February 5, 2019

The Corporate Affairs Commission (CAC), yesterday, described the passage of the Companies and Allied Matters Bill by National Assembly as a feat, monumental and demonstrative of the harmonious relationship existing between the two chambers of the Eighth Assembly. Reacting to the passage of the bill by the House of Representatives after Third Reading on Tuesday, January 22, 2019, the Acting Registrar-General of the commission, Lady Azuka Azinge noted that the bill, which 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. She noted further that, since the extant statute was enacted almost 30 years ago, it had not witnessed any significant review. Lady Azinge stated that the main thrust of the bill was 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. Describing the bill as testimonial of a partnership that worked, she acknowledged the collaboration between the commission, government and private sector stakeholders. She said 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. Azinge expressed optimism that the b would receive the assent of the President very soon, stressing the commitment of the commission to double its efforts of registering more businesses from now on compared to the three million figure recorded since inception. It would be recalled that the bill originated from and was passed by the Senate on Tuesday, May 15, 2018.     Source:  The sun