CAC Urges First Bank To Block Transactions On Inactive Company Accounts

The Corporate Affairs Commission (CAC) has stepped up its corporate compliance drive, urging First Bank of Nigeria Limited to block transactions on corporate accounts belonging to companies with inactive registration status until they regularise their records in line with the Companies and Allied Matters Act (CAMA), 2020.

The directive was delivered by the Registrar-General and Chief Executive Officer of the CAC, Hussaini Ishaq Magaji (SAN), during a compliance visit to the headquarters of First Bank of Nigeria Limited at Marina, Lagos.

Magaji was received by the Group Managing Director of FirstHoldCo, Mr Wale Oyedeji, the Company’s Secretary, and other senior executives of the Group.

During the meeting, the CAC boss called on financial institutions to strengthen regulatory compliance by ensuring that companies with inactive status on the Commission’s register do not continue to operate corporate accounts until their registration records are fully regularised.

He also reiterated the Commission’s directive on the compulsory regularisation of FirstMonie Point-of-Sale (PoS) terminal operators, stressing that every operator conducting business through the platform must be duly registered with the Corporate Affairs Commission as required by law.

According to him, the move is aimed at strengthening transparency, improving corporate governance and ensuring compliance with the provisions of the Companies and Allied Matters Act, 2020.

The meeting ended with both the Corporate Affairs Commission and FirstHoldCo reaffirming their commitment to promoting transparency, safeguarding the integrity of Nigeria’s corporate registry and fostering a more compliant and trusted business environment.