James Emejo in Abuja
The acting Registrar-General, Corporate Affairs Commission (CAC), Azuka Azinge, Wednesday commended the National Assembly on the passage of the Companies and Allied Matters Bill by a concurrence.
She said the move represented, “One of the biggest piece of legislative review in the history of the National Assembly.”
According to her, the legislation will ensure the ease of starting and growing businesses in the country, facilitate appropriate regulation for MSMEs; enhance transparency and shareholder engagement as well as align regulatory framework with international best practice for competitiveness.
In a statement by CAC’s spokesman, Godfrey Ike, Azinge said the bill would further make Nigeria an investment destination of choice within the context of a global economy.
The legislation, among other things, seeks to repeal the extant statute (the Companies and Allied Matters Act, Cap C20, Laws of the Federation of Nigeria 2004) and enact another statute in its place.
The registrar-general further pointed out that since the extant statute was enacted almost 30 years ago, it had not witnessed any significant review.
She described it as testimonial of a partnership that worked, alluding to the collaborative efforts between the commission, government and private sector stakeholders.
The acting CAC boss, however, expressed optimism that the bill will soon receive the assent of President Muhammadu Buhari
The bill which originated from the CAC was passed by the Senate in May 15, 2018 and subsequently passed by the House of Representatives after third reading on January 22, 2019.
Azinge, commended the support of the Presidential Enabling Business Environment Council (PEBEC) through its secretariat, the Enabling Business Environment Secretariat (EBES); the National Assembly Business Environment Roundtable (NASSBER); the technical advisory committee of the Senate; the Federal Ministry of Industry, Trade and Investment; the Federal Ministry of Justice (FMJ); the Securities and Exchange Commission (SEC) and the Nigerian Bar Association through its Section on Business Law (SBL-NBA) among others.