The Corporate Affairs Commission has said the Companies and Allied Matters Act Amendment Bill, which is awaiting the assent of the President, Major General Muhammadu Buhari (retd.) will strengthen its supervisory and regulatory powers.
The acting Registrar-General, CAC, Hajiya Saratu Shafii, said this on Wednesday in Abuja during an interaction with journalists.
The CAMA bill which established the CAC had been in operation for over 20 years without undergoing any form of amendment to bring it in line with global best practices.
She explained that the amendment was needed to enable the commission keep pace with changing business practices.
With the development and changes in commercial transactions, she said the amendment had become inevitable.
She said the major thrust of the CAMA review was the right of one person to form a Private Limited Liability Company.
Prior to the amendment, a minimum of two directors were required to incorporate a private limited company.
Shafii said the bill provided for mandatory beneficial ownership disclosure, adding that it also gave 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 were conducted in Nigeria.
The CAC boss said, “I must mention that the commission’s vision of being a world class companies’ registry is yet to be attained.
“To attain that status, it is imperative that the commission’s enabling law, the Companies and Allied Matters Act Amendment Bill, which has been passed by the National Assembly, is signed into law by Mr President.
“It should be noted that CAMA has been in existence for about 30 years without any significant review.
“With developments 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 its mandate for businesses to thrive.