So, if you are looking at making a social impact while earning on the side, you may want to consider starting the POS agency business. However, before you explore this possibility, it is important to consider this vital question – Can you run a POS agency business in Nigeria without registering your business?
Addressing this legal question will determine the feasibility of your aspiration, and this article will guide you through the essential steps to ensure your POS agency business’ compliance and success in Nigeria.
Why Should You Register Your POS Agency Business?
Ensuring that your POS agency business is legally registered in Nigeria offers several benefits:
- Legal Compliance: You will comply with a mandatory legal requirement, thereby avoiding the risk of penalties. Generally, it is illegal for any individual or group to conduct business in Nigeria as a company, limited liability partnership, limited partnership, or under a business name without registering in accordance with the Companies and Allied Matters Act, (‘CAMA’) 2020 (Section 863 CAMA 2020). In line with the above, the Central Bank of Nigeria (CBN) has issued a deadline to existing POS vendors to register their businesses with the Corporate Affairs Commission (CAC) by 7th July 2024. Failure to register can result in default fees, arrest by security agencies and prosecution.
- Access to Financial Institutions: Registration will provide the necessary access to banks and fintech companies, which are the primary sources for your POS agency business, as they are bound to comply with legal requirements.
- Eligibility for Institutional Support: Your POS agency business may be eligible for support from government and corporate bodies if registered.
How Do You Register Your POS Agency Business?
Now that you have decided to venture into the entrepreneurial world, the registration of your business is the next line of action. In Nigeria, you can register your business under a business name, company or partnership. Generally, your preference should depend on your business needs.
For a POS agency business, registering under the business name category will typically be sufficient to fulfil the legal requirement. Setting up a business name is relatively easy and less costly compared to other options. However, a business name offers limited protection, as the liabilities of the business are directly borne by the business owner.
The registration is done on the CAC electronic portal, and begins with an application to reserve the name for the business. You have the option to propose 2 (two) names for consideration, and the CAC will either approve one or deny both. A pro tip is to make your chosen name as unique as possible, so it does not closely resemble the name of another business already registered, as this could serve as a basis for denial by the CAC.
If the name reservation is successful, a second application will be made in the prescribed form to register the business under the approved name. Typically, the registration process is completed within a week of the application.
Recently, to ensure compliance with the approaching deadline for existing POS vendors, the CAC has provided alternative options to fast-track the registration process.
What Next?
Whether you are an existing POS vendor or a prospective one, registering your business with the CAC is an essential step towards ensuring the legitimacy and success of your business venture. Registration not only ensures your business’ compliance with laws but also opens numerous opportunities that can help your business grow and thrive.
If you need further guidance or require assistance in registering your POS agency business in Nigeria, we are here to help. Get in touch with our team on +[234] 803 534 8690 or email us at shola@eunoialaw.com.ng; taiwo@eunoialaw.com.ng
]]>20 businesses will be selected to benefit from this initiative. See flyer for more details.
We look forward to this journey of innovation and endless possibilities. We can’t wait to make a difference in your business!
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The roles of the chair are numerous and sometimes, industry specific. However, some general and pivotal roles include:
Knowledge of the Core Business
The days of appointing individuals with a good heart and no skill as chair of a board are long gone!!! The chair must have a functional knowledge about the core business of the organization. Staying current and informed on factors that could impact the organization through networks, memberships and subscriptions across a wide range of areas, will assist the chair in leading and contributing contemporary knowledge to the decision making process.
Meetings
He prepares for and presides over Board Meetings. He ensures the agenda for each meeting is robust and allows for discussions in relation to the organization’s culture and its drivers; staff presentations, client stories/ testimonials, site visits, surveys, reports on turnover and complaints etc.
Managing Conversations
The chair handles and undertakes difficult conversations on areas that could affect the business of the company. For instance conversations on performance evaluations of the CEO or a board member; conversations between various stakeholders and the differing interests they represent etc. This is a difficult, but significant role of the chairman and his ability to function without bias aids in his discharge of this role.
