09 January 2020
The Corporate Affairs Commission says the Companies and Allied Matters Act, which is awaiting the assent of the President Muhammadu Buhari is vital for economic development
The Acting Registrar-General, CAC,
Hajiya Saratu Shafii, while speaking at a meeting, in Abuja, explained that the amendment was needed to enable the commission keep pace with changing business practice and conform with current realities around the world.
With development and changes in commercial transactions, she said the amendment had become inevitable.
She said the major thrust of the CAMA review which had already been passed by the National Assembly is the right of one person to form a Private Limited Liability Company.
Prior to the amendment, a minimum of two directors are required to incorporate a private limited company.
According to the CAC boss, the Act 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 consequently urged Mr. President to expedite action on the CAMA bill as it would redefine the coduct of businesses in Nigeria.
She said, “I must mention that the Commission’s vision of being a world class companies registrv 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.
“|t 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 also promised to consolidate on the initiatives implemented by her predecessor, pledging the commission’s commitment to the discharge of it’s mandate for businesses to thrive in Nigeria.