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Company registry: CAC targets Artificial Intelligence to improve operations

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The Registrar-General/CEO of the Corporate Affairs Commission, CAC, Hussaini Ishaq Magaji, SAN, has declared that company registration process will soon to be based on cloud and artificial intelligence.

Mr Magaji stated this while declaring open the 2023 CAC Management Retreat with the theme: ‘The Role of Corporate Affairs Commission in Promoting Investment and Development, held in Keffi, Nassarawa State.

Represented by Justine Nidiya, Director of Compliance, the registrar-general stressed that in the nearest future, speed, cost, accuracy, and timeliness will be the criteria for the evaluating global company registry.

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Mr Magaji said: “We have witnessed Registry operations move from manual to semi-automation – to full automation – and now to online operations.

“Future operations of the Registry is expected to be cloud and artificial intelligence based.

“We should therefore strive hard to invent and reinvent ourselves as individuals and organizations to avoid becoming obsolete.

“For organizations, it entails avoid building rigid structures. Parameters for assessing global registry will continue to change.

“We have moved from Ease of Doing Business to AML/CFT/PF and now Beneficial Ownership designed to promote transparency and accountability.”

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The registrar-general, therefore, charged the CAC staff to strive hard to invent and reinvent themselves as individuals and as an organisation to avoid becoming obsolete.

The event witnessed paper presentations and panel discussions on the Beneficial Ownership Register, B.O.R, presented by Favour Ime of Open Ownership,Data Protection, and Security by Ayodeji Rex Abitogun and Key Performance Indicators, KPI, by Ayo Murtala amongst others.

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