Training
He guarantees the effectiveness of the Board by ensuring that induction trainings are conducted for new directors as well as continuing education trainings and workshops for all other directors
People Management
The chair manages and draws on the diversity of the board, for the benefit of the organization. He does this by exploiting the individual strengths, experience and know-how of all directors. This allows for quality decision making as issues are explored through multiple perspectives.
The appointment of the chairman of the board is a pointer to the overall success or otherwise of the organization.
]]>Every successful company is headed by a functional Board of Directors. The Board serves as a link between the various stakeholders (such as shareholders, competitors, customers, regulatory agencies, creditors, employees) and the company.
The key responsibilities of the Board include:
a. Providing strategic leadership on the core business of the organization;
b. Promoting ethical culture in the organization;
c. Exercising oversight and control by ensuring that management acts in the best interest of the all stakeholders on the one hand, whilst sustaining the prosperity of the organization on the other hand.
For the Board to effectively undertake its key responsibilities, there must be a perfect blend of the appropriate skillset, diversity (gender, experience, technical know how), competence, independence and integrity on the Board. High functioning Boards are literally a wealth of experience in various walks of life that often transcends the core business of the organization.
Therefore, when looking to setup an organization or revamp an already existing one, the very first focus should be on the structure of the board.
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]]>The devastating effects of disasters such as storms, flood and wildfires are felt around the world. The health and life span of individuals the world over; unpredictable weather conditions have dealt a massive blow to the homes and livelihoods of people. No continent on the earth is spared.
The good news however, is that these challenges and the need for self-preservation has engendered advances in tackling these problems. Some of these solutions are not only producing cleaner air, but also creating good jobs, restoring nature and at the same time, unleashing economic growth. Despite the apparent opportunities it brings, countries and jurisdictions are not acting fast enough to get a grip of this crisis.
The Paris Agreement is the international treaty on climate change. It was adopted at COP 21 in Paris on 12th of December 2015 and entered into force on 4 November 2016. As of October 2021, 192 members of the UNFCCC are parties to the agreement. Its goal is to limit global warming to well below 2, preferably to 1.5 degrees Celsius, compared to pre-industrial levels.
The Paris Agreement is a landmark in the multilateral climate change process because, for the first time, a binding agreement brings all nations into a common cause to undertake ambitious efforts to combat climate change and adapt to its effects. Therefore, according to the President of COP26, the aim of the conference is to complete and implement the Paris Agreement so as to show that the world is able to work together to tackle this crucial challenge. It also aims to increase countries’ ability to adapt to the adverse impacts of climate change, and to foster climate resilience and low greenhouse gas emissions development, while making finance flows consistent with those aims.
At the heart of the Paris Agreement are the ‘Nationally Determined Contributions’ (NDCs). This is the central mechanism to achieve the Paris Agreement objectives and it embodies efforts by each country to reduce national emissions and adapt to the impacts of climate change. Each country is expected to submit its NDCs and these should include plans to address finance, mitigation, technology transfer and capacity building. The Federal Republic of Nigeria became a treaty to this Agreement on the 22nd of September, 2016 and ratified it on the 16th of May, 2017.
Nigeria, in 2015, submitted an ambitious and transparent NDC. However, as a build up to the COP26, on the 27th of May, 2021, Nigeria submitted an interim report of the updated NDC and thereafter, on the 2nd of July 2021, the updated and final 2021 NDC was submitted.
Some highlights of Nigeria’s 2021 updated NDC are:
Emission Inventory. The NDC of 2015 covered only 3 gases: CO2, NH4 and N2 The updated emission inventory now covers eleven (11) pollutants, including short-lived climate pollutants (black carbon), greenhouse gases (CO2, NH4 and N2O HFCs) and air pollutants (PMs, NOx, SO2, NH3, OC, NMVOCs and CO).
Policy Commitments. The Federal Government of Nigeria has implemented new specific policy commitments and these include:
- elimination of kerosene lighting by 2030
- a greater uptake of bus rapid transit
- 50% reduction in the fraction of crop residues burnt by 2030
- implementation of forest programmes and initiatives to deliver 20% greenhouse gas (GHG) emission reductions.
- mainstreaming gender across all sectors; and to achieve this, the government recently approved the National Action Plan on Gender and Climate.
