Nigeria Now Competes Globally, Needs Strong Cryto Regulation — CAC Ambassador

An Ambassador of the Corporate Affairs Commission (CAC), Mr. Micheal Nwabufo, has said Nigeria has moved beyond catching up with global standards and is now competing at the highest level in instant business registration.

Nwabufo, popularly known as Mike Premium, made the assertion while addressing journalists in Lagos, describing the commission’s digital transformation as a defining milestone in Nigeria’s economic history.

“CAC has achieved what many once thought impossible. It has become the first African country, and arguably one of the fastest globally to deploy an advanced, AI-powered registration portal that enables entrepreneurs to register their businesses and receive certificates in record time, often within 10 minutes, subject to seamless NIN verification,” he said.

He noted that the reform has triggered a significant surge in business registrations, generating billions of naira in revenue inflows to the national treasury.

“What we are witnessing today is not an ordinary administrative improvement. It is a structural shift. A technological leap. A statement to the world that Nigeria is embracing efficiency, transparency and digital progress,” Nwabufo added.

According to him, the new platform integrates biometric and digital identity checks to enhance accuracy and eliminate identity fraud, while intelligent automation now drives name reservation, documentation processing and compliance validation.

“The introduction of near-instant registration mechanisms, biometric identity validation, online payments and digital certificate issuance signals something profound. Nigeria is not catching up. Nigeria is competing,” he said.

He listed key features of the portal to include instant incorporation, fraud-reduction protocols, online verification systems and API integrations for service providers, noting that the one-stop digital process has eliminated physical visits and reduced bureaucratic bottlenecks.

“Entrepreneurs no longer face unnecessary friction. Innovators no longer have to wait endlessly for approvals,” he said.

Nwabufo commended the Registrar-General of the CAC, Ishaq Magaji, for what he described as visionary and reform-driven leadership, saying the reforms have strengthened investor confidence through improved compliance monitoring and transparency.

“Digital efficiency is not convenience alone. It is economic acceleration. It is national competitiveness. It is measurable progress,” he stated.

While celebrating the reforms, the content and talent manager — who is also National President of the Practitioners of Content Creators, Skit-Makers and Influencers Guild of Nigeria (PCCSIGN) — stressed the need for regulatory discipline, particularly in emerging sectors such as cryptocurrency and digital assets.

He expressed concern over the rise of unregulated crypto platforms operating without proper oversight.

“Over time, we have witnessed a troubling rise in unregulated and non-compliant crypto platforms. Many Nigerians have suffered financial losses from entities that operate without accountability or regulatory approval,” he said.

Nwabufo urged cryptocurrency and digital asset vendors to comply strictly with the regulatory framework of the Securities and Exchange Commission.

“Regulatory alignment is not optional. It is essential for investor protection, market integrity and national economic stability,” he said.

He also cautioned content creators and influencers against promoting unregistered financial and digital asset platforms, advising them to demand verifiable proof of SEC licensing before entering ambassadorial or advertising agreements.

“Responsible advertising must be built on verified legitimacy and compliance. Crypto brands without valid SEC registration should not expect to leverage Nigeria’s content creators,” he warned.

According to Nwabufo, Nigeria’s future depends on structured progress, legitimate enterprise and transparent systems.

“What we are witnessing at the Corporate Affairs Commission demonstrates what is possible when governance, technology and institutional will converge,” he said.