New companies’ Act ‘ll re-energise economy, says CAC

By Felix Khanoba

The Corporate Affairs Commission says the amended Companies and Allied Matters Act (CAMA) passed by the National Assembly will give a major boost to the nation’s economy.

The amended CAMA is awaiting the assent of President Muhammadu Buhari for it to come into force.

Acting Registrar-General of CAC,

Hajiya Saratu Shafii, stated this in Abuja on Wednesday during a courtesy visit by a delegation from the Commerce and Industry Correspondents Association of Nigeria (CICAN).

While saying the amendment would enable the Commission keep pace with changing business practice, the new CAC boss said the major thrust of the CAMA review is the right of one person to form a Private Limited Liability Company.

Hajia Saratu said before the amendment, a minimum of two directors are required to incorporate a private limited company, adding that the new Act has provided for mandatory beneficial ownership disclosure.

She said the expected Act will also gives power to the Commission to classify Incorporated Trustees registered under Part C of CAMA and introduce new clauses from time to time.

Hajia Saratu urged the President to assent to the CAMA bill as it would go a long way to redefine how businesses are conducted in Nigeria.

“It 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,” the acting Registrar General said.

On various initiatives put in place by her predecessor to reposition CAC for better performance, Hajia Saratu

promised to ensure continuity, especially in the area of promoting ease of doing business.

Her words: “CAC has contributed significantly to the present administration’s agenda of Ease of Doing Business and creating an enabling environment for businesses to thrive, I will work assiduously to consolidate and sustain on the achievements of CAC.”

Earlier, Chairman of CICAN, Abuja chapter, Mr Fred Idehai, congratulated Hajiya Saratu on her appointment and pledged the support of the association to the Commission.

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