Connect with us

Business

CAC processes 10,000 daily registrations after AI rollout

Published

on

The Corporate Affairs Commission has disclosed that it now processes close to 10,000 business registration requests daily, a dramatic leap from the “few hundreds” recorded in its early years, following the full deployment of artificial intelligence across its service platforms.

The commission, however, admitted that the transition to an AI-driven portal caused disruptions and temporary setbacks in productivity and service delivery in 2025.

The Registrar-General of the commission, Hussaini Magaji, made this known on Monday in Abuja at the opening ceremony of CAC’s 35th anniversary celebration, where he described the milestone as a defining moment in Nigeria’s economic formalisation drive.

The event, themed “Upholding Public Trust through Excellent Service Delivery,” was held to celebrate the commission’s resilience, teamwork, and institutional evolution since its establishment in 1991.

The commission was established by the Companies and Allied Matters Act of 1990 to replace the inefficient Company Registry.

As an autonomous body, it handles the incorporation and regulation of companies, business names, and incorporated trustees. It was modernised by CAMA 2020.

Speaking in his address, Magaji said CAC’s operations have since evolved into a fully digital, end-to-end registry, accessible across Nigeria and globally on a 24-hour, seven-day basis.

“When the Corporate Affairs Commission was established in 1991, our story began humbly, but with a bold mandate. At the time, CAC operated from a single office in Area 11, Garki, Abuja, serving the entire nation.”

He recalled that business owners and associations were then forced to travel from across the country to Abuja to register entities, as processes were entirely manual and records were paper-based.

“Service delivery was limited by geography and time. Yet, that single office laid the foundation for what has become one of Africa’s most dynamic and reform-driven corporate registries. Fast-forward to 2026, and our services are no longer confined to one location,” he said. “This is our evolution: from paper to portal, from queues to clicks, from stress to seamless, from one office to the world.”

He attributed the surge in registration volumes to tax reforms, government policies promoting the formalisation of informal businesses, and the rapid growth of digital and social media-driven enterprises.

See also  NNPC, NUPRC, NMDPRA shut as PENGASSAN begins strike

“To put this into perspective, CAC now receives close to 10,000 business registration requests daily, compared to only hundreds in the past,” Magaji said. “In addition, our complaint management system, through emails and call centres, now handles an average of 5,000 inquiries every single day.”

He argued that such volumes would be impossible to manage manually. “Imagine the number of staff required to manage this volume. Only AI can effectively complement human capacity with the required speed, accuracy, and precision,” he added.

He, however, acknowledged that the year was particularly challenging due to the transition, noting that transformational change often comes with initial difficulties.

“I must acknowledge, however, that 2025 was particularly challenging. The transition to an AI-driven portal came with disruptions and temporary setbacks in productivity and service delivery in some areas. Transformational change is never easy. Nevertheless, I sincerely appreciate our stakeholders and customers for their patience, understanding, and confidence that the desired outcomes will emerge.

“As I have consistently assured you, I will not relent until the CAC delivers services that rank among the best in the world. Indeed, nothing truly good comes easy. Today is not merely a celebration of time; it is a celebration of purpose, resilience, transformation, and national impact,” Magaji said.

Magaji described the commission’s AI transition as inevitable, stressing that CAC had already become a global reference point in name reservation and business name registration, with turnaround times of as little as 10 minutes.

“Let me state clearly: the deployment of AI at CAC is not optional; it is necessary. Nevertheless, I sincerely appreciate our stakeholders and customers for their patience, understanding, and confidence that the desired outcomes would emerge.”

To deepen its digital transformation, Magaji announced the signing of a Letter of Collaboration between CAC and Google, describing it as a strategic partnership to strengthen service delivery. “Google brings global expertise and technological support that will further strengthen our systems, enhance portal performance, and deepen the ease of doing business in Nigeria,” he said.

He also unveiled a redesigned CAC website (www.cac.gov.ng) featuring new AI-powered tools, including an AI Lawyer, which provides instant responses on CAC laws and procedures, and an AI Name Generator, which allows users to generate and reserve scalable business names with ease.

See also  Petrol tops Nigeria’s imports with 613.6m litres in one year

As part of its anniversary initiatives, the commission approved free business name registration for 3,500 small businesses across the 36 states and the Federal Capital Territory.

