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Walter Ukaegbu, Abuja
The Corporate Affairs Commission has applauded the National Assembly on the passage of the Companies and Allied Matters Bill by concurrence, a feat it described as monumental and demonstrative of the harmonious relationship existing between the two Chambers of the 8th Assembly
Reacting to the passage of the Bill by the House of Representatives after Third Reading on January 22, 2019, the Acting Registrar-General of the Commission, Lady Azuka Azinge, noted that the Bill, which seeks to repeal the extant statute (the Companies and Allied Matters Act, Cap C20, Laws of the Federation of Nigeria 2004) and enact another statute in its place, represented one of the biggest piece of legislative review in the history of the National Assembly. She noted further that since the extant statute was enacted almost 30 years ago, it had not witnessed any significant review.
Lady Azinge disclosed that the main thrust of the Bill is to ensure the ease of starting and growing businesses in Nigeria; ensuring more appropriate regulation for MSMEs; enhance transparency and shareholder engagement; align regulatory framework with international best practice for competitiveness and, in the context of a global economy, make Nigeria an investment destination of choice.
Describing the Bill as testimonial of a partnership that worked, she acknowledged the collaboration between the Commission, the government and private sector stakeholders.
