CAC’s Special Registration Portal Aims to Register 5 Million New Businesses

An Ambassador of the Corporate Affairs Commission (CAC), Mr Michael Nwabufo popularly known as Mike Premium, said company registration with the Commission (CAC) can be completed within 24 hours through the new Special Registration Portal (SRP).

Nwabufo, a talent and brand manager, disclosed this to journalists in Lagos on Friday and called on business owners to adhere to the July 7 deadline. According to him, the CAC has made many important advances through the SRP in recent times.

On the obligation to register companies as mandated by the CAC and the Central Bank of Nigeria (CBN), Nwabufo said the portal would enable companies to register and receive their documents within a day. “There is a critical deadline for agencies and fintech companies to register their companies.”

Compliance is mandatory under new regulations to improve transparency and accountability in the financial sector, with the deadline being July 7. “To facilitate this, the CAC has launched the Special Registration Portal (SRP), a new system that allows businesses to complete their registration directly through their mobile banking app.”

This innovation will streamline the process, making it faster and more convenient for agents to comply with legal requirements,” Nwabufo said.

He therefore called on business owners to immediately take advantage of the SRP to ensure timely registration and avoid possible penalties for non-compliance. Nwabufo urged business owners to get more information and access the portal by visiting the official CAC website or by referring to banking applications.

Nwabufo stressed the importance of business registration in Nigeria, saying it promotes uniqueness and trust among entrepreneurs. According to him, there is an existing partnership between the Content Creation, Skit Production, and Influencers Guild Practitioners of Nigeria (PCCSIGN) and CAC.

He said the partnership aims to register over five million new businesses across the country within a year. Nwabufo thanked the Registrar General of CAC, Mr. Husaini Magaji (SAN), for his continued efforts in ensuring the safety of the Nigerian business community. He also commended Magaji for his unwavering support to SMEs.

“CAC was one of the best-performing state parastatal institutions last year with an efficiency compliance ranking of 53.36%, overall BFA performance of 65.12%, and the highest score of 67.86% on the ReportGov.NG platform, indicating full compliance,” he added.

As a reminder, CAC and financial technology companies (fintechs) had in May agreed to a two-month deadline for registering merchants and agent bankers (better known as PoS operators). The Commission set the deadline on July 7, saying the registration was in line with legal requirements and Central Bank of Nigeria (CBN) guidelines.

Recall that Mr Nwabufo was appointed as CAC Ambassador following a closed-door meeting with the CAC Registrar General and Chief Executive Officer (SAN), Mr Husaini Magaji, at the CAC headquarters in Abuja on April 26.

Nwabufo was introduced to represent the interest of Nigerian youths and to emphasize the need to formalize business operations in the interest of hard-working Nigerian youths. Mike Premium had promised to use his position and influence to further the committee’s objectives and support Nigerian youths.