The Corporate Affairs Commission (CAC) has said it is set to call for the repeal and re-enactment of the Companies and Allied Matters Act (1990) saying that the law needs to be spruced up to reflect the realities of the times.
The Commission also said that critical stakeholders including the Presidency have been making inputs towards the upgrading of the Act which governs corporate affairs in the country.
This was disclosed during the weekend by Mohammed Abdulhakeem who represented the Registrar-General of the commission, Bello Mahmud, at a one-day Open Government Partnership Anti-Corruption Commitments Workshop held in Abuja.
Buttressing his point, Bello said the, “the federal government is set to repeal the Companies and Allied Matters Act (CAMA, 1990). We have almost concluded every arrangement, and have received so many contributions from stakeholders.”
According to him, “just this week, we received some contributions from the aide to President Muhammadu Buhari on Justice Sector Reforms, Juliet Ibekaku-Nwagwu.
Bello added: “By virtue of section 93 of the 1990 Act, there is a provision for registration of beneficial owners of only public liability companies. But there is no provision of beneficial shareholders of private companies.”
He maintained that while, the CAC was deliberating on the repeal of the CAMA 1990 Act, the commission deemed it fit to include provisions that make it possible for others to be able to hold shares in trust for others.
Bello also emphasized that the commission’s annual return forms have already been redesigned to accommodate provisions for beneficial ownership on the forms.
“Now, when a company is filling its annual return forms, it is required to include the returns of beneficial owners of the company.
“This is how far we have gone and I believe by next week, the proposed bill will be sent to the Federal Ministry of Justice for review and onward transmission to the National Assembly,” he said.