Senate Set To Amend CAMA, Create State CAC

Photo Caption: Senate President Bukola Saraki preparing to lay a wreath during the Armed Forces Remembrance Day Celebration in Abuja on Sunday

The Senate will this week begin amendment of the Company and Allied Matters Act (CAMA), in what may mean it and the Securities & Exchange Commission (CAC) are working at cross purpose.
The CAMA amendment proposed by the Senate, according to Senate President Bukola Saraki in a series of tweets on his personal handle, Sunday, said the upper house seeks in its CAMA amendment “coming up this week… (seeks) to establish State Corporate Affairs Commissions.”
He recalled that the “CAMA Bill is one of the 11 Priority bills by Senate to restructure the economy and put it back on the path of job creation.”
Beyond this, Dr. Saraki added that “amendment of CAMA is to reduce regulatory challenges and make doing business in Nigeria much more attractive.”
Already, the SEC’s Committee for the Review of the Companies and Allied Matters Act (CAMA) 2007 has recommended that the nomenclature of the chief executive of the Securities & Exchange Commission (SEC) be changed from Director General to Registrar General, who shall hold office for a five-year term, subject to reappointment for another term.
The committee has also recommended that the candidate for the position be appointed by the President on the recommendation of the Minister, should be a legal practitioner of no less than 10 years post-call, while the committee also recommended that the Chairman and members (including the two executive commissioners) other than those representing government ministries and agencies should have a single term of four years.”