IoD urges Buhari to expedite assent to 2020 CAMA Bill
The Institute of Directors Nigeria (IoD), has called on President Muhammadu Buhari to urgently assent to the revised Companies and Allied Matters (CAMA) Bill.
The Institute said the delay in review and harmonisation of the 2020 CAMA Bill by the National Assembly as well as assent by President Muhammadu Buhari was a major concern to businesses and investors.
They noted that, given the role the Act is expected to play in fostering corporate management and accountability as well as protection of investors and national wealth, missing the opportunity to review and pass the Bill into law had negative implications for Nigeria as a nation.
At a webinar on, “CAMA Bill 2020: The Way Forward,” President of IoD, Chris Okunowo, said the revised CAMA Bill provides an opportunity to add more impetus to the quest to improve the ease of doing business in Nigeria.
He said the Bill when signed into law would also confirm Nigeria’s compliance with many international trade treaties, as it has put in place many internationally-accepted best practices in company formation and ownership.
He said the essence of the webinar was to set an agenda to canvass the immediate assent to the Bill by the President, to ensure that investors and business owners can operate.
Okunowo said it was also to facilitate the development of a policy and institutional support framework that promotes an inclusion of all stakeholders on issues bordering on the Nigerian corporate space, adding that it was to also create further awareness on the expectations and requirements of the 2019 CAMA Bill on businesses and investors.
At the panel session, the guest panellists urged that the Corporate Affairs Commission (CAC), needed to rely more on technology to lessen challenges associated with the Bill.
Managing Partner, Olaniwun Ajayi LP, Prof. Kanyinsola Ajayi, who said the CAC should focus more on being professional and efficient when the Bill is passed into law, added that it should keep out touts from operating around it.
Partner, Udo Udoma & Belo-Osagie, Ozofu Ogiemudia, who represented the Chairman of the Board, Nigeria Economic Summit Group (NESG), Asue Ighodalo, expressed confidence that President Buhari would soon assent to the Bill.