The body behind business registration CAC has urge all content creators to start paying tax after realizing that they make a lot of money from the content they create online.

According to the Cooperate Affairs Commission Registrar General, Hussaini Magaji, who revealed this on Tuesday in accordance with the Company and Allied Matters Act 2020, said Tiktok users, Instagram Users and other social media influencers makes a lot money from their content so they need to register under CAC and start paying the appropriate tax.

In Magaji’s statement, 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.”

“This cannot go on, these groups of people are under mandate to register as a business considering the amount they make from the content creation. The government is all out to ensure every business in Nigeria, no matter what or how, is registered with the CAC.

“The commission is registering another batch of 300,000 business names from Opay.”

The CAC boss said the initiative is part of his target to register 20 million businesses in 2024 and 50 million jobs target for Nigerian youths.