The Corporate Affairs Commission (CAC) has announced its intention to enforce registration laws on content creators across various social media platforms, citing legal provisions as its mandate for action.
During a meeting with Opay Digital Services, the Registrar-General of CAC, Hussaini Magaji, emphasized that failure to register one’s business in Nigeria is a punishable offense, with ignorance not serving as an excuse.
Magaji asserted, “Content creators on the internet, regardless of their followership or earnings, must adhere to the law and register their businesses. We are committed to enforcing these legal provisions.”
He further elaborated that the commission offers various types of registrations to accommodate different business structures, urging content creators to comply with the law.
The move to enforce registration aligns with President Bola Tinubu’s agenda for youth empowerment and job creation, aiming to provide opportunities for 50 million youths, eradicate poverty, and facilitate wealth accessibility.
Magaji highlighted the potential for job creation through formalizing individuals into the system, citing recent initiatives to register millions of small businesses as part of the government’s efforts.
In recent years, the content creation sector of Nigeria’s creative industry has experienced significant growth, driven by a burgeoning youth population, increased internet penetration, and widespread smartphone availability.
Despite its economic contribution, the industry has often been overlooked in terms of regulation, taxation, and GDP recognition by past governments.
However, the decision by CAC to enforce registration laws underscores a shift in government approach towards recognizing and regulating the burgeoning content creation industry.
It’s worth noting that the Federal Inland Revenue Service (FIRS) has clarified that it currently has no plans to tax content creators, as Personal Income Tax falls outside its purview.
