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New CAMA will boost foreign direct investment — Capital market operators

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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)

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Court fixes August 27 for hearing in Benue APC candidates’ suit

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A Federal High Court in Abuja has fixed August 27 for definite hearing in a suit filed by aggrieved members of the Benue State chapter of the All Progressives Congress (APC), who are challenging their alleged substitution as validly nominated candidates for the 2027 general election.
Justice Inyang Ekwo adjourned the matter at the instance of counsel to the plaintiffs, Mohammed Ndarani (SAN), who sought time to respond to a preliminary objection filed by the APC, the first defendant, challenging the court’s jurisdiction to hear the suit.

Justice Ekwo directed counsel for the parties to file and exchange their processes before the next adjourned date, warning that any counsel who failed to do so would be personalized.
Matthew Burka appeared for the APC, while the Independent National Electoral Commission (INEC), the second defendant, was represented by Oluwole Olukunle.
The adjournment followed an earlier order by the court directing the APC and INEC to maintain the status quo in the dispute over candidates who emerged from the party’s Benue State primaries.
The order was made last Thursday during proceedings in Suit No. FHC/ABJ/CS/1429/2026, filed by Engr. Sesugh kaaba and other aggrieved APC candidates from Benue State against the party and the electoral commission.
The plaintiffs, through an ex parte motion filed on July 5, sought six interim reliefs, including an order restraining the APC from substituting its validly nominated candidates through a June 29 correspondence to INEC, or any subsequent communication, pending determination of the substantive suit. They also asked the court to compel the APC to transmit to INEC the names of candidates validly nominated during primaries monitored by the commission.
When the matter first came up on July 8, the court declined to grant the interim application immediately, directing the APC and INEC to appear and respond before any ruling. The matter was adjourned to July 16.
At Thursday’s proceedings, counsel for the APC and INEC were in court, while the plaintiffs were represented by Ndarani and his legal team.
Ruling on the application, Justice Ekwo held that since issues had been joined by the parties — particularly with INEC now before the court the defendants were bound by law to preserve the subject matter of the litigation pending determination of the suit. When plaintiffs’ counsel urged the court to caution the APC and INEC against any action affecting the disputed list of candidates, the judge said it was “not a matter of advice but of law,” stressing that the defendants were bound to maintain the status quo.
The court accordingly restrained the APC and INEC from taking any action capable of altering the disputed list of candidates pending the hearing and determination of the substantive suit. The defendants did not object to the restraining order.
At the commencement of proceedings, the court noted that all parties had voluntarily submitted to its jurisdiction by filing and exchanging their respective processes, and held that there was no procedural or jurisdictional impediment to an expeditious determination of the case. It directed that the matter be heard without further delay.
In furtherance of preserving the res and safeguarding the judicial process, the court ordered all parties to maintain the status quo pending final determination of the suit, restraining any act capable of prejudicing the rights of the parties or rendering the proceedings nugatory. It further directed that INEC be served forthwith with the originating and all consequential processes.
The effect of the subsisting order is that INEC is restrained from tampering with the existing list of candidates and from receiving, recognising, or acting on any purported substituted list of National Assembly candidates from Benue State submitted by the APC.

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CONGRATULATION TO HON. GINIKA FLORENCE TOR ON HER APPOINTMENT AS FEDERAL COMMISSIONER, NATIONAL SALARIES, INCOMES AND WAGES COMMISSION

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I, Amb. Tonye Sylvester Iyade, extend my warmest congratulations to Hon. Ginika Florence Tor on her well-deserved appointment as a Federal Commissioner of the National Salaries, Incomes and Wages Commission by His Excellency, President Bola Ahmed Tinubu, GCFR.

This prestigious appointment is a clear recognition of Hon. Ginika Florence Tor’s years of dedicated service, unwavering loyalty, competence, and commitment to nation-building. Her appointment reflects the confidence reposed in her ability to contribute meaningfully to the advancement of the Commission’s mandate and the continued progress of our dear nation.

I also wish to express my profound appreciation to President Bola Ahmed Tinubu, GCFR.for this thoughtful appointment. It is yet another demonstration that the President values commitment, hard work, capacity, and those who have remained steadfast in supporting and advancing the ideals of the Renewed Hope Agenda. By appointing capable and experienced individuals into strategic positions, the President continues to reinforce his administration’s commitment to good governance, merit, and effective service delivery.

There is no doubt that Hon. Ginika Florence Tor possesses the experience, character, and leadership qualities required to excel in this important national assignment. I am confident that she will discharge her responsibilities with integrity, professionalism, and dedication, while contributing significantly to the realization of the Renewed Hope vision of the Tinubu administration.

As she assumes this important office, I pray that Almighty God grants her wisdom, strength, sound health, and divine guidance to serve Nigeria with excellence and leave behind a legacy of impactful service.

