The President, Lagos Chamber of Commerce and Industry (LCCI) , Mr. Babatunde Ruwase, has expressed gratitude to the National Assembly, stakeholders in the private sector and civil society for their roles in the review of the Company and Allied Matters Act (CAMA).
The bill which was an amendment to (CAMA), was one of the major initiatives of the National Assembly, the private sector and the enabling business environment secretariat to promote the Ease of Doing Business in Nigeria.
Ruwase stated this at a stakeholders’ business roundtable in Lagos.
According to him, “As you are all aware, there are many provisions in our laws that are not in tune with current realities. Some of these provisions have been in our statute books for 30 years or more.
“And yet, we are operating in a business environment which is very dynamic. Things are changing almost on daily basis and shaping the way we do business. We cannot afford a static legislation in a dynamic investment environment”, he said.
He however, stressed the need to fine-tune certain areas of the Act to ensure that the desired outcomes were realised.
“The Bill as passed by the Senate and is currently awaiting the consideration of the House of Representatives. This is a window of opportunity that we would explore to make the necessary inputs”, he added.
While giving highlights of the Bill, the Chairperson of the Commercial Law and Taxation Committee, Mrs. Eniola Alakija-Sagoe, disclosed that some of the reasons for the Bill was to ease starting and growing businesses in Nigeria, promote policies that will enhance the regulatory environment for and the growth of micro, small and medium enterprises (MSMEs) and as well, make Nigeria an investment destination of choice by attracting, retaining and growing investments.
Meanwhile, the major highlights of the Bill include the right of one person to form a company (Section 18), removal of consent of Attorney-General of the federation for registration of the memorandum of a company limited by guarantee (Section 26), Abolition of authorised share capital and introduction of minimum issued share capital (section 29), among others.
According to the Head, Lagos Island Corporate Affairs Commission, Mr. Tolulope Sonaike, the Bill, when passed into law, would help businesses become better structured and would lead to economic growth.