09/09/2024
As of today, Monday, September 9, 2024, the deadline issued by the Corporate Affairs Commission (CAC) to Point of Sale (POS) operators for business registration has officially elapsed. Initially announced on July 7, 2024, the registration deadline expired on September 5, 2024.
In a statement released last Friday, the CAC expressed disappointment over the low compliance rate among POS operators nationwide.
Despite the significant number of operators, many failed to register their businesses.
However, the CAC praised those who complied, acknowledging their "positive attitudes" toward formalizing their operations.
The CAC raised concerns about operators who have deliberately avoided registration, suggesting that these actions may be linked to involvement in unwholesome activities or other reasons best known to the individuals.
To address this, the CAC reiterated its commitment to collaborate with law enforcement agencies and other relevant stakeholders. The commission is set to enforce a strict sanction framework, which could include the shutdown of non-compliant businesses and other severe legal consequences.
While many are hopeful for an extension, the CAC’s position remains firm, urging non-operators to take immediate steps toward formalization or face serious consequences.
Contact us to register now.
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Atoyebi Bolanle
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