BREAKING: CAC Boss Accused of Forcing Small Businesses to Pay Inflated Registration Fees
Fresh allegations have rocked Nigeria’s Corporate Affairs Commission (CAC) as the Registrar-General, Hussaini Ishaq Magaji (SAN), is accused of compelling fintech companies to collect inflated business registration fees from hundreds of thousands of small business owners nationwide.
Sources allege that PoS operators and micro businesses were made to pay ₦20,000 for business name registration, despite the official CAC fee at the time being ₦10,500, with the extra ₦9,500 allegedly diverted through a privately appointed consultant. The scheme reportedly affected over 300,000 operators, raising concerns of large-scale extortion, abuse of office, and criminal conspiracy.
Insiders claim fintech firms such as Moniepoint, OPay, and PalmPay were turned into enforcement tools, threatening unregistered operators with suspension or shutdown. A petition has now been submitted to the Code of Conduct Tribunal, while calls grow for investigations by the National Assembly, ICPC, and EFCC.
Magaji has denied wrongdoing, insisting the exercise was driven by security and regulatory compliance, noting that CAC fees were reviewed to ₦20,000 plus ₦5,000 availability check, and that any extra charges were determined by private service providers—not CAC.
The controversy continues to spark outrage as Nigerians battle inflation and economic hardship, with critics warning that trust in public institutions is at stake.
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