Other initiatives include scholarships for the six best corporate law students from each campus of the Nigerian Law School in 2026, donation of 120 mattresses to an IDP camp, support for orphanages, and a 25 per cent commemorative staff bonus. Special car and housing loan schemes were also announced for staff, alongside board-recommended promotions for pioneers and retiring officers.

“As we celebrate the past, we are even more inspired by the future, one driven by technology, efficiency, transparency, and global standards.

“In the spirit of this celebration, the management of CAC has approved the following initiatives: free business name registration for 3,500 small businesses, to be distributed across the 36 states of the federation and the Federal Capital Territory; scholarships for six best corporate law students from each of the six campuses of the Nigerian Law School for the year 2026, in support of corporate law studies; donation of 120 mattresses to an IDP camp; and support for orphanages as part of our social responsibility.

“Equally, in recognition of our resilient staff who have driven these reforms, and in line with our Conditions of Service, particularly Paragraph 6.02, I am pleased to announce a commemorative staff bonus of 25 per cent of one month’s gross salary, applicable for this month only. Special car loan and special housing loan.

“Finally, to our pioneers and retiring staff who could not make it in the current promotion exercise, the Management has recommended their promotion to our Board in line with our Conditions of Service,” he concluded.

Delivering a goodwill message, the Chairman of the House of Representatives Committee on Commerce, Ahmed Munir, said the commission’s digital transformation had simplified the process of business registration and empowered millions of entrepreneurs to transition from the informal to the formal economy.

According to him, CAC’s reforms have strengthened Nigeria’s structured economy by easing the journey from business ideas to fully registered corporations. He urged stakeholders to work together to ensure that no Nigerian entrepreneur is hindered by regulatory barriers but supported by an efficient and ambitious system.

See also  NNPCL reiterates 2m bpd oil output target by 2027

“Embrace the digital frontier by simplifying the path from idea to corporation. You have empowered millions of entrepreneurs to move from the informal sector into the structured economy.

“I see a future where ECOWAS shall be freely integrated with a West Africa Corporate Affairs Commission headquartered in Nigeria, backed by an ECOWAS stock market to expand capital within ECOWAS communities, becoming a major player in the technical community and the global market square. Our committee remains committed to providing legislative support, as necessary, to further enhance your digital infrastructure and transparency.

“We view the CAC not just with recognition, but with responsibility. As we look to the future, let us remember that every certificate issued is more than just paper. Let us work with vigour to ensure that no Nigerian entrepreneur is held back by regulation, but is instead propelled by a system that is as fair and ambitious as they are. Together, we are not just registering companies; we are igniting the engine of the giant of Africa. Congratulations to the men and women of staff; onward to greater heights,” he said.

The Director-General of the National Information Technology Development Agency, Kashifu Abdullahi, pledged technical backing for CAC’s AI reforms. “We are in the era of artificial intelligence, and the only way to transform institutions today is to embrace and integrate AI into operations,” Abdullahi said, assuring the commission of support in deploying ethical and responsible AI solutions.

Established in 1991, the Corporate Affairs Commission is Nigeria’s statutory body for the registration and regulation of companies, business names, and incorporated trustees. Its reforms are central to the Federal Government’s drive to improve Nigeria’s ease-of-doing-business ranking, expand the tax base, and formalise micro, small, and medium-scale enterprises.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

TUMBLR

INSTAGRAM

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

FG tells marketers to reflect global oil price drop in petrol prices

Published

on

Minister of State for Petroleum Resources, Sen. Heineken Lokpobiri, has directed petroleum marketers to immediately reflect the recent decline in global oil prices by reducing the pump prices of Premium Motor Spirit (PMS) and other petroleum products.

Lokpobiri gave the directive at the 2026 Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) General Counsel and Legal Advisers Forum on Monday in Abuja.

The forum is themed “Beyond Compliance Certainty and Investment Confidence in Nigeria’s Petroleum Sector.”

Lokpobiri said that with the de-escalation of tensions between Iran and the United States, there was an expectation that the prices of PMS and other petroleum products would be adjusted downward accordingly.

