The recent amendment to the Company and Allied Matters Act (CAMA) did not address concerns of the business community, the President, Lagos Chamber of Commerce and Industry (LCCI), Babatunde Ruwase, has said.
He argued that the Bill was passed without consulting with key sectors of the economy.
Ruwase, who spoke during a stakeholders forum on the Repeal and Re-enactment of the CAMA 2018 in Lagos, said there are areas that needed to be fine-tuned to ensure that the desired outcomes are realised.
He said: “The Bill passed by the Senate is currently awaiting the consideration of the House of Representatives. This is a window of opportunity that we would like to explore to make the necessary inputs.”
He acknowledged the fact that many provisions in the nation’s laws are not in tune with current realities, but stressed that recent amendments to CAMA is not perfect to address concerns of the business community.
“Some of these provisions have been in our statute books for 30 years or more and yet we are operating in a business environment which is very dynamic. Things are changing almost on a daily basis and shaping the way businesses are done, stressing that Nigeria cannot afford a static legislation in a dynamic investment environment,” he said.
Also speaking, a Professor of Commercial Law, University of Ibadan, Prof. Adekunle Aina, said the bill is obsolete and lacked a comprehensive review by key stakeholders. He said the bill does not address concerns such as minority protection, denture holders and floating charges.