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CAMA Act 2020 Should be Gazetted, Says LCCI

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The Lagos Chamber of Commerce and Industry (LCCI) has asked the Buhari administration to immediately gazette the Companies and Allied Matters Act 2020 so as to address uncertainties surrounding certain business decisions which may be dependent on a proper interpretation of the new act.

Muda Yusuf, the Director-General of the LCCI, said in a statement issued on Monday, that the absence of a gazetted copy had created a legislative vacuum, six weeks after Presidential Muhammadu Buhari assented to the bill.

Mr Yusuf said it implied that the formal copy of the law was not yet available to the public and therefore could not be operationalised. He said with the ongoing digital revolution and the e-Government agenda of government, the law should have been uploaded onto government websites hours after the president’s assent.

He called for accelerated implementation of e-Government programmes to make the public service smarter, efficient and cost effective.

“The Company and Allied Matters Act [2020] was assented to by President Muhammadu Buhari, GCFR on Aug. 7, 2020. The legislation and the subsequent assent were widely applauded by the business community. However, six weeks after, the legislation is yet to be gazetted. This is yet another example of how bureaucratic bottlenecks could impede the progress of an economy. Being a major business legislation, the non-availability of the gazetted copy of CAMA 2020 has stalled many activities in the business environment. These are activities anchored on the new legislation,” he said.

Yusuf said that additionally, the regulations that ought to be issued by the Corporate Affairs Commission on account of the new legislation had been stalled because there was no formal document to act upon.
“It is important that the bureaucracy works in tandem with the new normal of leveraging technology so that the desired outcomes of reforms can be achieved, and expeditiously too. We urge the National Assembly and other relevant agencies of government to expeditiously gazette CAMA 2020 and make copies available to the public,” said Mr Yusuf.

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