The Corporate Affairs Commission (CAC) has revealed plans to introduce Artificial Intelligence (AI) into its operations, starting with a pilot project focused on business name availability, registration, and the incorporation of limited liability companies.
Hussaini Magaji, the CAC’s Registrar-General, made this announcement on Tuesday during a stakeholders’ forum held in Lagos, which was aimed at gathering feedback on the commission’s services. The forum marked the first of its kind this year.
Represented by his special adviser, Justine Nidiya, Magaji explained that the AI initiative would begin with the pilot phase, after which more processes would be automated. He emphasized that AI is becoming an essential tool, citing predictions that 80% of current jobs could be automated by 2030. “The CAC is adapting to the future by embracing AI,” he stated.
Magaji also introduced plans for value-added services (VAS), which will provide tailored solutions to meet the specific needs of various stakeholders. These services will allow organizations with robust APIs to access data in custom formats beyond the existing standard options.
While discussing challenges faced by the commission, Magaji acknowledged the impact of currency devaluation and rising fuel prices, which have led to inflation and increased operational costs. Despite these challenges, he assured that the CAC had been able to maintain its services effectively.
Magaji suggested that increasing filing fees might be necessary to ensure the continued effectiveness of the commission. He called on stakeholders to work with the CAC to successfully implement the new AI-powered Company Registration Portal (Intelligent CRP 3.0) and other reforms, which he believes will benefit the nation and all involved parties.
Additionally, Magaji urged the business community to treat formalizing businesses as a national priority, stressing that Nigeria cannot achieve meaningful development while the majority of its micro, small, and medium-sized enterprises remain in the informal sector.
Efosa Ewere, the chairperson of the Lagos State chapter of the Institute of Chartered Secretaries and Administrators of Nigeria, also praised the CAC for introducing AI, highlighting its potential to streamline the registration process.
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