CAC Reaffirms Commitment to Transparency, Warns Against Smear Campaigns

The Corporate Affairs Commission (CAC) has reiterated its unwavering commitment to transparency, accountability, and due process in the execution of its regulatory duties, while warning individuals and groups against orchestrating smear campaigns aimed at undermining its integrity and reform agenda.

Registrar-General and Chief Executive Officer of the Commission, Hussaini Ishaq Magaji (SAN), made the declaration in Abuja while addressing journalists following recent allegations and online misinformation targeting the CAC’s operations. Magaji stated that the Commission remains focused on promoting corporate compliance and improving Nigeria’s ease of doing business, stressing that false narratives would not derail its mandate.

He explained that the CAC, under his leadership, has implemented several reforms to enhance efficiency, promote digital transparency, and curb corrupt practices within company registration and post-incorporation processes. “Our goal is to run a Commission that is open, accountable, and completely transparent in its dealings. We have zero tolerance for corruption and unethical conduct, both internally and externally,” Magaji said.

According to him, the CAC’s digitisation of services and introduction of automation platforms have significantly reduced human interference, improved turnaround time, and made it easier for Nigerians to register and manage businesses online. He noted that since the launch of the Company Registration Portal (CRP), the Commission has recorded a surge in applications and a significant reduction in customer complaints related to manual bottlenecks.

Magaji dismissed recent social media reports alleging irregularities in the Commission’s operations, describing them as “baseless attempts to distract the agency from its ongoing reforms.” He emphasised that such campaigns were being orchestrated by individuals or groups who feel threatened by the Commission’s anti-corruption stance and drive for efficiency. “These malicious efforts to discredit the CAC will not succeed. We remain committed to upholding the rule of law, following due process, and ensuring fairness in all our regulatory activities,” he stated.

The Registrar-General assured that all transactions carried out through the Commission’s portal are secure, verifiable, and transparent. He added that the Commission had introduced several innovations to promote corporate accountability, including the Beneficial Ownership Register, which makes it easier to identify true owners of companies operating in Nigeria.

He explained that the Beneficial Ownership Register aligns with Nigeria’s commitment to international best practices in corporate governance and anti-money laundering efforts. “With this register, we are strengthening transparency in business ownership and preventing the use of shell companies for illicit activities,” Magaji noted.

Addressing concerns about staff conduct, he revealed that disciplinary measures have been taken against officials found engaging in unprofessional behaviour or collusion with external agents to manipulate processes. “We have instituted a strict internal compliance mechanism. Any staff member found engaging in corruption or undermining the Commission’s integrity will face the full weight of the law,” he said.

Magaji further reiterated that the CAC operates under established laws and guidelines as stipulated in the Companies and Allied Matters Act (CAMA) 2020, which empowers it to regulate, register, and oversee corporate entities in Nigeria. He assured the public that the Commission remains a law-abiding institution that welcomes constructive criticism and stakeholder engagement but will not tolerate deliberate misinformation.

“We are open to dialogue with all stakeholders, including the media, civil society, and the business community, but what we will not condone is falsehood and blackmail aimed at tarnishing the Commission’s image,” Magaji stressed.

He also highlighted recent achievements of the CAC, including partnerships with other government agencies to streamline regulatory procedures and reduce the cost of doing business. The Commission, he said, has continued to collaborate with the Federal Inland Revenue Service (FIRS), the Nigerian Investment Promotion Commission (NIPC), and the Nigeria Export Processing Zones Authority (NEPZA) to enhance data integration and service delivery.

In addition, the CAC has intensified efforts to educate the public on corporate compliance and digital registration through workshops, sensitisation programmes, and collaborations with professional bodies such as the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) and the Nigerian Bar Association (NBA).

Industry experts and stakeholders have praised the Commission’s ongoing reforms, describing them as essential for improving Nigeria’s business climate and promoting investor confidence. The President of the Abuja Chamber of Commerce and Industry (ACCI), Dr. Emeka Obegolu, commended the CAC for prioritising transparency and technological innovation. “The digitisation of CAC services has brought tremendous relief to businesses and has made registration faster and more reliable,” he said.

However, some stakeholders have urged the Commission to remain vigilant and proactive in addressing emerging concerns related to online fraud and data security. According to an ICT expert, Mr. Femi Ajayi, “As CAC continues to digitise its services, cybersecurity must remain a top priority. The Commission should constantly upgrade its systems to prevent breaches and protect users’ information.”

Magaji assured that the Commission is already implementing advanced cybersecurity measures and data protection frameworks to safeguard the integrity of its operations. He reiterated that the CAC’s systems are regularly audited and updated to align with global standards.

The Registrar-General also reaffirmed that the Commission would continue to support the Federal Government’s agenda to attract foreign investment by fostering a business-friendly environment. “Transparency and accountability are non-negotiable. We are building an institution that Nigerians and international investors can trust,” he concluded.

 

As the CAC pushes forward with its transparency reforms, stakeholders believe the Commission’s determination to maintain integrity amid misinformation campaigns sends a clear message that Nigeria’s corporate regulatory system is evolving toward greater openness, efficiency, and credibility.