Companies law killing our businesses – Saraki

The Nigerian corporate landscape is harmstrung by provisions of the Companies and Allied Matters Act (CAMA), Senate President Bukola Saraki said.

Speaking during a public hearing on the amendment of CAMA, Saraki said the law impedes modern business practices in the light of national and global reforms.

“It is our belief that securing an amendment of CAMA has become more compelling considering that legislations that set up most of Corporate Affair Commission (CAC) peer regulators have been amended,” he said.

Represented by the Deputy Senate Leader, Bala Ibn Na’Allah, Saraki said given the state of the country’s economy, it has become mandatory for the legislature to search through some critical laws that could improve ease of doing business in Nigeria.

“Even if it means repealing all that we have been used to and starting on a new note, we must not shy away from doing what is best in the interest of our country.

“Even as we try to diversify the economy the urgency of which cannot be overestimated, the Companies and Allied Matters Act has a crucial role to play in the direction of trade and investment and in the agenda of this present administration,” he said.

Chairman of the Senate Committee on Trade and Investment, Senator Sabo Mohammed (APC, Jigawa) said the amendment of the CAMA law was part of efforts at diversifying the economy.