Lagos: Mr. Micheal Nwabufo, Ambassador to the Corporate Affairs Commission (CAC), says Nigeria has moved beyond merely catching up with global standards and is now competing with leading economies in instant business registration.
According to News Agency of Nigeria, Nwabufo addressed newsmen in Lagos, highlighting the commission’s digital transformation as a defining milestone in Nigeria’s economic history.
Nwabufo stated that CAC had become the first African country, and arguably one of the fastest globally, to deploy an advanced AI-powered registration portal. This platform allows entrepreneurs to register their businesses and receive certificates in record time, often within 10 minutes, subject to seamless NIN verification. The surge in business registrations has generated significant revenue inflows, contributing to national development and economic growth.
He emphasized that the changes represent more than just administrative improvements; they are a structural shift and a technological leap. The new system promotes efficiency, transparency, and digital progress, transforming the narrative of delays and bureaucracy that once hindered business registration in Nigeria.
Reaffirming his commitment to national development, Nwabufo called for stronger regulation for cryptocurrency vendors to protect participants in the country. As the National President of the Practitioners of Content Creators, Skit-Makers, and Influencers Guild of Nigeria (PCCSIGN), he underscored the importance of business as the nation’s economic backbone.
The ambassador highlighted that the CAC platform integrates biometric and digital identity checks to enhance accuracy and eliminate identity fraud. Intelligent automation now drives processes such as name reservation, documentation, and compliance validation. The introduction of near-instant registration mechanisms and digital certificate issuance signifies significant progress for Nigeria.
Nwabufo praised the CAC’s reforms for eliminating physical visits, reducing bureaucratic bottlenecks, and improving regulatory transparency. He commended the Registrar-General of CAC, Malam Ishaq Magaji, for visionary leadership that has strengthened investor confidence through improved compliance monitoring.
Emphasizing the need for regulatory discipline, Nwabufo expressed concern over the rise of unregulated crypto platforms in Nigeria. He urged cryptocurrency vendors to strictly adhere to the regulatory framework of the Securities and Exchange Commission (SEC) to protect investors and maintain market integrity.
Nwabufo also advised content creators and influencers against promoting unregistered financial platforms, suggesting that they verify SEC licensing before entering agreements. He stressed that responsible advertising should be based on verified legitimacy and compliance.
The ambassador concluded by asserting that Nigeria’s future is tied to structured progress, legitimate enterprise, and transparent systems, with the ongoing reforms at the Corporate Affairs Commission serving as evidence of the nation’s potential.