In a significant move toward modernizing Nigeria’s business landscape, Michael Nwabufo, an Ambassador to the Corporate Affairs Commission (CAC), has declared that the country is no longer merely trying to keep pace with international standards but is now setting them. Speaking at a press briefing in Lagos, Nwabufo, popularly known as Mike Premium, highlighted the commission’s recent digital overhaul as a historic milestone for the national economy.
As a talent manager and the National President of the Practitioners of Content Creators, Skit-Makers, and Influencers Guild of Nigeria (PCCSIGN), Nwabufo emphasized that business is the vital heartbeat of any nation. He noted that the CAC’s new AI-powered registration portal has made Nigeria a leader in Africa, allowing entrepreneurs to register their companies and receive certificates in as little as ten minutes, provided their NIN verification is seamless. This efficiency has reportedly led to a surge in registrations, pouring billions of naira into the national treasury.
However, alongside these technological leaps, Nwabufo raised a red flag regarding the lack of discipline in emerging sectors. He is particularly concerned about the rise of unregulated cryptocurrency platforms. He pointed out that many Nigerians have suffered devastating financial losses due to entities operating without proper oversight or accountability, which ultimately stains the credibility of the country’s entire financial ecosystem.
Nwabufo called for much tougher regulations on crypto vendors to protect everyday players in the market. He urged all digital asset operators to fall in line with the regulatory frameworks established by the Securities and Exchange Commission (SEC). For the digital economy to truly thrive and be sustainable, he argued that innovation must be balanced with strict compliance and institutional order.
By ensuring that the “wild west” of digital assets is properly tamed, Nwabufo believes Nigeria can better protect its citizens while continuing to drive the productivity and economic growth seen in the formal business sector. He reaffirmed his commitment to supporting these institutional reforms, viewing them as essential tools for national development that will benefit all Nigerians in the long run.
