FG targets economic credibility as CAC hits 35yr milestone
The Federal Government has hailed the Corporate Affairs Commission (CAC) as a central pillar of Nigeria’s economic credibility, citing its transition from a manual registry to a digital powerhouse as a major catalyst for the Renewed Hope Agenda.
The Minister of Information and National Orientation, Mohammed Idris, gave this commendation on Wednesday while receiving a delegation led by the Registrar-General of the CAC, Hussaini Ishaq Magaji, SAN, ahead of the Commission’s 35th-anniversary celebrations.
During the visit, Minister Idris emphasized that the CAC’s evolution aligns perfectly with President Bola Ahmed Tinubu’s focus on transparency and the ease of doing business.
He noted that the Commission’s reforms were instrumental in Nigeria’s recent delisting from the Financial Action Task Force (FATF) grey list, a move that has significantly bolstered global investor confidence in the nation's regulatory framework.
According to the Minister, the current administration's success in stabilizing the economy and growing foreign reserves is inextricably linked to the performance of reform-driven institutions like the CAC.
Presenting a scorecard of recent achievements, the Registrar-General, Hussaini Ishaq Magaji, revealed that the CAC has undergone a total technological rebirth.
The Commission has expanded its digital portfolio from 33 to over 100 online services, allowing entrepreneurs to register businesses and access records in real-time from any location.
A standout feature of this new era is the deployment of Artificial Intelligence (AI) for business name reservations and the introduction of Application Programming Interface (API) services to facilitate seamless data sharing with banks, embassies, and security agencies.
One of the most significant impacts of these reforms is the operationalization of the Beneficial Ownership Register, which provides a transparent view of corporate control and has become a global reference point for disclosure.
This transparency drive, coupled with a partnership with Google to further enhance digital infrastructure, has helped bring over four million informal businesses into the national tax net.
Additionally, the Commission has moved to sanitize the fintech space by mandating the registration of POS operators to improve security and accountability.
Idris also urged the CAC to maintain its momentum by intensifying public advocacy to ensure that Nigerians are fully aware of these digital innovations.
He pledged the Ministry’s full support in amplifying the Commission’s message through strategic communication channels.
As the Commission prepares for its anniversary milestone on February 9, 2026, the collaboration between the Ministry and the CAC signals a unified front in the government's effort to create a more competitive and transparent business environment.