CAC to Deploy AI for Business Registration, Says Registrar-General

CAC to Deploy AI for Business Registration, Says Registrar-General

The Corporate Affairs Commission (CAC), has said that it is set to deploy Artificial Intelligence (AI) in its operations beginning with a pilot project covering availability, registration of business names and incorporation of limited liability companies.

The Registrar-General of the Commission, Hussaini Magaji, made this announcement yesterday, during the commission’s Stakeholders’ Customers Forum in Lagos.

The forum, which is the first in the year, was organised to obtain feedback from customers regarding the CAC’s current performance.

Represented by Justine Nidiya, Special Adviser to the registrar-general, Magaji noted that additional operational processes would be introduced following the pilot project.

He underscored the necessity of adopting AI, citing predictions that by 2030, 80 per cent of current jobs could be automated.

“The commission is therefore embracing the future by adopting AI,” he said.

He also mentioned plans to deploy additional Value-Added Services (VAS), which were customised services designed to meet the specific needs of various stakeholder segments.

“Under the VAS, organisations with robust APIs will be licensed to extract data or information in formats beyond the standard options currently available.”

According to Magaji, every human endeavour faces challenges, and it is wise to view these challenges as disguised opportunities.

He pointed out that the liberalisation of foreign exchange and the rising prices of petroleum products had posed significant challenges for the commission and the broader economy.

“The resulting inflation has made procurement more expensive, yet the commission has managed to sustain its operations despite these difficulties.

Looking ahead, Magaji indicated that it might be necessary to increase filing fees to ensure the commission’s survival and optimal performance.

He urged stakeholders to collaborate with the CAC to ensure the successful implementation of the new AI-driven Company Registration Portal (Intelligent CRP 3.0) and other reforms.

According to him, this will benefit all stakeholders and the country as a whole.

He also appealed to the business community to view the business formalisation project as a national priority.

According to the registrar general, meaningful development can not occur while 90 per cent of the national Micro, Small, and Medium Enterprises operate outside the formal sector.

Chair of the Section on Business Law of the Nigeria Bar Association, Ozofu Ogiemudia, praised the CAC for its proactive engagement and timely issue resolution.

She stressed the importance of leveraging AI to enhance efficiency.

Chairperson of the Lagos State Chapter of the Institute of Chartered Secretaries and Administrators of Nigeria, Efosa Ewere, also expressed gratitude to the commission for introducing the AI tool.

Ewere said that it would facilitate smooth and efficient communication on their portal.