Amended law to em­power pri­vate li­a­bil­ity com­pa­nies — CAC

The Punch - - BUSINESS & ECONOMY - Ifeanyi Onuba, Abuja

THe Cor­po­rate Af­fairs Com­mis­sion has said the Com­pa­nies and Al­lied Mat­ters Act Amend­ment Bill, which is await­ing the as­sent of the Pres­i­dent, Ma­jor Gen­eral Muham­madu Buhari (retd.) will strengthen its su­per­vi­sory and reg­u­la­tory pow­ers.

The act­ing Regis­trar­gen­eral, CAC, Ha­jiya Saratu Shafii, said this on Wednesday in Abuja dur­ing an in­ter­ac­tion with jour­nal­ists.

The CAMA bill which es­tab­lished the CAC had been in op­er­a­tion for over 20 years without un­der­go­ing any form of amend­ment to bring it in line with global best prac­tices.

She ex­plained that the amend­ment was needed to en­able the com­mis­sion keep pace with chang­ing busi­ness prac­tices.

With the de­vel­op­ment and changes in com­mer­cial trans­ac­tions, she said the amend­ment had be­come inevitable.

She said the ma­jor thrust of the CAMA re­view was the right of one per­son to form a Pri­vate Lim­ited Li­a­bil­ity Com­pany.

Prior to the amend­ment, a min­i­mum of two di­rec­tors were re­quired to in­cor­po­rate a pri­vate lim­ited com­pany.

Sh af ii said the bill pro­vided for manda­tory ben­e­fi­cial own­er­ship dis­clo­sure, adding that it also gave power to the com­mis­sion to clas­sify In­cor­po­rated Trustees reg­is­tered un­der Part C of CAMA and in­tro­duce new clauses from time to time.

She urged the Pres­i­dent to as­sent to the CAMA bill as it would re­de­fine how busi­nesses were con­ducted in Nige­ria.

The CAC boss said, “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 Amend­ment Bill, 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 de­vel­op­ments and changes in com­mer­cial trans­ac­tions, the amend­ment be­came inevitable.”

She promised to con­tinue with the ini­tia­tives which her pre­de­ces­sor had im­ple­mented, adding that the com­mis­sion would con­tinue to dis­charge its man­date for busi­nesses to thrive.

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