Lagos Chamber of Commerce Calls for Urgent Gazetting of CAMA 2020 * Urges National Assembly to expedite action

Lagos Chamber of Commerce Calls for Urgent Gazetting of CAMA 2020

*Urges National Assembly to expedite action

By Udeme Clement :

The Lagos Chamber of Commerce and Industry, LCCI, is calling for urgent gazetting of the Company and Allied Matters Act [ CAMA 2020].

The Director General of LCCI, Mr Muda Yusuf, made this known.

According to him, “CAMA was assented to by President Muhammadu Buhari, GCFR on Friday 7th August 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.

“The implication of this is that the formal copy of the law is not yet available to the public and therefore the law cannot be operationalised. This is yet another example of how bureaucratic bottlenecks could impede the progress of an economy.”

He pointed out, “Ordinarily, in line with the on-going digital revolution and the
E- Government agenda of government, the law should have been uploaded on the federal government and National Assembly websites hours after the assent by the President.

“Being a major business legislation, 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.

“Additionally, the regulations that ought to be issued by the Corporate Affairs Commission on account of the new legislation have equally been stalled because there is no formal document to act upon.

“The situation has created enormous uncertainty in business decisions which require the legislative anchor of CAMA 2020 to progress. As it were, a legislative vacuum has been created.

“The CAMA 1990 has been repealed, CAMA 2020 is yet to be gazetted, six weeks after assent.
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.

” The implementation of the E-Government programmes should be accelerated to make the public service smarter, efficient and cost effective. Given the current wave of digital revolution sweeping across the public and private sectors, the role of Government Press in dissemination of official legislations and other publications is at risk of diminishing relevance.

“It has become imperative for electronic copies of official publications to be promptly disseminated to the public, to ensure swift activation and access to the benefits and values, which such publications offer for the economy and the society.”

His words, “We urge the National Assembly and other relevant agencies of government to expeditiously gazette CAMA 2020 and make copies available to the public.”