The Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo has advised the Corporate Affairs Commission (CAC) to ensure that new regulations emanating from the recent passage of the Companies and Allied Matters (CAMA) Bill, 2020 does not hamper efforts by the present administration to support the micro, small and medium sized enterprises (MSMEs) in the country.
The minister said even though the new regulation was expected to improve the country’s standing in the World Bank’s ease of doing business index, it must not create hardship for the MSME operators.
He spoke against the backdrop of efforts by the commission to unveil new regulations for business registration processes following President Muhammadu Buhari’s recent assent to the amended legislation.
Speaking when he received the Chairman of CAC, Mr. Ademola Seriki, alongside the Registrar-General, Mr. Garba Abubakar, who paid him a courtesy visit, Adebayo said at this sensitive point in time when the government is trying to help MSMEs to flourish by removing all impediments in the sector, consideration should be given to them, “when talking about issues of fees”.
He added: “With the signing of CAMA which has been long awaited, once the National Assembly has passed CAMA, it brought a lot of relief.
“We received a letter from the presidency asking for our comments and I replied immediately that we are more than happy with what has been passed and that the president should not hesitate to append his signature on it.
“We are very happy that it has finally been signed, something that is long awaited. And it is something that will also improve our standing in the World Bank’s ease of doing business index.”
Abubakar, however, said the commission was ready to ensure that the full letter of the laws is given effects.
He said his agency is currently collaborating with the National Assembly to ensure that the law is gazetted as soon as possible adding that it was necessary to come up with regulations to define certain transactions, particularly the modern articles of association.
Abubakar added: “We had the former law which was not extensive enough because various companies have been complaining and the provisions are not well encompassing.
“Now that we have the opportunity to come up with regulations on articles, it will go a long way in bringing a better governance structure for most of the companies and if we do well, companies don’t have to submit their own articles for registration.”
He further hinted that the new regulation intended to introduce uniformity in the fees regime adding that discrimination in fees payment had been difficult to administer.
Seriki, however, commended the unrelenting efforts by Adebayo and Minister of State for Industry, Trade and Investment, Mrs. Mariam Katagum in ensuring that the amended Act was passed into laws after over two years.
He said the development sends a clear message to Nigerians that there is a new dispensation at the CAC under their leadership.