The Corporate Affairs Commission (CAC) has stated that social media content creators across different platforms should register their businesses with the Commission which is in line with the Company and Allied Matters Act 2020. This development was made known on Tuesday by the Registrar General, CAC, Hussaini Magaji, when he was paid courtesy visit by the Managing Director, Opay, Dauda Gotring.
He said, “Ignorance of the law is not an excuse. It is stated in the Company and Allied Matters 2020 that for any business to take place in Nigeria, whether you are doing business with your name or another name, you must surrender your business for registration.
“If you are a content creator on the internet and you have a large followership and you are gaining or making money from it, you must register and that’s the provision of the law.
“And we are all out to enforce the provision of the law with its penalties.
“That is why we have different classes of registration, company, business loan registration. There are various classes of accommodation that can accommodate any kind of business you are doing.”
Recall that reports circulating last week suggested that the Federal Inland Revenue Services (FIRS) made plans to tax social media content creators but the Service debunked such reports, stating that it had no plans to tax content creators because Personal Income Tax (PIT) is outside its purview.
Nigeria’s social media content creation sector has witnessed an exponential growth in the last decade, as a result of the huge youth population, the availability of smart phones, increased penetration of the internet into communities, amongst other factors.
