The Minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo, has said the newly signed Companies and Allied Matters Act (CAMA) would transform the business environment.
Speaking when he received a delegation from the Corporate Affairs Commission (CAC), the Minister said the implementation of CAMA would help Nigeria move up the ladder of the World Bank’s Ease of Doing Business Index as the law would further dismantle bottlenecks in business registration.
Adebayo said he was looking forward to receiving regulations from CAC to strengthen the implementation of the law.
Registrar General of CAC, Garba Abubakar, said this would be the first review of the law and regulations of companies and allied matters in the last 20 years.
“We had the former law which was not extensive enough because various companies have been complaining and the provisions are not well encompassing. It will go a long way in bringing a better governance structure for most of the companies and if we do well, companies don’t have to submit their own articles for registration.”
The CAC boss said the Commission would ensure that only companies that are qualified would be allowed to take part in public procurements to weed out companies that have problems with their creditors.
Board Chairman of CAC, Ademola Seriki, said the implementation of CAMA will lead to an improved business environment in Nigeria going forward.