'Business registration possible in 24 hours' - CAC ambassador

The ambassador for the Corporate Affairs Commission (CAC), Michael Nwabufo, has stated that businesses can now be registered within 24 hours through the new special registration portal.

He made this known while interacting with the media in Lagos on Monday, June 24, 2024.

Nwabufo advised entrepreneurs to take advantage of the innovation and beat the July 7 deadline for mandatory business registration set by the commission and the Central Bank of Nigeria.

He said: “There is a crucial deadline for agents and fintech companies to register their businesses.

"Compliance is mandatory under new regulations aimed at enhancing transparency and accountability within the financial sector. The deadline ends on July 7.

“To facilitate this, the CAC has introduced a Special Registration Portal (SRP), a new system enabling businesses to complete their registration directly through their mobile banking apps.

"This innovation streamlines the process, making it quicker and more convenient for agents to comply with the regulatory requirements.”