“A Bill for an Act to amend the Companies and Allied Matters (CAMA) Act to provide for the incorporation of companies, registration of business names together with incorporation of trustees of certain communities, bodies associations and incidental matter” sponsored by Sen. Fatima Raji Rasaki (PDP: Ekiti) and “A Bill for an Act to amend the Company and Allied Matters Act and for the establishment of State Corporate Affairs Commission (CAC) for registration of business names and for other matters connected therewith“ sponsored by Sen. Ovie Omo-Agege (LP: Delta) have passed the second reading stage in Senate.
Leading the debate at the plenary session of Wednesday, 1st March 2017, Sen. Raji Rasaki stated that her Bill would provide a more conducive environment for the conduct of business in Nigeria. Enumerating on some of the areas her Bill sought to amend, she mentioned that the Bill would strengthen the functions of the Board; propose a holistic amendment on fines and penalties in accordance with the current value of the Naira and vest powers on the Nigerian President to exempt foreign companies from certain provisions to attract investment.
Speaking on his Bill, Sen. Omo-Agege stated that his proposed amendments would strengthen the regulatory capacity of the CAC and improve the Nigeria’s business environment by encouraging the stimulation of economic activities in various States. He also mentioned that his Bill would:
- Enshrine the principles of transparency and accountability by mandating the CAC to publish its audited statements of accounts for scrutiny;
- Enable the CAC to carryout independent investigations into the affairs of public companies;
- Empower the National Salaries, Income and Wages Commission (NSIWC) to determine the remuneration of CAC’s Board members.
Furthermore, he elucidated that his Bill would develop a legal framework that would stimulate business innovation in various States and encourage the registration regulation, and growth of small businesses for Nigeria’s economy as revenues derived from levies and taxes are relatively low.
The Bills which are now consolidated have been referred to the Committee on Trade and Investment for further legislative input.
