Lagos: The Corporate Affairs Commission (CAC) has announced its plan to introduce Artificial Intelligence (AI) into its operations, starting with a pilot project focused on the availability and registration of business names and the incorporation of limited liability companies. The announcement was made by Hussaini Magaji, the Registrar-General of the CAC, during the commission’s Stakeholders’ Customers Forum in Lagos.
According to News Agency of Nigeria, the forum, which is the first of the year, was organized to gather customer feedback on the CAC’s current performance. Magaji, represented by Mr. Justine Nidiya, Special Adviser to the registrar-general, stated that additional operational processes would be introduced following the pilot project. He emphasized the importance of adopting AI, noting predictions that by 2030, 80 percent of current jobs could be automated.
Magaji highlighted plans to launch additional Value-Added Services (VAS), which are tailored services intended to meet the specific needs of different stakeholder segments. He explained that organizations with robust APIs would be licensed to extract data or information in formats beyond the standard options currently available. He also noted challenges such as foreign exchange liberalization and rising petroleum prices affecting the commission and the broader economy, leading to increased procurement costs.
Looking ahead, Magaji mentioned the potential need to raise filing fees to maintain the commission’s operations and performance. He called for stakeholder collaboration to ensure the successful implementation of the new AI-driven Company Registration Portal (Intelligent CRP 3.0) and other reforms, which he believes will benefit all stakeholders and the country.
Magaji appealed to the business community to consider the business formalization project a national priority, stressing that meaningful development cannot occur with 90 percent of national micro, small, and medium enterprises operating outside the formal sector. Mrs. Ozofu Ogiemudia, Chair of the Section on Business Law of the Nigeria Bar Association, commended CAC for its proactive engagement and timely issue resolution, highlighting the importance of AI in enhancing efficiency.
Ms. Efosa Ewere, Chairperson of the Lagos State Chapter of the Institute of Chartered Secretaries and Administrators of Nigeria, also expressed gratitude to the commission for introducing the AI tool, stating that it would improve communication efficiency on their portal.