldCo, Mr. Wale Oyedeji, the Company’s Secretary, and other senior executives to reinforce collaboration between the Commission and the financial institution.
During the meeting, Magaji underscored the critical role of financial institutions in supporting regulatory compliance, urging banks to block transactions on corporate accounts belonging to companies with inactive Corporate Affairs Commission status until their records are regularised in line with the provisions of the Companies and Allied Matters Act (CAMA), 2020.
The Registrar-General also reiterated the Commission’s directive on the mandatory regularisation of FirstMonie Point-of-Sale (PoS) operators, stressing that all operators conducting business through the platform must be duly registered with the Corporate Affairs Commission in compliance with existing legal requirements.
He noted that the measures are aimed at strengthening corporate governance, enhancing accountability, and safeguarding the integrity of Nigeria’s corporate registry.
The engagement also reaffirmed the shared commitment of the Corporate Affairs Commission and FirstHoldCo to promoting transparency, improving regulatory compliance, and fostering a trusted business environment capable of supporting sustainable economic growth.
The compliance visit forms part of the Commission’s ongoing stakeholder engagement strategy to deepen partnerships with key institutions and ensure greater adherence to Nigeria’s corporate regulatory framework.
CAC Seeks Stronger Compliance as Registrar-General Visits First Bank Headquarters
