The Federal High Court in Ikoyi, Lagos, has adjourned the case brought by the Association of Mobile Money and Bank Agents in Nigeria (AMMBAN) against the Corporate Affairs Commission (CAC) on PoS registration.
The case, which was scheduled for Friday, July 5, 2024, was postponed by Justice Ogazi to October 15, 2024.
In his ruling, Justice Ogaz cited the law of Karma, stating that the defendant (CAC) should have been provided a 30-day pre-action notice before the final determination of the matter.
The CAC had previously issued a directive requiring all POS operators to register with the Commission before July 7, threatening enforcement action against those who failed to comply.
This directive prompted AMMBAN to seek an interpretation of Section 863 of the Companies and Allied Matters Act (CAMA) 2020.
Amid ongoing legal battles, the Corporate Affairs Commission (CAC) has extended the deadline for Point of Sale (PoS) operators to register their businesses.
In a message shared on its x account, CAC said:
CAC said:
Reacting to the extension, Fasasi Sarafadeen Atanda, the national president of AMMBAN), said the CAC is only trying to shift the post.
He said:
Also, AMMBAN’s lawyer, Barrister Samuel Umesi, said:
Earlier, TimesNow.com.ng reported that PoS operators hiked charges to over 100% following persistent cash scarcity.
Check showed that the PoS operators, which served as a last resort for cash-strapped Nigerians, increased their fees to N400 for every N10,000 withdrawal instead of the N200 they previously charged.
The situation is worse in some states, especially in Lagos, where most ATMs are dry or customers form long queues to withdraw.
Source: TimesNow.com.ng
