CAC embarks on ambitious reforms with AI-powered registration system

Stanley Ihedigbo

Corporate Affairs Commission (CAC) is revolutionizing business registration in Nigeria with an ambitious reform program that leverages an AI-powered registration system.

The innovative system aimed to simplify and expedite the business registration process, reducing registration timelines from 24 hours to just 30 minutes.
Speaking at the Stakeholders Forum in Lagos, Registrar-General, CAC, Mr. Hussaini Ishaq Magaji (SAN), noted that the commission has implemented several reforms under his leadership which is known as the four-point agenda, including strengthening the company registration portal, developing a combined increase and allotment form, and establishing a recapitalization committee.

“The commission has also introduced POS registration and bulk registration, simplifying registration for FinTech sector businesses.

“Looking ahead, the CAC plans to implement an AI-powered registration system, known as the Intelligence Company Registration Portal (ICRP), which aims to register entities within 30 minutes.

“The system will be available 24/7, allowing customers to register companies from anywhere in the world. The CAC also plans to introduce value-added services, enabling professional firms to integrate with the commission’s database and retrieve information”, he explained.

The CAC boss who was represented by his Special Adviser, Justine Nidiya, further explained that the commission’s plans are driven by customer demands for faster and more accurate services.

“The CAC recognizes that technology comes with costs and may need to revise its filing fees to sustain its operations. The customer forum provides a unique opportunity for stakeholders to interact with officials, resolve operational issues, and drive further transformation and growth.

“The Commission seeks to partner with its stakeholders to achieve its vision of a modern and efficient registry. We are implementing an AI-powered registration system to register entities within 30 minutes and the system will be available 24/7, allowing customers to register companies from anywhere in the world.

“Customer forum of this nature is a very important activity for any customer-centric organization such as ours. This is a demonstration of our commitment to the ideas and practice of customer service and a proof that the commission has fully embraced and embedded customer service in all its operations, and stakeholders. Engagement of this nature usually serves two significant purposes. One, it allows the organization to obtain feedback from customers on current performance and challenges. Secondly, it gives the organization the opportunity also to communicate innovations and changes that are happening or have happened in the organization.

“This one that we consider as in-person stakeholder engagement, in contrast to virtual engagement has the added advantage of providing a unique opportunity for the customers to interact with officials of the organization on and One basis. Consequently, issues particularly on operations that cannot easily be resolved through virtual engagement will easily be sorted out at this meeting”, he stressed.