The review provisions of the Companies and Allied Matters Act 1990 (CAMA) to conform to the current global trends has been proposed by the Corporate Affairs Commission (CAC).
Special Assistant to the Registrar-General of CAC, Garba Abubakar pointed out that the CAMA Act needs substantial amendments so as to meet up with the changing economic circumstances and modern business practices.
He disclosed that a bill to that effect will be presented to the National Assembly on Friday, in order to review the over 20 year laws that are no longer in line with current business realities in Nigeria and the rest of the world.
According to him, the amendment will strengthen the regulatory and enforcement powers of the Commission.
Mr Abubakar said to ensure an all-embracing and holistic review, the Commission has invited submissions, inputs or comments from the General Public and professional bodies on the Draft Bill.
He noted that already, the Commission has put together a Draft Bill for the repeal of the Act and enactment of the Companies and Allied Matters Act 2016.