Amended CAMA not in tune with business realities, says LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has called on the National Assembly to fine-tune the recent amendments of the Company and Allied Matter Act (CAMA) in a bid to achieve the desired outcome.

The President, LCCI, Babatunde Ruwase, though acknowledged the fact that many provisions in the nation’s laws are not in tune with current realities, stressed that recent amendments to the CAMA is not perfect to address concerns of the business community.

Ruwase stated this at a stakeholders’ forum on repeal and re-enactment of the CAMA 2018 in Lagos.

He said there are areas that need to be fine-tuned to ensure that the desired outcomes are realised.

In his words: “The Bill has been passed by the Senate and currently awaiting the consideration of the House of Representatives. This is a window of opportunity that we would like to explore to make the necessary inputs.”

“Some of these provisions have been in our statute books for 30 years or more and yet we are operating in a business environment which is very dynamic.

Things are changing almost on a daily basis and shaping the way businesses are done, stressing that Nigeria cannot afford a static legislation in a dynamic investment environment”.

He commended the National Assembly and other stakeholders in the private sector and civil society for their roles in the review of CAMA, but however stated that the amendment was not perfect.

Also speaking at the event, a Professor of Commercial Law, University of Ibadan, Prof. Adekunle Aina, said the bill is obsolete and lacked comprehensive review by key stakeholders, saying the bill does not address some concerns such as minority protection, denture holders and floating charges.

According to Aina, sustainable governance has not been touched.

“Corporate Social Responsibility (CSR) is almost non-existent under our laws. We are not even talking about sustainable governance to cater for the nation’s unborn generation. These are issues that should have been addressed in the bill”, he said.

He added that Nigeria is not attracting social investments simply because of the absence of a proper framework to attract Foreign Direct Investments (FDIs) in this regard.