KEY POINTS
- Mr. Micheal Nwabufo, Ambassador to the Corporate Affairs Commission (CAC), announced that Nigeria is now a global competitor in instant business registration.
- The CAC has deployed an AI-powered portal allowing entrepreneurs to register businesses and receive certificates in as little as 10 minutes.
- Alongside these reforms, Nwabufo called for stricter regulation of cryptocurrency vendors and urged influencers to vet digital asset platforms before promotion.
MAIN STORY
Nigeria has achieved a significant technological leap in its business environment, becoming the first African nation to deploy an advanced AI-powered registration portal. Speaking in Lagos on Monday, Mr. Micheal Nwabufo, Ambassador to the Corporate Affairs Commission (CAC), stated that the country has moved beyond “catching up” and is now actively competing with leading global economies. The new digital system enables near-instant incorporation, often completing the process within 10 minutes, provided there is seamless NIN verification.
The reform has triggered a remarkable surge in business registrations, generating billions of naira in revenue for the national treasury. Nwabufo, who also serves as the National President of the Practitioners of Content Creators, Skit-Makers, and Influencers Guild of Nigeria (PCCSIGN), highlighted that the platform integrates biometric identity checks and intelligent automation. This structural shift eliminates physical visits, reduces bureaucratic bottlenecks, and uses API integrations to enhance transparency for innovators and service providers alike.
However, Nwabufo emphasized that this speed must be balanced with regulatory discipline. He expressed concern over the rise of unregulated cryptocurrency platforms that have caused financial losses for many Nigerians. He urged all digital asset vendors to comply strictly with the Securities and Exchange Commission (SEC) frameworks. Furthermore, he cautioned content creators and influencers to demand proof of SEC licensing before advertising crypto brands, noting that responsible advertising is essential to maintaining the credibility of Nigeria’s financial ecosystem.
WHAT’S BEING SAID
- “CAC has achieved what many once thought impossible… it has become the first African country to deploy an advanced AI-powered registration portal,” stated Micheal Nwabufo.
- He noted that the shift is profound: “Nigeria is not catching up. Nigeria is competing.”
- Regarding emerging sectors, he warned: “Crypto brands without valid SEC registration should not expect to leverage Nigeria’s content creators.”
WHAT’S NEXT
- The CAC is expected to continue optimizing its API integrations to allow more seamless connections for financial and legal service providers.
- Influencers and content creators under PCCSIGN are likely to adopt stricter vetting protocols for financial technology advertisements.
- Regulatory bodies may increase surveillance on non-compliant crypto platforms to align them with the SEC’s investor protection standards.
BOTTOM LINE
The Bottom Line is that while the CAC’s AI transformation has revolutionized the ease of doing business in Nigeria, the government is now shifting its focus toward ensuring that this digital speed is matched by strict regulatory compliance, particularly in the volatile cryptocurrency sector.
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