The Lagos Chamber of Commerce and Industry (LCCI) has called on President Muhammadu Buhari to expeditiously sign the Companies and Allied Matters (CAM) Bill 2018 into law in view of its immense potential impact in catalyzing the growth and transformation of the Medium Small and Micro Enterprises (MSMEs) in the Nigerian economy.
LCCI while commending the National Assembly for passing the Companies and Allied Matters [CAM] Bill 2018 observed that it was delighting to note that the bill was now before the President for assent.
According to the Director General of the Chamber, Muda Yusuf in a statement,” The Companies and Allied Matters Act 1990 is the extant legislation governing business registration and related issues in the economy.
“The Act is a twenty-nine year old legislation governing businesses in 2019. Many of its provisions are obviously not in tune with current realities of the business environment.
“The CAM Bill 2018 is therefore a laudable move to make the legislation more contemporary and also bringing it in alignment with the Ease of Doing Business Agenda of the present administration. The bill will ensure the following changes, among others:
“Makes it possible for a company promoter to establish a private company with only one shareholder.
“Review of the concept of Authorized Share Capital to be replaced with Minimum Share Capital, thus saving the promoters the trouble of having to pay for shares not needed at a specific time.
“Simplification of the processes for the registration of Private Company Limited by Guarantee.
“Broadening the scope for technology applications in compliance processes. CAM Bill 2018 has provisions for electronic filing; electronic share transfer and e-meetings for private companies. This would make the processes smarter and cost effective”.
Yusuf noted that the Bill, when signed into law, would reduce the cost of doing business, especially for small businesses; boost the growth of SMEs; promote economic inclusion, boost job creation by small businesses, and encourage informal sector players to relocate to the formal sector.
“In the light of the huge potential benefits of this law, we request that the bill be expeditiously signed so that the SMEs in the economy can begin to reap the benefits of its provisions. The Presidents assent to this bill would also position the SMEs in the economy to contribute to the realization of the objectives of the Economic Recovery & Growth Plan (ERGP)”, he said.
Send your news, press releases/articles to augustinenwadinamuo@yahoo.com. Also, follow us on Twitter @ptreporters and on Facebook on facebook.com/primetimereporters or call the editor on 07030661526, 08053908817.
