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New CAMA will boost foreign direct investment — Capital market operators
Capital market operators on Monday expressed optimism that the the amended Companies and Allied Matters Act, (CAMA) 2020 assented to by President Muhammadu Buhari would boost foreign direct investment in the country.
They told the News Agency of Nigeria (NAN) in Lagos that the amended CAMA, if well implemented, had the potential to increase foreign direct investment with attendant positive impact on foreign exchange market as well as exchange rate.
Recall that Buhari, on Aug. 7 in Abuja, assented to the CAMA Bill, 2020 recently passed by the National Assembly.
The Bill, now Companies and Allied Matters Act, 2020 (“the Act”), repeals and replaces the extant Companies and Allied Matters Act, 1990, and introduces several corporate legal innovations aimed at enhancing ease of doing business in the country.
Some of such innovation are reduction in filing fee and other reforms to encourage small and medium enterprises; provisions for the establishment of private companies with a single shareholder and limited liability partnerships and limited partnerships, among others.
Uche Uwaleke, Professor of Finance and Capital Market at the Nasarawa State University Keffi, who commended the development, told NAN that the amended Act would boost foreign direct investment and investor confidence.
“There is no doubt that the amended Companies & Allied Matters Act represents a boost to the capital in Nigeria and the economy in general.
“It speaks to the ease of doing Business and has the potential to increase foreign direct investment with attendant positive impact on forex market and exchange rate.
“The provisions in the Act that will make this possible include reduction in filing fees for registration and permission to hold virtual Annual General Meetings which reduces costs considerably,” Uwaleke said.
He said that the allowance now made for limited partnerships would likely increase the number of companies that could qualify for listing on any of the Exchanges as Securities Exchanges do not admit partnership forms of business organisation.
Uwaleke anticipated that there would be an improvement in corporate governance of quoted companies by prohibiting anyone from serving as director in more than five public companies and making provision for the protection of minority shareholders.
According to him, speedy filing of returns, now enhanced via electronic filing, and e-meetings will reduce the number of companies at the risk of delisting from the Nigerian Stock Exchange due to late filing of returns.
Uwaleke stated further that encumbrances faced by small companies would reduce as they no longer need to appoint auditors or company secretaries.
“This could have positive impact for the Alternative Securities Market where small companies are listed,” he stated.
Mr Ambrose Omordion, the Chief Operating Officer, InvestData Ltd., said the amended Act came at the right time as the economy needed all the support to propel economic activities.
“It is a welcome development as cost of registering companies will reduce and the whole process has been made easy to encourage junior entrepreneurs and small businesses,” Omordion said.
He, however, called for proper implementation of the amended CAMA to enhance ease of doing business in the country.
Also speaking, Mr Moses Igbrude, immediate-past Publicity Secretary, Independent Shareholders Association of Nigeria (ISAN), commended all the stakeholders behind the success of the amendment from conceptual stage to the final stage of signing it into law.
Igbrude said the amended CAMA would enhance transparency, corporate governance and reduce challenges being faced by businesses in the country. (NAN)
Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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Investigations by Nigerian Concord Newspaper reveal that the Executive Secretary of the Nigerian Shippers Council, Mr. Pius Akutah, has allegedly misappropriated public funds for a lavish lifestyle.
According to our findings, within months of assuming office, Akutah allegedly purchased a bulletproof SUV valued at approximately N850 million. In addition, he is reported to have acquired over twenty exotic SUVs for use as a convoy.
Akutah is also said to have acquired multiple high-value properties, including three in Abuja’s Maitama and Asokoro districts worth over N2 billion, and two in Lagos’ Banana Island valued at N1.8 billion. These acquisitions appear far beyond the scope of his official salary and allowances.
Further investigation suggests that Akutah may be using public funds to support political ambitions, including allegedly grooming militants across 23 local government areas in Benue State for a potential 2027 gubernatorial bid.
Staff of the Shippers Council reportedly claim that Akutah frequently accesses the council’s treasury without proper authorization. Some insiders have indicated that a petition will soon be filed with the EFCC, ICPC, and the Presidency to report his alleged misconduct.
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I am writing to felicitate with Your Excellency, Atku Abubakar, GCON, former Vice-President of Nigeria (Zege Mule u Tiv & Wazirin Adamawa)
on the occasion of your 79th birthday anniversary.
I join your teeming admirers globally in celebrating you on this special day, an adorable Statesman and my Boss.
I recall with nostalgia, how countless generations have benefited from your generosity, wealth of experience and benevolence including being my key benefactor even as a young lawyer for my professional success.
Your Excellency, may your special day be filled with grandeur befitting your illustrious career.
I wish you continued success, prosperity, and an unending stream of accolades.
It takes a remarkable kind of fortitude to remain active in public life well into one’s golden years. Your dedication and patriotism remain truly exceptional.
May you enjoy a day of reflection on your many years of fruitful service to humanity. It is my prayer that God Almighty grants you many more healthy, fruitful, and fulfilling years ahead, and continues to endow you with wisdom, strength, and the grace to keep contributing to our nation-building.
Happy Birthday, Your Excellency.
Michael Kaase Aondoakaa SAN.
Former Attorney General of the Federation and Minister of Justice
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