KEY POINTS
- CAC instant business registration enables incorporation within minutes.
- Nwabufo said reforms generated billions in revenue inflows.
- He urged stricter compliance for cryptocurrency operators.
An ambassador to the Corporate Affairs Commission, Micheal Nwabufo, said Nigeria has moved beyond catching up with global standards and is now competing internationally in instant business registration, while calling for tighter oversight of cryptocurrency operators.
Speaking at a media briefing in Lagos, Nwabufo described the commission’s digital reforms as a milestone in Nigeria’s economic administration, citing the deployment of an automated registration portal that enables entrepreneurs to incorporate businesses in minutes.
The CAC instant business registration system allows users to receive certificates in as little as 10 minutes, subject to seamless National Identification Number verification, he said.
CAC Instant Business Registration Gains
Nwabufo, also known as Mike Premium, said the platform positions Nigeria among the fastest jurisdictions globally for company incorporation. He credited the system with driving a surge in new registrations and generating billions of naira in revenue inflows for the treasury.
“We have recorded a remarkable surge in business registrations, generating billions of naira in revenue inflows, a significant contribution to the nation’s treasury,” he said.
Nwabufo, who also serves as National President of the Practitioners of Content Creators, Skit-Makers and Influencers Guild of Nigeria, described business activity as central to economic growth and national development.
Call for Stronger Crypto Oversight
Despite praising digital reforms, he raised concerns about the rise of unregulated cryptocurrency platforms operating without oversight. “Over time, we have witnessed a troubling rise in unregulated and non-compliant crypto platforms,” he said, while noting that some Nigerians have suffered financial losses from entities lacking regulatory approval.
He futher urged digital asset vendors to comply strictly with the framework set by the Securities and Exchange Commission, warning that weak oversight could undermine confidence in Nigeria’s financial ecosystem.
In conclusion, the CAC instant business registration push, he added, should be matched by regulatory discipline in emerging sectors to sustain investor trust and economic stability.
