The Registrar General of the Corporate Affairs Commission, Hussaini Ishaq Magaji,  has underscored the importance of registering all businesses, regardless of their scale, citing the prevailing insecurity, banditry, money laundering, and other negative phenomena in the country.

Magaji articulated the necessity for comprehensive business registration during a meeting with Chika Nwosu, the Managing Director of Palmpay, who visited Abuja to register 3000 businesses under Palmpay with the CAC.

Highlighting the recent surge in the registration of micro-finance banks, Magaji emphasized the imperative of tracking illegal activities within the country.

He stated, “It is illegal for any business activity to take place in Nigeria without registration with the CAC. While the law has always been in place, the renewed commitment of President Ahmed Bola Tinubu’s hope agenda has prompted us to vigorously enforce this law.”

“Any company or business of any form including social media influencers operating without business registration like the government has agreed will be penalized, charge to court under the criminal Act”. 

Chika Nwosu acknowledged that many company owners, including Palmpay with its 3000 agents, have yet to register with the CAC. 

However, he affirmed their commitment to regularize their companies in compliance with the law.