By Olasunkanmi Akoni
An Ambassador to the Corporate Affairs Commission, CAC, Mr Micheal Nwabufo, said Nigeria has moved beyond catching up with global standards and is now competing in instant business registration, stressing the need for stronger crypto regulation.
Nwabufo, also known as Mike Premium, who made the call at a media briefing in Lagos, described the commission’s digital transformation as a defining milestone in Nigeria’s economic history.
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 remains the heartbeat of the nation, connecting citizens, driving productivity and sustaining economic growth.
While celebrating the reforms, Nwabufo stressed 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).
According to him, “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 that 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”.
Source; Vanguard News