The Corporate Affairs Commission (CAC) has commended members of the two chambers of the National Assembly over the passage of the Companies and Allied Matters Bill.
The Acting Registrar-General of the Commission, Lady Azuka Azinge noted that the Bill, 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.
Lady Azinge, who stated this while reacting to the passage of the Bill by the House of Representatives after Third Reading on January 22, 2019, said the move represented one of the biggest legislative reviews in the history of the National Assembly.
A statement made available to The AUTHORITY in Abuja on Wednesday and signed by Mr Godfrey Ike, Head, Public Affairs of CAC, quoted Lady Azinge as saying that since the extant statute was enacted almost 30 years ago, it had not witnessed any significant review.
The CAC boss disclosed that the main thrust of the Bill is to ensure the ease of starting and growing business in Nigeria; enhance transparency and shareholder engagement; align regulatory framework with international best practice for competitiveness, among others.
While describing the Bill as testimonial of a partnership that worked, Lady Azinge acknowledged the collaboration between the Commission, the Government and private sector stakeholders.
She noted in particular the support of the Presidential Enabling Business Environment Council (PEBEC); the National Assembly Business Environment Roundtable (NASSBER); the Technical Advisory Committee of the Senate; the Federal Ministry of Industry, Trade and Investment (FMITI); the Federal Ministry of Justice (FMJ); the Securities and Exchange Commission (SEC); the Nigerian Bar Association, among several others.
Lady Azinge expressed optimism that the Bill will receive the assent of Mr. President very soon.
The AUTHORITY reports that the Bill, which originated from the Senate, was earlier passed by the red chamber on Tuesday, May 15, 2018.