Nigeria’s Company Registrations Parastatal, CAC, Rejects a Startup Application for Using Blockchain Tech (Updated)

Nigeria's company registration agency, the Corporate Affairs Commission (CAC), has rejected an company registration application claiming it uses blockchain which is not yet recognized by the government.

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Nigeria’s company registration agency, the Corporate Affairs Commission (CAC), has rejected a company registration application claiming it uses blockchain which is not yet recognized by the government.

The FlintAPI Limited company application process came to a halt while querying an application for registering the private company in Nigeria.

According to Convexity Hub, the technology company incubating the startup, CAC responded to the application query by saying:

“Blockchain is yet to be recognised by the Nigerian government, kindly expunge.”

                                    – Corporate Affairs Commission (CAC)

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SEE ALSO: [WATCH] Convexity Hub, the First Fully-Fitted Blockchain and Crypto Forensics Lab in West Africa, Launches in Nigeria

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According to Adedeji Owonibi, the Founder / COO, Convexity Hub, the said FlintAPI is building an API connection for blockchain gaming rewards. 

Expressing his disappointment, Adedeji said:

“I can’t believe we have this level of ignorance in govt circle, at least not the agency saddled with Company registration in Nigeria.
 
The staff that queried this application for company registration on the pretence that Blockchain is not approved by the Nigeria Govt need to be educated immediately for ease of doing business to improve in Nigeria.”
 
                                    – Founder, Convexity Hub
 

Against this backdrop, Nigeria has a National Blockchain Adoption Strategy championed by the National Information Technology Development Agency (NITDA) with various government agencies listed as stakeholders.

Ironically, one of these agencies is the CAC.

While the Central Bank of Nigeria (CBN) has only restricted financial and deposit-taking institutions in Nigeria from dealing in cryptocurrencies, CAC seems to be taking this directive a bit further by restricting even the use of blockchain, the technology which powers cryptocurrencies.

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UPDATE: The FlintAPI application was approved and the startup registered following numerous complaints online

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RECOMMENDED READINGTop Nigerian Law Enforcement Officials Receive Cryptocurrency Training from the FBI

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