LCCI Urges Buhari to Sign Companies, Allied Matters Bill

• LCCI Urges Buhari to Sign Companies, Allied Matters Bill

The Lagos Chamber of Commerce and Industry has urged President Muhammadu Buhari to give assent to the Companies and Allied Matters bill recently passed by the National Assembly.

The Director-General, LCCI, Mr Muda Yusuf, made this plea in a statement on Sunday while commending the National Assembly for passing the CAM bill.

He said, “It is delighting to note that the bill is now before the President for assent. The LCCI urges the President to expeditiously assent to the bill in view of its immense potential impact in catalysing the growth and transformation of the Micro, Small and Medium Enterprises in the Nigerian economy. “

The Companies and Allied Matters Act 1990 is the extant legislation governing business registration and related issues in the economy.

The LCCI pointed out, however, that many of the CAM provisions of 1990 were 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 bring it into alignment with the ease of doing business agenda of the present administration,” Yusuf stated.

He noted that the bill, when signed into law, would make it possible for a company promoter to establish a private company with only one shareholder.

It will also ensure a review of the concept of Authorised 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.

He said, “It will ensure simplification of the processes for the registration of private companies limited by guarantee.”