LCCI Urges Buhari to Sign CAM BILL 2018

Oluchi Chibuzor

The Lagos Chamber of Commerce and Industry (LCCI) has urged President Muhammadu Buhari to expeditiously assent to the Companies and Allied Matters (CAM) Bill 2018.

The chamber also commended members of the National Assembly for passing the bill.

A statement signed by the Director General, LCCI, Mr. Muda Yusuf, said it was delighting to note that the bill has been sent to the president for assent.  

“The LCCI urges the president to expeditiously assent to the bill in view of its immense potential impact in catalysing the growth and transformation of the MSMEs in the Nigerian economy,” the statement obtained at the weekend added.

The Companies and Allied Matters Act 1990 is the extant legislation governing business registration and related issues in the economy.

The Act is a 29-year old legislation governing businesses in 2019.  Many of its provisions are obviously not in tune with current realities of the business environment.  

“The CAM Bill 2018 is therefore a laudable move to make the legislation more contemporary and also bringing it in alignment with the Ease of Doing Business Agenda of the present administration,” Yusuf explained.

The bill is expected to make it possible for a company promoter to establish a private company with only one shareholder; review of the concept of Authorised Share Capital to be replaced with Minimum Share Capital, thus saving the promoters the trouble of having to pay for shares not needed at a specific time as well  as simplification of the processes for the registration of Private Company Limited by Guarantee.

In addition, it is expected to broadening the scope for technology applications in compliance processes.

“CAM Bill 2018 has provisions for electronic filing; electronic share transfer and e-meetings for private companies. This would make the processes smarter and cost effective.

“The Bill when signed into law, will reduce the cost of doing business, especially for small businesses; boost the growth of SMEs; promote economic inclusion, boost job creation by small businesses, and encourage informal sector players to relocate to the formal sector. In the light of the huge potential benefits of this law, we request that the bill be expeditiously signed so that the SMEs in the economy can begin to reap the benefits of its provisions.

“The presidents assent to this bill would also position the SMEs in the economy to contribute to the realisation of the objectives of the Economic Recovery & Growth Plan (ERGP),” Yusuf noted.

Stakeholders Set to Tap UK, EU Mortgage Market

Stakeholders in the real estate and housing finance sector of the Nigerian economy are set to hold a two-day conference/exhibition in London focused on “Home Ownership and Property Investment in Nigeria Made Easy for Nigerians in the United Kingdom and Europe.

Due to hold on 17-18 May 2019 in London, the event is designed to show Nigerians in the UK and EU safe and credible steps towards owning their own homes or buying a property for investment income purposes in Nigeria.

A statement also explained that the conference was meant to begin the reversal of the many sad stories of Nigerians in the United Kingdom and the EU trying to buy properties back home that they can return to for vacations or for rental income and of having been swindled out of their hard-earned remittances, by either unscrupulous agents or worse still, family members and friends; and by so doing incentivize investment in the real sector in Nigeria.

The exhibition is being jointly hosted the Mortgage Banking Association of Nigeria (MBAN), Nigeria Mortgage Refinance Company Plc (NMRC), the Central Bank of Nigeria, the Federal Mortgage Bank of Nigeria (FMBN), the Real Estate Developers Association of Nigeria (REDAN), Urban Shelter Limited, Dunn Loren Merrifield, Amiable Financial Services UK, Diaspora Realty UK, among others.

Executive Secretary/CEO of the Mortgage Banking Association of Nigeria, and lead conference host, Kayode Omotoso, said the conference would among other things, “showcase the Deployment of the Uniform Underwriting Standards for Diaspora Mortgages recently approved by the Central Bank of Nigeria as new Guidelines for long-term Diaspora Mortgages. The new Guidelines would for the first time enable Nigerians living in the Diaspora to access 15 to 20 – year Mortgages from Mortgage Lending Banks in Nigeria to buy their homes; or for those who already own their homes, to buy additional homes for investment income purposes.”

According to the Conference Coordinator, Dr Chii Akporji, Founder/ Chief Executive Officer of ALPHACITIESAFRICA,  the event would also, “focus on addressing all issues and concerns along the housing value chain that potential buyers in the Diaspora often come across: from accessing land for off-plan development; issues of title and C of O duplication; associated legal and regulatory issues around home purchase and ownership; the deployment of Proptech, blockchain technology; the mechanics of the National Housing Fund; buying from state owned housing door-orations; payment platforms for diaspora focused mortgages; accessing mortgage finance, interest rates issues; mortgage refinance and opportunities for mortgage securitisation.”

It pointed out that aside from the organisers, several leading Nigerian developers as well as mortgage banks would be exhibiting at the event, in addition to senior level experts on the policy and regulatory issues pertaining to the housing market in Nigeria.

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