Celebrating a year of transformation at the CAC: The impact of Registrar General Hussaini Ishaq Magaji, SAN
The first anniversary of Hussaini Ishaq Magaji’s appointment as the Registrar General of the Corporate Affairs Commission (CAC), is essential to reflect on the remarkable strides made under his stewardship.
Appointed by President Bola Ahmed Tinubu GCFR, Magaji has set a new standard for service delivery, staff welfare, revenue growth, and security within the CAC.
Customer-centric innovations
In just one year, Magaji has led the integration of over 50 fintech companies into the CAC’s registration portal, significantly enhancing ease of doing business.
The development of an alternative VASS registration portal and the introduction of AI for name approval have streamlined processes, making registration faster and more efficient.
Additionally, he resolved long-standing issues concerning share capital increases, ensuring compliance with the Companies and Allied Matters Act (CAMA), 2020.
Magaji’s initiatives extend to customer feedback mechanisms and the establishment of the Administrative Proceedings Committee to address complaints promptly.
His efforts in outreach have brought business registration to NYSC camps nationwide, empowering graduates to access government grants and loans.
Enhancing staff welfare
Magaji’s tenure has been marked by a renewed focus on staff welfare, leading to the promotion of numerous employees and the settlement of promotion arrears.
He implemented flexible staff loan policies, terminated pending disciplinary cases, and established an awards ceremony to recognize excellence among staff.
His commitment to staff training has provided over 500 employees with opportunities for local and international training, fostering professional growth.
Furthermore, the introduction of food welfare support and remote work options showcases a compassionate approach to employee needs in the face of economic challenges.
Revenue and compliance
Under Magaji’s leadership, the CAC has seen unprecedented revenue growth, making 2023 its most profitable year yet. His strategic focus on the fintech sector and the introduction of 101 services available for public patronage have broadened the CAC’s reach.
The redefined roles of CAC staff as enforcement officers highlight a proactive stance on regulatory compliance.
The deregistration of 200,000 dormant companies and the enforcement of compliance among PoS operators exemplify a commitment to enhancing national security by minimising the misuse of registered entities.
Partnerships and community engagement
Magaji’s collaborative approach has led to partnerships with various government institutions, offering discounted registration for small businesses.
This initiative emphasises a dedication to supporting Micro, Small, and Medium Enterprises (MSMEs), vital for economic growth.
His efforts to engage with union leaders have fostered a harmonious relationship, ensuring a conducive work environment that benefits both management and staff.
Unprecedented revenue growth
In the first quarter of Magaji’s tenure (October to December 2023), the CAC recorded extraordinary revenue growth, establishing 2023 as its best financial year ever. This achievement is attributed to several strategic initiatives aimed at integrating various sectors, particularly the burgeoning fintech industry.
Magaji’s administration successfully engaged millions of Mobile Money Operators and Point of Sale (PoS) providers, bringing them into the CAC’s operational scope. By targeting this vast market, the CAC has broadened its revenue base and enhanced its service delivery.
Moreover, the rollout of 101 services and products, as outlined in the Companies and Allied Matters Act (CAMA) 2020, has significantly improved public awareness and access to CAC offerings. These services, once largely unrecognised, have now become integral to business operations across Nigeria.
Strengthening enforcement and compliance
A notable aspect of Magaji’s leadership has been the preparation for the CAC’s expanded enforcement authority. Beyond its traditional role as a company registry, the commission is now equipped to ensure compliance with statutory obligations among registered entities.
This has been facilitated by redefining the roles of CAC staff at state offices as Enforcement Officers, tasked with overseeing compliance and regulatory adherence.
In a significant move to enhance security and reduce fraudulent activities, the CAC deregistered 200,000 dormant companies. This action effectively eliminates potential tools for criminal activities, ensuring a more secure business environment. Additionally, Magaji’s management compelled PoS operators to register their businesses, providing authorities the means to trace and track any illicit activities linked to these operators.
Enhancing security measures
The deregistration of approximately 4,000 Bureau De Change companies that lost their licences from the Central Bank of Nigeria (CBN) further exemplifies the CAC’s commitment to protecting the economy from misuse.
These measures not only enhance financial integrity but also reassure the public of the commission’s dedication to security.
Moreover, the integration of the CAC portal with various authorities—including tax agencies, security organisations, banks, and embassies—promotes prudent transactions and fosters a more secure business landscape.
Support for Micro, Small, and Medium Enterprises (MSMEs)
Recognising the vital role of Micro, Small, and Medium Enterprises in Nigeria’s economy, Magaji’s administration has implemented several initiatives to support these businesses. By offering discounted registration fees through partnerships with institutions such as the Ministry of Youth and the Ministry of Women Affairs, the CAC has made it easier for small businesses to formalise their operations.
These efforts are designed not only to encourage entrepreneurship but also to facilitate access to government grants and loans, empowering the next generation of Nigerian business leaders.
Promoting industrial harmony
Magaji’s leadership has also focused on fostering a harmonious relationship between management and staff. By engaging with union leaders and addressing concerns, he has established a cooperative environment that enhances workplace morale.
This commitment to industrial harmony has created a more conducive atmosphere for productivity and collaboration within the commission.
Looking ahead
As we celebrate this milestone, it is clear that Hussaini Ishaq Magaji’s tenure as Registrar General has set a transformative course for the CAC.
His vision for a responsive, efficient, and customer-focused commission not only meets current challenges but also positions the CAC as a leader in corporate governance and business facilitation in Nigeria.
As we look forward to the future, the foundation laid in this past year promises continued growth and innovation for the CAC, enhancing its role in driving the nation’s economic development.
Hussaini Ishaq Magaji’s first year as Registrar General of the CAC has been marked by significant achievements that have set a new benchmark for operational excellence.
Through strategic initiatives that enhance revenue, strengthen compliance, and support MSMEs, he has positioned the CAC as a pivotal player in Nigeria’s economic landscape.
