Nigerian Agency Finally Registers Blockchain Start-up, Blames Employees for Rejecting First Application – Emerging Markets

Just days after it was revealed that it had refused to process a company registration application from Flint API limited, the Nigerian agency Corporate Affairs Commission (CAC) has now registered the blockchain start-up. However, the agency blames an unnamed employee for the failure to process the application.

The CAC’s about-face

According to a Test report, the agency's reversal of its earlier decision followed an intervention by the Registrar General of the CAC, Alhaji Garba Abubakar. How reported from Bitcoin.com News, the CAC's refusal to register the startup had prompted the directors of an incubation center housing Flint API Limited to seek the intervention of Nigerian Vice President Yemi Osinbajo.

While there is speculation that Osinbajo intervened, Cryptoassetbuyer's report suggests that it was Muhammad Abdullahi, an assistant to Abubakar, who helped with the registration process. The difficulty in processing the application is also said to be due to an error by an unnamed employee.

Establishment with certificate of incorporation

After completing the registration process, which reportedly took just six hours, Abdullahi informed Convexity co-founder Adedeji Owonibi of this development. On Linkedin he wrote:

Adedeji Owonibi Your application has been registered with RC 1852282. Thank you for contacting us. However, these types of matters should be escalated through the channels provided by the Commission.

Meanwhile, following this development, Convexity’s other co-founder, Charles Orkafombah, suggested via Linkedin that Osinbajo had indeed intervened in the matter. He also confirmed that a certificate of incorporation had been issued to Flint API Limited.

Do you agree that it was Osinbajo's intervention that forced the CAC management to reverse the original decision? Tell us what you think in the comments section below.

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