Shareholders Move to Protect Investments, Hold Workshop on CAMA Bill

By Goddy Egene

Retail shareholders in Nigeria are making moves to ensure that their interests are protected in the Bill to amend the Companies and Allied Matters Act(CAMA),CAP C20, 1990. The CAMA   is in the process of being amended. The Bill for the amendment has been exposed and published in the website of the Corporate Affair Commission (CAC) where various groups, individuals and organisations have been studying and scrutinising it.

As stakeholders, whose concerns are the full protection of  their   investments,  different  shareholders’ associations  in the country have come together under  the aegis of the Joint Shareholders Association(JSA)  to organise  a one-day  workshop scheduled for Monday October 10,  in Lagos   to discuss the provisions of the  Bill.

Explaining the reason behind the workshop,  Mrs. Oludewa Thorpe said shareholders’ associations are interested in ensuring that the law enacted at the end, would, as far as it possibly can, meet the aspirations of retail shareholders who the associations represent.
“It is for this reason that the different shareholders’ associations came together under the umbrella of JSA to organize a Workshop. The theme of the Workshop is: The proposed amendment of the Companies & Allied Matters Act and its effect on Retail Shareholders,” she said.

Thorpe, who is also a legal practitioner, disclosed that the workshop will have a  boardroom guru, Chief Olusegun Osunkeye as chairman.
“In reviewing the Bill, it was immediately recognised that there were sections in it that, if allowed to be enacted as they stand, would be onerous to and could eventually lead to the annihilation of the shareholders’ associations. As a  result, the subjects to be discussed are: Audit Committee: Are the   Section 358 in the interest of Retail Shareholders; The new regime of high fines and penalties, an avenue to deprive the shareholders of dividend?; publication of names of persons entitled to unclaimed dividend in the newspaper,  with Nigeria’s high crime rate, whose interest is it; The new regime for Incorporated Trustee: The death of Shareholders’ Associations? And the problems of the shareholders’ associations in the face of the proposed amended Companies and Allied Matters Act. The way forward,” she said.

Thorpe added that  JSA has lined up  panel of erudite players in the capital market operators, Shareholders’ Association members and members of the Academia to present a robust discuss of the subjects.

“We decided to get the stand of the members of the Academia so as not to be myopic in our view of the issues involved. The discussants are, Chief Anthony Idigbe, SAN, Mr. Sola Ephraim-Oluwanuga, Dr. Hamza Sule Wuro Bokki, Prof Ige Bolodeoku, Prof. Joseph Abugu, Alh Abatcha Bulama and Mr. Adeniyi Adebisi.