Act review to boost economic development

The Corporate Affairs Commission, CAC in Nigeria says the Companies and Allied Matters Act, CAMA, awaiting the assent of the President Muhammadu Buhari is vital for economic development.

The Acting Registrar-General, CAC, Saratu Shafii who said this while speaking during a chat with journalists in Abuja stated that the amendment was needed to enable the commission keep pace with changing business practice.

Shafii noted that the major thrust of the Companies and Allied Matters Act review which had already been passed by the National Assembly was the right of one person to form a Private Limited Liability Company.

According to her I must mention that the Commission’s vision of being a world class companies registry is yet to be attained, to attain that status, it is imperative that the Commission’s enabling Law; the Companies and Allied Matters Act which has been passed by the National Assembly is signed into Law by Mr. President.

It should be noted that CAMA has been in existence for about 30 years without any significant review.

with development and changes in commercial transactions. the amendment became inevitable. She added.

The Acting Registrar-General also said the act has provided for mandatory beneficial ownership disclosure, explaining that it also gives power to the commission to classify Incorporated Trustees registered under Part C of CAMA and introduce new clauses from time to time.

She promised to continue with the initiatives which her predecessor had implemented, noting that the commission would continue to discharge it’s mandate for businesses to thrive.

Source: Voice of Nigeria