Nigeria’s CAC Registrar-General Accused of Forcing Fintechs to Collect Inflated Business Registration Fees From Over 300,000 Small Businesses
Serious allegations have been levelled against the Corporate Affairs Commission (CAC) and its Registrar-General, Hussaini Ishaq Magaji, over claims that fintech companies were compelled to charge small business owners inflated business registration fees far above official rates. Sources allege that more than 300,000 micro and small enterprises were forced to pay ₦20,000 instead of the then-approved ₦10,500, with the excess allegedly diverted through a private consultant. The accusations have triggered petitions to the Code of Conduct Tribunal and calls for investigations by anti-corruption agencies, while Magaji denies wrongdoing, insisting the exercise was lawful, security-driven, and that additional charges were imposed independently by fintech service providers.
Serious allegations have been levelled against the Corporate Affairs Commission (CAC) and its Registrar-General, Hussaini Ishaq Magaji, over claims that fintech companies were compelled to charge small business owners inflated business registration fees far above official rates. Sources allege that more than 300,000 micro and small enterprises were forced to pay ₦20,000 instead of the then-approved ₦10,500, with the excess allegedly diverted through a private consultant. The accusations have triggered petitions to the Code of Conduct Tribunal and calls for investigations by anti-corruption agencies, while Magaji denies wrongdoing, insisting the exercise was lawful, security-driven, and that additional charges were imposed independently by fintech service providers.
Nigeria’s CAC Registrar-General Accused of Forcing Fintechs to Collect Inflated Business Registration Fees From Over 300,000 Small Businesses
Serious allegations have been levelled against the Corporate Affairs Commission (CAC) and its Registrar-General, Hussaini Ishaq Magaji, over claims that fintech companies were compelled to charge small business owners inflated business registration fees far above official rates. Sources allege that more than 300,000 micro and small enterprises were forced to pay ₦20,000 instead of the then-approved ₦10,500, with the excess allegedly diverted through a private consultant. The accusations have triggered petitions to the Code of Conduct Tribunal and calls for investigations by anti-corruption agencies, while Magaji denies wrongdoing, insisting the exercise was lawful, security-driven, and that additional charges were imposed independently by fintech service providers.
0 Commentaires
·0 Parts
·497 Vue
