The Registrar General Corporate Affairs Commission (CAC) Ishaq Hussaini Magaji has called on all social media users, especially content creators to register their activities as business with the commission or risk penalty.
The Nigerian government is soon clamping down on the social media space, by the time the exercise starts if your business online is not registered with the CAC as a business name it will stop operating, the CAC boss hinted.
The RG also stated that any business running for over 28 days and not registered will be penalised, most social media business owners have been running their businesses online without any form of registration from the government, these as far as the government is concerned calls for immediate penalty which will be made known soon.
According to him, “The social media space is a wide space where a lot of transactions are taking place, there is instagram, tiktok, snapchat, facebook twitter, crypto and a whole lot of them. These groups of people are not paying any form of tax to the federal government even though the government is lamenting that the Nigeria tax level is the lowest in the world with only 10% considering how large the country is.”
Citing the law of the company and Allied Matters Act, 2020 particularly section 814 which made it mandatory for any person doing business in his own name to be registered with the Corporal Affairs Commission, Magaji stressed that it is mandatory now it is no longer optional.
“Whatever business you do as long as you have a business name that name must be registered with the CAC.”