He expressed concern that the anticipated reduction had yet to be reflected at the pumps, stressing that while market forces under the deregulated regime would ultimately restore price equilibrium, marketers should not exploit the situation to make excessive profits.

The minister said the regulator had a statutory responsibility to ensure that deregulation did not become an avenue for profiteering, adding that this must be carried out in line with the provisions of the Petroleum Industry Act (PIA 2021).

“For too long, the dominant question in our regulatory conversations has been: are operators complying? That question matters. It will always matter. But it is no longer sufficient.

“The more consequential question today is this: are our regulatory authorities doing their job? Is it clear, consistent and predictable enough to give investors the confidence they need to commit capital, not just for one cycle, but for the long term?

See also  CBN, NCC to combat SIM-related fraud

“Compliance is the foundation. Regulatory certainty is the ceiling we must now be building toward,” he said.

Lokpobiri, while urging marketers to comply with the principles of fair pricing to ensure that consumers benefit from the prevailing market realities, urged regulators to move beyond compliance by promoting regulatory certainty to attracting long-term investments.

“The sector is now fully deregulated, a bold reform that President Bola Tinubu had the courage to implement. That decision paved way for the operationalisation of the Dangote Refinery and other refinery projects currently underway.

“It also ensured that artificial scarcity has become a thing of the past.

“You can attest to the fact that since 2023 there has been availability of products in country even with the recent challenges posed by the US-Israeli /Iranian conflict.

“Beyond allowing prices to be determined by market forces, the question is: what is the regulator doing to ensure that consumers receive the correct quantity of product?

“When someone pays for 10 litres of PMS, they should receive exactly 10 litres, not less,” he warned.

Lokpobiri said while compliance with regulations remained fundamental, investors were increasingly interested in jurisdictions with clear, consistent and predictable regulatory frameworks.

He described general counsel as strategic partners whose responsibilities extend beyond interpreting laws to shaping investment decisions, improving regulatory design and supporting national development.

According to him, legal advisers should provide constructive feedback whenever regulations or guidelines create uncertainty that could discourage investment.

He said Nigeria’s petroleum sector was entering a new phase characterised by expanding domestic refining capacity, increased private sector participation and emerging opportunities across the midstream and downstream segments.

See also  NNPCL reiterates 2m bpd oil output target by 2027

According to him, attracting investments will require policy consistency, transparent regulation, efficient dispute resolution and strong collaboration among government, regulators, industry operators and legal practitioners.

He expressed confidence that the recommendations from the forum would contribute to improving governance, regulatory certainty and investment confidence in Nigeria’s petroleum sector. (NAN)

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

Continue Reading

Business

Olodo uprising: Tinubu aide faults critics of First Lady’s Akara, Kuli kuli comment

Published

on

The Special Assistant to President Bola Tinubu on Social Media, Dada Olusegun, has defended First Lady Oluremi Tinubu’s recent empowerment of micro-traders, saying criticisms of the initiative are driven by ignorance of her record and the role of Nigeria’s informal economy.

In a statement shared on Monday, Olusegun described the backlash over the First Lady’s focus on traders such as akara and kulikuli sellers as a “performative circus of selective amnesia.”

He argued that critics had ignored the numerous interventions carried out by the Renewed Hope Initiative across healthcare, women’s empowerment, support for military widows and persons living with disabilities.

The First Lady, Senator Oluremi Tinubu
The First Lady of Nigeria, Senator Oluremi Tinubu

According to him, the First Lady’s interventions extend beyond petty traders, citing her donation of ₦1bn to the National Cancer Fund for cervical cancer screening and another ₦1bn for tuberculosis diagnostic equipment in Abuja in 2025.

He also referenced the disbursement of ₦250,000 each to 1,709 widows and orphans of fallen military personnel in 2023, as well as ₦200,000 business grants to persons living with disabilities across the 36 states and the Federal Capital Territory.

Olusegun further highlighted the Renewed Hope Initiative’s partnership with the Tony Elumelu Foundation, which targeted 18,500 women nationwide with ₦50,000 grants and the distribution of equipment, including industrial grinding machines, freezers and generators.

He further criticised what he described as an “Olodo uprising” on social media, accusing critics of reacting to trends without researching the facts.

