As the Companies and Allied Matter Act seeks to promote the ease of doing business in Nigeria, there is a need for the Corporate Affairs Commission (CAC), to distil the laws as articles, info-graphics for better understanding and use to businesses, experts have said.
Experts, who gathered at a webinar organised by the Franco-Nigerian Chamber of Commerce and Industry (FNCCI), in conjunction with Aelex, opined that all features of CAMA 2020 are geared towards making business easier in the areas of corporate governance, tax payment, starting a business, among others.
The experts, who decried the cumbersome and time-wasting procedures that marred the CAMA 30 years ago, said the CAMA 2020 has too many details while applauding the brilliant work of the present administration to boost Nigerian business environment.
According to them, the essence of placing restrictions on the number of directorships is to enable directors to give their best to the companies they serve, especially in public entities where the public interest is at stake, which is a good point in corporate governance.
The Executive Secretary and Chief Executive Officer, Nigerian Investment Promotion Commission (NIPC), Yewande Sadiku, who agreed that the Act is a big document, said the reality is that it makes life easier for businesses.
Sadiku said the improvement in governance is useful, noting that reactions from the new Act showed businesses have received CAMA well.
According to her, the country has implanted a number of businesses that started off in Nigeria, and are now established in other parts of Africa, and has remained the first choice for foreign investment despite the challenges ranging from infrastructural deficits and corruption amongst others.
Senior Manager, Tax Department, Deloitte and Touche, Asiata Agboluaje, described CAMA as an important legislation for business, which stays with it from the beginning to the end, adding that the Finance Act also sustains businesses.
Noting that CAMA is a good initiative, Agboluaje canvassed a balance for audit control in Nigeria.
Earlier in her remarks, Consul-General of France, in Lagos, Mrs. Laurence Monmayrant, said the Act makes a strong case for ease of doing business in Nigeria, which is usually complex before now, adding that CAMA will further strengthen the relationship between France and Nigeria, and also promote foreign direct investment.
She said French companies are always willing to partner and invest in Nigeria, stating that the FNCCI has not failed in keeping in touch with businesses even with the challenges posed by the new normal of coronavirus.