By Henry Uche
The Registrar-General, Corporate Affairs Commission (CAC), Garba Abubakar, has assured business operators and Nigerians at large that the new CAMA 2020 will not fail to meet the good expectations of businesses in the country.
He made this known via a stakeholders’ forum put together by Institute of Directors, Nigeria, (IoD) on the theme, “CAMA 2020: Matters Arising And The Way Forward”, pledging the commission’s resolve to provide solutions to businesses through advanced technology and digitalisation of operations.
According to him, the Act though not a perfect piece of legislation, has the capacity to repealed the three-decades-old precursor, CAMA 1990 (the CAMA), and fix its critical inadequacies and deficiencies and deliver the desired legal framework for a globally competitive economy.
‘Though there are debates and controversies on the new CAMA 2020, but the truth is that the Act has introduced measures to make Nigerian company law better fitted to today‘s realities, improve the business environment and performance across the economy as well as reduce direct compliance costs for businesses.
‘Entry thresholds and regulatory compliance bottlenecks for new and existing businesses have been reduced. Other areas of improvement in the legal and regulatory framework are: Relaxation of governance requirements in the case of small and private companies in the areas of statutory minimum for membership, general meetings, accounts, audit.
‘Introduction of orderly and more effective procedures for business rescue and resolution of insolvency; and enhancement of transparency and disclosures in areas of ownership, control and accountability,’ he maintained.
Meanwhile, the President and Chairman of Council, IoD, Chris Okunowo, said the Institute would leave no stone unturned in ensuring that it plays its roles pragmatically regarding policies, decisions and programs of government at all levels as such actions and inactions of government affects corporate organisations either way.
Okunowo said, ‘being an authoritative voice in the organised private sector which advocates and interfaces with the government on issues of national and economic importance, IoD Nigeria will not cease in playing this frontline advocacy role in the fulfilment of its mandate.
‘The Institute would work consciously with teams of relevant stakeholders in collaboration with the government to achieve seamless implementation of every auspicious law in the country,’ he avowed.
Also, experts at the forum called on individuals and corporate bodies not to relent to lend their voices in matters like this as everyone is affected. Some noted that Nigeria would enjoy the new CAMA 2020 as implementation kicks off January 2021, others posited that Nigeria has beautiful laws and policies but the dearth of actions to see such laws prevail remains an albatross.
‘Nigeria has some of the beautiful laws in the world, CAMA 2020 though has some areas that need to be rectified and clarify, however with what we have, we need the willpower to get the CAMA up and running effectively and effectively, not forsaking other laws and policies that must be respected and implemented for the betterment of our people,’ they stressed.