Nigeria competing globally, needs stronger crypto regulation – CAC Ambassador

Ambassador to the Corporate Affairs Commission (CAC) Mr Micheal Nwabufo, says Nigeria has moved beyond merely catching up with global standards and is now competing with leading economies in instant business registration.
 
Nwabufo, told newsmen in Lagos, said the commission’s digital transformation was 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.

 
“This portal enables entrepreneurs to register their businesses and receive their certificates in record time, often within 10 minutes (subject to seamless NIN verification).
 
“We have recorded a remarkable surge in business registrations, generating billions of naira in revenue inflows a significant contribution to the nation’s treasury, supporting economic growth and national development for the benefit of all Nigerians.
 
“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.
 
“For decades, business registration was associated with delays, bureaucracy, and unnecessary barriers. Entrepreneurs faced friction. Innovators faced obstacles. Opportunity was slowed by process. But today, that narrative is changing,” he said.

Reaffirming his commitment to national development through institutional reform, the content and talent manager called for stronger regulation for crypto vendors to protect players in the country.
 
Nwabufor, who is also the National President of the Practitioners of Content Creators, Skit-Makers, and Influencers Guild of Nigeria (PCCSIGN), said business remainedthe heartbeat of the nation, connecting citizens, driving productivity and sustaining economic growth.

 
Nwabufo noted that the platform integrates biometric and digital identity checks to enhance accuracy and eliminate identity fraud, adding that 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.
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Nwabufo listed key features of the portal to include instant incorporation, fraud reduction protocols, online verification systems and API integrations for service providers.
 
He said the one-stop digital process eliminated physical visits, reduced bureaucratic bottlenecks and improved regulatory transparency.
 
“Entrepreneurs no longer face unnecessary friction. Innovators no longer have to wait endlessly for approvals,” Nwabufo said.

The ambassador commended the Registrar-General of CAC, Malam Ishaq Magaji, for what he described as visionary and reform-driven leadership.
 
He said the reforms had strengthened investor confidence by improving compliance monitoring and transparency.
 
“Digital efficiency is not convenience alone. It is economic acceleration. It is national competitiveness. It is measurable progress.
 
“Nigeria is moving forward, and the CAC reforms stand as evidence of what is possible when governance, technology, and institutional will converge.

“As we celebrate this advancement, we must equally emphasise responsibility. Speed must be matched with compliance. Innovation must be matched with integrity. Growth must be matched with regulation.
 
“Particularly within emerging sectors such as financial technology and digital assets, adherence to proper registration and regulatory frameworks remains non-negotiable.
 
“Nigeria’s future belongs to structured progress, legitimate enterprise, and transparent systems,” he said.
 
While celebrating the reforms, Nwabufo emphasised the need for regulatory discipline and compliance, especially 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 proper oversight, accountability, or regulatory approval.
 
“This situation is not only damaging to individuals but also harmful to the credibility of Nigeria’s digital and financial ecosystem,” he said.
 
Nwabufo urged cryptocurrency and digital asset vendors to comply strictly with the regulatory framework of the Securities and Exchange Commission (SEC).

“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.
 
“In many cases, creators unknowingly advertise platforms that later turn out to be fraudulent. When problems arise, the same Nigerians begin to pursue the promoters,” the ambassador said.
 
He advised influencers to request verifiable proof of SEC licensing before entering ambassadorial or advertising agreements.
 
“Crypto brands without valid SEC registration should not expect to leverage Nigeria’s content creators.
 
“Responsible advertising must be built on verified legitimacy and compliance,” he said.
 
Nwabufo stressed that Nigeria’s future depended on structured progress, legitimate enterprise and transparent systems.
 
“What we are witnessing at the Corporate Affairs Commission is a structural shift.
 
“It demonstrates what is possible when governance, technology and institutional will converge,” Nwabufo said. (NAN)