Enhancement Programmes. Some significant enhancement programs being undertaken are:
- mitigation in the electricity sector
- assessment of green jobs
- review of the circular economy with waste management
- review of clean cooking solutions
- analysis of nature-based solutions for those sectors with significant adaptation and mitigation co-benefits.
Watch this space for more on the outcomes of the COP26, especially as it affects Nigeria.
]]>This story exemplifies the dual reality every family member operating a family business faces. There is a constant tussle between balancing decisions that positively affect the family business and maintaining a cordial relationship between family members.
When non-family business partners commence operations, the issue of corporate governance is readily brought to the fore so as to formalize the governance process; usually not so when the business is owned by a family. However, due to the proliferation of family owned businesses, the need for such businesses to adopt a tailored and effective family business governance mechanism arises.
Family Business Governance refers to a well structured and balanced process that governs decisions made around the family, the business and the intersection of the two.
Family businesses come in different forms and sizes, from small mom-and-pop stores (such as small or medium sized businesses owned by a husband and wife, siblings, extended family members etc) to global companies (such as Walmart, Johnson&Johnson, the Henry Ford Motor Company and the Dangote Group), and these businesses account for a significant share of the economy in the jurisdictions where they operate. Job creation for family members and other employees, source of revenue for suppliers and governments, and general economic stability of the host communities, are some of the ways the family business supports the ecosystem. Hence, the failure of these enterprises can have cataclysmic implications on economic growth, especially in developing economies
Just like we see generally in businesses, disagreements envenom relationships and could be fatal to the life of a business if no effective resolution is found. It therefore means that families in business can benefit from establishing a sound operating model. Principle 9 of the UK Institute of Directors Corporate Governance Principles for Unlisted Companies states that family run companies should establish family governance mechanisms that promote coordination and mutual understanding among family members as well as organize the relationship between family governance and corporate governance.
Here are some established best practices for families to consider as they evolve and formalize their family business governance practices:
- Clarify the overarching business priority. That is, whether to build a great business, maximise wealth or put the family first by creating and securing opportunities for the current generation and the future ones.
- Anticipate and provide solutions for flash points that can derail the success of the business and jeopardize family harmony. Such issues include leadership choices on who handles what aspect of the business, resolution of disputes, wealth sharing among family members etc.
- The family members should have a working understanding of the ownership structure (current and future). Every member should know who owns or is entitled to what.
- Establish a family council that is saddled with the responsibility of making decisions on policies that pertain to the intersection of the family and the business, including family employment, liquidity, succession, promotion, conflict resolution and communication policies.
- Determine the disciplinary/corrective actions to be applied to family members in the event of misconduct.
- Partnering with trusted professional advisers (such as corporate lawyers) with relevant experience can help avoid common pitfalls and imbue best practices into the development process. They can act as an independent sounding board for strategic business considerations. Another very important function of these trusted advisers is to facilitate the very difficult and sometimes raw conversations about succession planning, remuneration/profit sharing among family members, roles and involvement of various sections of the family in the business, disciplinary measures etc.
Regardless of where the family and the business are in their progression, implementing governance is always a worthwhile exercise.
]]>Patients could not have speedy access to their medical history. The few that had records were records that were made up of files with low quality sheets, prone to tears at the littlest of pressure with ink already fading out, thereby rendering the files unreadable and almost useless. Kunle felt he could develop an electronic medical record (EMR) software that doctors in the hospital could use, where the medical history of the patients are immediately imputed into a central system and updated with each new encounter.
He approached the Chief Medical Director (CMD) of Infinity Medical Group and discussed this. Quite impressed by his presentation, the CMD asked Kunle to show him a dummy of how the software will work. Kunle excitedly laid it all bare and they both had a robust discussion on how the hospital can deploy th use of this software.
A few days later, the CMD called his nephew, who was a final year Computer Science student at a private university, and discussed the EMR software. He asked if it was something his nephew could build. His nephew said he would try his hands on it.
Kunle didn’t get any feedback on when he will be formally engaged by the hospital to build the software. So he thought to pay the CMD a visit. On getting to the hospital that morning, he was told the CMD was at a meeting so he decided to wait at the reception. Then, an interface on the laptop of one of the nurses caught his attention. He was so sure what he was looking at was an exact replica of the dummy EMR software he had shared with the CMD. Then it struck him- the CMD had taken his dummy, given to some other programmer who developed the EMR for the hospital. He was devastated.
