CAC commends NASS over passage of Company and Allied Matters Bill

THE Corporate Affairs Commission (CAC) has commended the National Assembly (NASS) over the passage of the Companies and Allied Matters Bill, noting that the Bill will enhance the development of new businesses through proper regulations.

According to the statement made available by Head of Corporate Communications of the Agency, Godfrey Ike, the Acting Registrar, Lady Azuka Azinge commended the House of Representatives for the passage of the Bill.

She said the Bill “seeks to repeal the extant statute (the Companies and Allied Matters Act, Cap C20, Laws of the Federation of Nigeria 2004) and enact another statute in its place, represented one of the biggest pieces of legislative review in the history of the National Assembly.”

The Acting Registrar noted further that since the extant statute was enacted almost 30 years ago, it had not witnessed any significant review.

Lady Azinge revealed that the main thrust of the Bill “is to ensure the ease of starting and growing business in Nigeria; ensure more appropriate regulation for MSMEs; enhance transparency and shareholder engagement; align regulatory framework with international best practice for competitiveness and, in the context of a global economy, make Nigeria an investment destination of choice.”

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She Described the Bill as testimonial of a partnership that worked, she acknowledged the collaboration between the Commission, the Government and private sector stakeholders. noting in particular, the support of the Presidential Enabling Business Environment Council (PEBEC) through its secretariat, the Enabling Business Environment

“Secretariat (EBES); the National Assembly Business Environment Roundtable (NASSBER); the Technical Advisory Committee of the Senate; the Federal Ministry of Industry, Trade and Investment (FMITI); the Federal Ministry of Justice (FMJ); the Securities and Exchange Commission (SEC); the Nigerian Bar Association through its Section on Business Law (SBL-NBA); the Institute of Chartered Accountants of Nigeria (ICAN); the National Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA); and the Manufacturers Association of Nigeria (MAN).”

“Others were the Nigerian Investment Promotion Commission (NIPC); the Federal Inland Revenue Service (FIRS); the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN); the Association of National Accountants of Nigeria (ANAN); the Nigerian Stock Exchange (NSE); the Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN); the Nigerian Association of Small and Medium Enterprises (NASME); Lagos Chamber of Commerce and Industry (LCCI) and several professional firms.”

Lady Azinge expressed optimism that the Bill will receive the assent of Mr President very soon.

It would be recalled that the Bill originated from and was passed by the Senate on Tuesday, May 15, 2018.