The Corporate Affairs Commission (CAC) has called on the President Muhammadu Buhari led federal government to assent the Companies and Allied Matters Act (CAMA) bill as it would redefine how businesses are conducted in Nigeria. Hajiya Saratu Shafi’l made the call in Abuja during a chat with newsmen adding that the Commission’s vision of being a world class companies registry is yet to be attained.
She explained that the amendment was needed to enable the commission keep pace with changing business practice. With development and changes in commercial transactions, she said the amendment had become inevitable.
She said the major thrust of the CAMA review which had already been passed by the National Assembly is the right of one person to form a Private Limited Liabi|ity Company. She further explained that prior to the amendment, a minimum of two directors are required to incorporate a private limited company.
She also said the act has provided for mandatory beneficial ownership disclosure, stating that it also gives power to the commission to classify Incorporated Trustees registered under Part C of CAMA and introduce new clauses from time to time.
She said, “I must mention that the Commission’s vision of being a world class companies registrv is yet to be attained.
“To attain that status. it is imperative that the Commission’s enabling Law; the Companies and Allied Matters Act which has been passed by the National Assembly is signed into Law by Mr. President.
“|t 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,” she said.