CAC makes U-turn, registers Nigerian Blockchain start-up after first application

*Nigeria’s Corporate Affairs Commission reverses its earlier decision by registering  Flint API Limited, and issuing the company the Blockchain start-up with Certificate of Incorporation  

Emmanuel Akosile | ConsumerConnect

Following the reported intervention of Alhaji Garba Abubakar, Registrar-General of the  Corporate Affairs Commission (CAC), on the reversal of its earlier decision, the Commission has has now registered Flint API Limited, a Blockchain start-up in the country.

ConsumerConnect had reported that the CAC refused to process the company registration application by the firm.

The Commission reportedly disclosed that the Federal Republic of Nigeria has yet to accord any official recognition to crypto operations in the economy; hence, the reason for rejecting an application for registration by the start-up in the country.

CAC noted that it would only process the application, once the reference to Blockchain technology is resolved in the West African country, Bitcoin online report said.

It allegedly replied: “Blockchain is yet to be recognised by the Nigerian Government, kindly expunge.”

Commission blames ‘unnamed employee’ for goof on processing application

The Corporate Affairs Commission, however, has blamed an unnamed employee for the failure to process the application earlier submitted to the office.

In a U-turn of some sort, the agency’s reversal of its earlier decision followed an intervention by Alhaji Abubakar, and the company’s Directors’ move to seek Nigerian Vice-President Yemi Osinbajo’s intervention in this regard, report said.

While there is speculation that Osinbajo did intervene, the report by Cryptoassetbuyer, however, suggests it was Muhammad Abdullahi, an Assistant to CAC’s Abubakar, who aided in the registration process.

The difficulty in processing the application also is said to have been the result of an unnamed employee’s error in the first place.

Flint API Limited registered, issued with Certificate of Incorporation

Meanwhile, after the initial hiccup on the company’s registration process, the CAC Registrar-General Abdullahi was reported to have informed Adedeji Owonibi, Co-Founder of Convexity, about this development.

In his blog post via LinkedIn, Abubakar repordtedly stated: “Adedeji Owonibi, Your application has been registered with RC 1852282. Thanks for reaching out.

“However, this type of matter should be escalated through the channels provided by the Commission.

In a related development, Charles Orkafombah, also a Co-Founder of Convexity, was reported to have suggested via Linkedin that Vice-President Osinbajo, indeed, intervened in the matter.

Orkafombah also confirmed that a Certificate of Incorporation had been issued to Flint API limited, report said.

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