The Corporate Affairs Commission (CAC) has announced its intention to enforce registration requirements for content creators across various social media platforms, citing legal provisions as the basis for its actions.
During a meeting with Opay Digital Services, the Registrar-General of CAC, Hussaini Magaji, emphasized the necessity for content creators to register, highlighting the availability of diverse registration options offered by the commission.
Magaji underscored the legal obligation to register one’s business in Nigeria, emphasizing that ignorance of the law is not an excuse. He stressed, “Bring yourself to full registration. If you are a content creator on the internet…you must register. That is the provision of the law.”
In a bid to formalize individuals into the system and align with President Bola Tinubu’s agenda for hope, Magaji revealed the commission’s commitment to creating job opportunities and facilitating wealth accessibility.
He reiterated the significance of registration, emphasizing that failure to comply constitutes a crime in Nigeria. Magaji highlighted recent efforts by the commission to accommodate small businesses for registration, underscoring the potential for job creation and economic empowerment.
Insights into the growth of the content creation segment within Nigeria’s creative industry were provided, acknowledging its substantial contribution to revenue generation and the nation’s GDP. The rise of content creation and skit-making activities has been attributed to factors such as the country’s youthful population, increased internet penetration, and widespread smartphone availability.
In a recent report, the Federal Inland Revenue Service (FIRS) clarified that it has no plans to tax content creators, as Personal Income Tax (PIT) falls outside its purview, providing reassurance to individuals operating within the sector.
