The Registrar General of the Corporate Affairs Commission, Hussaini Ishaq Magaji has revealed that only 100,000 Point of Sale (POS) operators have officially registered their businesses with the commission as part of its POS formalization project.
Magaji said this during the in-house enforcement and compliance training for state offices on Monday in Abuja,
Magaji said that the training, with the themed “Re-engineering the Commission for Compliance and Enforcement Mandates” would ensure efficient management of corporate entities.
He called for a paradigm shift in the commission’s operations, emphasising the importance of compliance and enforcement functions beyond the routine registration of businesses.
“One of the key priorities I identified upon assuming duty in 2023, was the need to bring the commission’s regulatory and management functions to the forefront.
“This led to the inclusion of compliance enforcement as a key component of my four-point agenda,” he said.
The registrar-general said that advancements in Artificial Intelligence (AI) could handle routine operational tasks like business registration, freeing resources for more complex compliance and enforcement activities.
He reiterated the success of the PoS Formalisation Project, which had registered about 100,000 Point-of-Sale operators under the requirements of Section 863 of the Companies and Allied Matters Act (CAMA) 2020.
According to him, the project aims to formalise at least 250,000 operators in the sector as part of broader efforts to regulate the estimated 40 million micro, small, and medium enterprises (MSMEs) in Nigeria.
“Formalisation is the first step for legitimate business operations and access to government interventions.