“This entire controversy perfectly mirrors what is now happening with the broader ‘Olodo uprising” across our social platforms. We live in an era where people jump on trending hashtags and soundbites without dedicating a single minute to researching context. Memes are manufactured in seconds; accurate history takes time to read.

See also  FG pledges support for South-South youths in agriculture

“When the critics are done making their superficial memes, writing cynical captions, and circulating ignorant narratives, the reality on the ground will remain unchanged. They would be better off advising their constituents to find credible means to key into these ongoing government initiatives,” he stated.

He maintained that empowering small-scale traders should not be viewed as “weaponising poverty.”

“According to various economic metrics, the informal sector contributes over 50 per cent of Nigeria’s GDP and accounts for over 80 per cent of employment. The akara fryer, the kulikuli processor, and the petty trader are not just marginal actors; they are the literal shock absorbers of our micro-economy.

“When you give a micro-grant or operational tools to an akara seller, you are not validating poverty; you are reducing immediate operational capital friction, securing food chains at the grassroots, and expanding household income. Mocking these initiatives as ‘petty’ shows a deep-seated contempt for the actual working class of Nigeria,” he said.

Olusegun also defended the political value of grassroots empowerment, saying such interventions create trust among beneficiaries.

He cited the TraderMoni and MarketMoni programmes introduced during former President Muhammadu Buhari’s administration under then Vice President Yemi Osinbajo as examples of initiatives that directly impacted market traders.

“The opposition often wonders why the poorest segments of the population continually familiarise themselves with the All Progressives Congress during elections. The answer is simple: the party meets them at their point of immediate need,” he said.

Olusegun added that Tinubu’s record as former First Lady of Lagos State, a three-term senator and now First Lady of the Federation showed a consistent commitment to structured empowerment programmes.

See also  CBN, NCC to combat SIM-related fraud

“She will not be distracted by digital static from doing what she has mastered over decades: empowering the poorest among us, one structured intervention at a time,” he said.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

Continue Reading

Business

Dangote refinery imports first UAE crude cargoes

Published

on

The Dangote Refinery has purchased two cargoes of crude oil from the United Arab Emirates, marking its first-ever procurement of Middle Eastern crude as it expands its feedstock sources amid persistent domestic supply constraints.

According to a report by S&P Global Commodity Insights, the two cargoes will be the first sourced by the 700,000-barrels-per-day refinery from any Middle Eastern supplier, signalling a shift from its traditional reliance on Nigerian, African, and United States crude grades.

The report said the purchases followed the resumption of oil exports from the Middle East after the United States and Iran reached an interim peace agreement that restored confidence in shipping through the Strait of Hormuz.

The refinery, designed primarily to process Nigeria’s light sweet crude, has increasingly diversified its crude slate as operations ramp up. S&P Global reported that an agreement between the refinery and the Nigerian National Petroleum Company had guaranteed the supply of between 13 and 15 cargoes of Nigerian crude monthly in naira, helping the refinery reduce its foreign exchange exposure.

However, the arrangement has faced challenges due to inadequate crude availability and operational issues at export terminals. According to the report, Dangote Refinery Chief Executive Officer David Bird had previously disclosed that these constraints had compelled the company to seek additional crude sources outside Nigeria.

The report added that the refinery’s expansion plans would further increase its crude requirements. Dangote plans to double the refinery’s processing capacity to 1.4 million barrels per day by the end of 2028, a level that would enable it to process about 80 per cent of Nigeria’s recent crude oil production in a single day.

See also  NNPCL reiterates 2m bpd oil output target by 2027

Speaking earlier this year, Bird said the refinery intended to increase the share of heavier crude grades in its feedstock mix. “We definitely want to heavy up the barrel,” Bird said in April.

He added, “We will be in the crude blending game. So you can easily imagine at 1.4 million b/d we could process 30 per cent Middle Eastern grades on each train.”

According to S&P Global, the refinery has been broadening the range of crude grades it processes as part of its ambition to operate as a fully merchant refinery. The report noted that in 2025, about 70 per cent of the refinery’s crude imports came from Nigeria, while 24 per cent originated from the United States.

punch.ng

FOLLOW US ON:

FACEBOOK

TWITTER

PINTEREST

TIKTOK

YOUTUBE

LINKEDIN

Continue Reading

Trending