Stories like this and many more abound in the business world. Ideas rule the world they say, but if you do not protect those ideas, you could be said to have slept on your rights. Many business men and women enter into mere handshake deals (verbal agreements) with each other without detailing in fine print, the terms and conditions of the contract. This does not augur well for businesses in the long run.
Sad stories and instances of corporate thefts is why we business lawyers advise clients to draft and sign Non Disclosure Agreements (NDAs) with intending business partners. An NDA is a contract or contractual provision containing a party’s promise not to disclose any information shared by or discovered from a trade-secret holder, including all information about trade secrets, procedures, or other internal matters.
Proposed business partners, beta-testers and contractors etc. should all be required to sign NDAs.
At Eunoia Law, we deliver bespoke corporate legal services to our clients so their businesses can survive and thrive. Book an appointment to speak with us today.
This is a work of fiction. Names, characters, business, events and incidents are the products of the author’s imagination. Any resemblance to actual persons, living or dead, or actual events is purely coincidental.
]]>The US had previously opposed a World Trade Organization (WTO) proposal originally submitted by India and South Africa to the Council for Trade-Related Aspects of Intellectual Property Rights (TRIPS) on the 2nd of October, 2020. The proposal called on the WTO members to work together to ensure that intellectual property rights such as patents, industrial designs, copyright and protection of undisclosed information do not create barriers to the timely access to affordable medical products including vaccines and medicines or to scaling-up of research, development, manufacturing and supply of medical products essential to combat COVID-19. A number of developing countries supported the proposal, arguing that it would allow them to rapidly produce their own generic vaccines, rather than wait months or years for sufficient doses.
In response to this move by the US, the Pharmaceutical Research and Manufacturers of America (PhRMA) have also released a statement claiming that this decision by the Biden-led administration will backfire because allowing more manufacturers to begin manufacturing vaccines would spark new competition for limited ingredients, slow down existing production and even foster the proliferation of counterfeit vaccines. The PhRMA also stated that the decision has the political and economic effect of handing over America’s innovations to countries looking to undermine its leadership in biomedical discovery.
Intellectual Property Rights are the rights given to persons over the creations of their minds. They usually give the creator an exclusive right over the use of his/her creation for a certain period of time. The waiver of these rights in respect of the vaccine therefore suggests a grant of some sort of compulsory license by the manufacturing companies. “With this waiver”, said an advocate, “we can share vaccine recipes, largely developed with taxpayer dollars, while assuring reasonable royalties to American manufacturers.”
Tai, who is attending this week’s WTO sessions in Geneva, cautioned that the discussions to proceed with negotiations over the waiver’s text would “take time.” Therefore, the final agreement could differ significantly from the proposal initially introduced in October last year.
The proposed waiver does not sit well with the American manufacturers, and understandably so! However, if a consensus is reached in respect of the waiver, then the American manufacturers of the vaccines might have to consider issuing compulsory licenses to manufacturing companies in developing countries. Recourse would have to be made to the Declaration on TRIPS Agreement and Public Health adopted on 14th of November, 2001 by the member countries which bestows on each member the right to not only grant compulsory licenses, but also gives them the freedom to determine the grounds upon which such licenses are granted.
Hopefully, the interests of the American manufacturers, who undoubtedly deserve the protection of their investments, research, development and intellectual property rights to the vaccines on the one hand, and the interests of developing countries who urgently need the vaccines on the other hand, can somehow meet at a midpoint that will be somewhat beneficial to all.
]]>The Director General stated that building back better means making deliberate and coherent policy choices:
- to generate jobs and do a short, decent working conditions for everybody;
- to extend social protection;
- to protect workers’ rights; and
- to use social dialogue.
Whist noting the devastating effect of the COVID-19 pandemic, he remarked that the pandemic has brought about new possibilities that we can and must pursue. The flux of crisis gives us space to rethink, make new choices and new commitments for people, for planet and for prosperity, he said.
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