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CAC Registration: Businesses Must Beat July 7 Deadline, Exercise Possible In 24 Hours — Nwabufo

CAC Registration: Businesses Must Beat July 7 Deadline, Exercise Possible In 24 Hours — Nwabufo

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Summary : The Ambassador for the Corporate Affairs Commission (CAC), Micheal Nwabufo (known as Mike Premium), has said the Corporate Affairs Commission (CAC) business registration can be completed within 24 hours through the new Special Registration Portal (SRP). Nwabufo, a talent and brand manager, disclosed this to journalists on Friday in Lagos, just as he urged business owners to beat the July 7 deadline. According to him, CAC has made a lot of significant advancements recently through SRP. Speaking on the mandatory business registration directed by the CAC and the Central Bank of Nigeria (CBN), Nwabufo said that the portal enables businesses to be registered and receive documentation in a day. “There is a crucial deadline for agents and fintech companies to register their businesses. Compliance is mandatory under new regulations aimed at enhancing transparency and accountability within the financial sector. The deadline ends on July 07. “To facilitate this, the CAC has introduced a Special Registration Portal (SRP), a new system enabling businesses to complete their registration directly through their mobile banking apps. This innovation streamlines the process, making it quicker and more convenient for agents to comply with the regulatory requirements,” Nwabufo said. He, therefore, urged business owners to take advantage of the SRP immediately to ensure timely registration and avoid any potential penalty for non-compliance. Nwabufo urged business owners to arm themselves with further information and access the portal by visiting the official CAC website or consult their banking application. Emphasising the importance of business registration in Nigeria, Nwabufo said that it would foster uniqueness and trust among entrepreneurs. According to him, there is an existing partnership between the Practitioners of Content Creating, Skit-Making, and Influencers Guild of Nigeria (PCCSIGN) and the CAC. He said that the partnership was aimed at registering over five million new businesses nationwide within a year. Nwabufo thanked the Registrar-General of the CAC, Hussaini Magaji, SAN, for his continuous efforts in making sure the Nigerian business space was safe and secure. He also commended Magaji for his unwavering support for SMEs. “The CAC has been one of the top performing government parastatals in the past 1 year, scoring 53.36% in the Efficiency Compliance Ranking, 65.12% in Overall BFA Performance and highest score on the ReportGov.NG platform with 67.86%, indicating full compliance,” he added. Recall that CAC and financial technology companies (fintechs) in May agreed to a two-month timeline to register their merchants, and agent bankers — better known as PoS operators. The commission, issuing a deadline of July 7, said the registration aligns with legal requirements and the directives of the Central Bank of Nigeria (CBN). It would be recalled that Nwabufo was appointed CAC ambassador after a closed-door meeting with the Registrar-General/CEO of CAC, Hussaini Magaji, SAN on April 26 at CAC Headquarters in Abuja. Nwabufo was unveiled to advocate the interests of Nigerian youths and to emphasise the need for business formalisation for the benefits of Nigeria’s teaming youths. Mike Premium had pledged to use his position and influence to advance the Commission’s goals and support Nigerian youths. (LEADERSHIP)

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Review Overview

Summary : The Ambassador for the Corporate Affairs Commission (CAC), Micheal Nwabufo (known as Mike Premium), has said the Corporate Affairs Commission (CAC) business registration can be completed within 24 hours through the new Special Registration Portal (SRP). Nwabufo, a talent and brand manager, disclosed this to journalists on Friday in Lagos, just as he urged business owners to beat the July 7 deadline. According to him, CAC has made a lot of significant advancements recently through SRP. Speaking on the mandatory business registration directed by the CAC and the Central Bank of Nigeria (CBN), Nwabufo said that the portal enables businesses to be registered and receive documentation in a day. “There is a crucial deadline for agents and fintech companies to register their businesses. Compliance is mandatory under new regulations aimed at enhancing transparency and accountability within the financial sector. The deadline ends on July 07. “To facilitate this, the CAC has introduced a Special Registration Portal (SRP), a new system enabling businesses to complete their registration directly through their mobile banking apps. This innovation streamlines the process, making it quicker and more convenient for agents to comply with the regulatory requirements,” Nwabufo said. He, therefore, urged business owners to take advantage of the SRP immediately to ensure timely registration and avoid any potential penalty for non-compliance. Nwabufo urged business owners to arm themselves with further information and access the portal by visiting the official CAC website or consult their banking application. Emphasising the importance of business registration in Nigeria, Nwabufo said that it would foster uniqueness and trust among entrepreneurs. According to him, there is an existing partnership between the Practitioners of Content Creating, Skit-Making, and Influencers Guild of Nigeria (PCCSIGN) and the CAC. He said that the partnership was aimed at registering over five million new businesses nationwide within a year. Nwabufo thanked the Registrar-General of the CAC, Hussaini Magaji, SAN, for his continuous efforts in making sure the Nigerian business space was safe and secure. He also commended Magaji for his unwavering support for SMEs. “The CAC has been one of the top performing government parastatals in the past 1 year, scoring 53.36% in the Efficiency Compliance Ranking, 65.12% in Overall BFA Performance and highest score on the ReportGov.NG platform with 67.86%, indicating full compliance,” he added. Recall that CAC and financial technology companies (fintechs) in May agreed to a two-month timeline to register their merchants, and agent bankers — better known as PoS operators. The commission, issuing a deadline of July 7, said the registration aligns with legal requirements and the directives of the Central Bank of Nigeria (CBN). It would be recalled that Nwabufo was appointed CAC ambassador after a closed-door meeting with the Registrar-General/CEO of CAC, Hussaini Magaji, SAN on April 26 at CAC Headquarters in Abuja. Nwabufo was unveiled to advocate the interests of Nigerian youths and to emphasise the need for business formalisation for the benefits of Nigeria’s teaming youths. Mike Premium had pledged to use his position and influence to advance the Commission’s goals and support Nigerian youths. (LEADERSHIP)

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