Congratulations once again, Hon. Ginika Florence Tor, on this remarkable and well-deserved appointment. I wish you a successful and rewarding tenure in service to our great nation.

Signed:

Amb. Tonye Sylvester Iyade

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Borno Deputy Governorship: Shealting The Swords , Healing The Wounds.

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BY: Inuwa Bwala.

Given the role of a Deputy Governor, it is rather an anathrma to campaign, seeking to be chosen, as a deputy governorship candidate.
Changing dynamics have however seen to the emergence of individuals, openly campaigningy , to be so chosen.
It is a truism that, the choice is the prerogative of the governorship candidate, to nominate someone, he or she feels he or she can blend well.
The case in Borno for the oncoming elections, presents a case study, of people doing things wrongly and expect to alter a long standing narrative.
In the last few days, since Ali Abdullahi, was chosen as the runningmate to Engineer Mustapha Gubio, the polity seems to be getting charged.
I have tried to jaxtapose argumentson the appropriateness or lack of it, in the choice of Ali Abdullahi, as the deputy Governorship candidate of the All Progresdives Congress, APC, in Borno state.
While some justify the choice, others were not too comfortable with it.
To many, there was no sufficient consultations, with critical stakeholders, before the choice was made public.
To others, the candidate was picked from outside the traditional political circle, and yet to others, he is not conversant with the ways of the people, having been born and bred outside the enviroment.
I understand others even feel that the choice negates the expectations of frontrunners in the campaigns, with some people even developing a sense of entitlement, in way.
In as much as everybody os granted the right to aspire, it has never been the norm to consult everybody before a deputy governorship candidate is chosen.
It is normal to try selling the idea, but it is not a must, that the evrntual choice must be someone others feel must be the one.
No matter how anyone feels, there are rooms for a rhendezvous of interests, in a party that controls the government.
And given our peculiar circumstances in Borno, we have to give it to the candidate, to nominate somebody he feels he could blend with, effectively.
That most of the arguments did not center on competence, capacity or value addition of the deputy governorship candidate, leave room for one to surmise that, the conventional practice, rrlies more on atributes, above interest.
I would rather, those who feel slighted to reminiscence, on Ali Abdullahi’s past performances, and not the lack of patronage, or political convenience, on their sides.
The Task Ahead, presupposes that, while Borno is still smarting from years of insecurity, we do not enjoy the luxury of internal political bickerings, which could cause dislocations and possible going into the elections as a divided house.
It is a truism that we need a deputy governor, with requisite administrative experience and technical capacity, to fully compliment the efforts of Engineer Mustapha Gubio, so that together they can hit the ground running reminisceint of the Governor Zulum era. A curious look into Ali Abdullahi’s pedigree, shows that, he brings that capacity, in the same fashion that he demonstrated at SEMA. I have no doubt at the back of my mind, that both governor Zulum and our governorship candidate, Mustapha Gubio, are passionate about the continuity of the Zulum Agenda, hence the choice of Ali SEMA, as he is popularly known.
Taking into consideration the need to live up to the expectations of the people, especially on the need to rebuild Borno, they may have considered changing the course midstream may tend to slow us down.
I know as a matter of fact, that, Ali Abdullahi has been aligned to Zulum’s vision of service, integrity, and results, for a long time.
That the governor has gone out of his way in trying to placate those who may have nursed the ambition of being the ones to be considwred, points to the fact that, the Gubio/Abdullahi ticket was chosen to unite us, not divide us.
I am sure the Governor values every zone, every elder, and every stakeholder, and never intended to shut out anybody. We may recall, that, similar skepticism greeted the emergence of Zulum and Kadafur in 2023, but having seen their best sides, makes Borno the better off for it today.
Shealthing our swords and healing the wounds of this innitial perceibed snub, is a sinquanon to making the choice the best team, we could put forward for Borno.
I am compelled to appeal to all of us to look beyond personal interests and prioritize Borno, even as we strive to deliver. The Governor’s door remains open for dialogue, as always.
Let us rally behind this ticket, and mot risk a divided house that cannot deliver to our people. A united APC in Borno is what our people expect of us.

Let the narrative turn to the choice of Ali Abdullahi as Deputy Governorship candidate is about *competence, continuity, and service to Borno people, and not about how he emerged.
Governor Babagana Umara Zulum with his deputy have showed focus on finishing the work of rebuilding Borno’s destroyed schools, hospitals and roads, and resettling our people. His successor needs a deputy who understands this vission and shares that same commitment.

Ali Abdullahi has the experience, he has demonstrated loyalty, and has showed dedication. Let us not crucify him on the cross of our personal ambitions.
I respect all opinions expressed so far, but this is not the time for divisions, this is the time to unite behind the ticket no matter its perceived inadequacies, so that we can continue to deliver for Borno.
Our collective focus should be Borno first, and not who should be in a particular position.
We have no cause to doubt the man who delivered for us, in the face of innitial skepticism, so, let Ali SEMA, be.

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