The Corporate Affairs Commission (CAC) is set to deploy Artificial Intelligence (AI) in its operations, beginning with a pilot project covering availability, registration of business names and incorporation of limited liability companies.
Hussaini Magaji, the registrar-general of the CAC, made this announcement on Tuesday during the commission’s stakeholders’ customers forum in Lagos.
The forum was organised to obtain customer feedback regarding the CAC’s current performance.
Mr Magaji, represented by his special adviser Justine Nidiya, noted that additional operational processes would be introduced following the pilot project.
He underscored the necessity of adopting AI, citing predictions that by 2030, 80 per cent of current jobs could be automated.
“The commission is, therefore, embracing the future by adopting AI,” he said.
He also mentioned plans to deploy additional value-added services (VAS), which are customized services designed to meet the specific needs of various stakeholder segments.
“Under the VAS, organizations with robust APIs will be licensed to extract data or information in formats beyond the standard options currently available,” Mr Magaji said.
Mr Magaji pointed out that the liberalization of foreign exchange and the rising prices of petroleum products had posed significant challenges for the commission and the broader economy.
“The resulting inflation has made procurement more expensive, yet the commission has managed to sustain its operations despite these difficulties,” he said.
Mr Magaji indicated that it might be necessary to increase filing fees to ensure the commission’s survival and optimal performance.
He urged stakeholders to collaborate with the CAC to ensure the successful implementation of the new AI-driven Company Registration Portal (Intelligent CRP 3.0) and other reforms.
According to him, this will benefit all stakeholders and the country.
He also appealed to the business community to view the business formalisation project as a national priority.
According to the registrar-general, meaningful development can not occur while 90% of the national micro, small, and medium enterprises operate outside the formal sector.
Efosa Ewere, chairperson of the Lagos State chapter of the Institute of Chartered Secretaries and Administrators of Nigeria, also expressed gratitude to the commission for introducing the AI tool.
NAN
