The Corporate Affairs Commission has said the Companies and Allied Matters Act, which is awaiting the assent of the President Major General Muhammadu Buhari (rtd) was vital for economic development
The acting Registrar-General, CAC, Hajiya Saratu Shafii said this while speaking during a chat with journalists in Abuja.
She explained that the amendment was needed to enable the commission keep pace with changing business practice.
With development and changes in commercial transactions, she said the amendment had become inevitable.
She said the major thrust of the CAMA review which had already been passed by the National Assembly is the right of one person to form a Private Limited Liabi|ity Company.
Prior to the amendment, a minimum of two directors are required to incorporate a private limited company.
She also said the act has provided for mandatory beneficial ownership disclosure, adding that it also gives power to the commission to classify Incorporated Trustees registered under Part C of CAMA and introduce new clauses from time to time.
She urged the President to assent to the CAMA bill as it would redefine how businesses are conducted in Nigeria.
She said, “I must mention that the Commission’s vision of being a world class companies registrv is yet to be attained.
“To attain that status. it is imperative that the Commission’s enabling Law; the Companies and Allied Matters Act which has been passed by the National Assembly is signed into Law by Mr. President.
“|t should be noted that CAMA has been in existence for about 30 years without any significant review.
“With development and changes in commercial transactions. the amendment became inevitable.”
She promised to continue with the initiatives which her predecessor had implemented, adding that the commission would continue to discharge it’s mandate for businesses to thrive.