ABUJA—THE Corporate Affairs Commission, CAC, yesterday, commended the National Assembly for the passage of the Companies and Allied Matters Bill.

NASS

In a statement by Deputy Director, Public Affairs, Mr. Moses Adaguusu, the commission described the quick passage of the bill as monumental and a demonstration of the harmonious relationship existing between the two chambers of the 8th Assembly.

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He quoted the Acting Registrar-General of the commission, Ms Azuka Azinge, as saying that the Bill was sought to repeal the extant statute with the Companies and Allied Matters Act, Cap C20, Laws of the Federation of Nigeria 2004, and enact another in its place. According to her, the bill represents one of the biggest legislative reviews in the history of the National Assembly. She noted that since the extant statute was enacted 30 years back, it had not witnessed any significant review.

Azinge disclosed that the main thrust of the Bill was to ensure the ease of starting and growing business in Nigeria and ensure more appropriate regulations for Micro Small and Medium Enterprises, MSMEs.

The CAC boss said that it would enhance transparency and shareholders’ engagement; align regulatory framework with international best practices for competitiveness in the context of a global economy.

She said: “The Bill is a testimonial of a partnership that works and we acknowledge the collaboration between the commission, the government and private sector stakeholders. We appreciate in particular the support of the Presidential Enabling Business Environment Council, PEBEC, through its secretariat, the Enabling Business Environment.”