By Mumini AbdulKareem
The Special Assistant on New Media to President Muhammadu Buhari, Tolu Ogunlesi, has credited the former Senate President, Dr. Abubakar Bukola Saraki, for his work on the Companies and Allied Matters revision which was recently signed into law by the President.
In a tweet posted on his verified Twitter account, Ogunlesi said: “A good day to recognize @bukolasaraki for the work he led on the revision of CAMA. Final version was passed by the 9th Assembly but the work started under the 8th Assembly, and a lot of it was accomplished by them (NASSBER etc). Kudos also to 9th Assembly for following through.”
During the 8th Senate (June 2015 to June 2019), Saraki led the institutionalization of the National Assembly Business Environment Roundtable (NASSBER), which worked with leaders and technical experts from the private sector to strengthen, amend or overhaul legislation in 10-thematic areas including competition, trade, investment, e-business, and intellectual property, constitutional review and a host of others.
In 2017, while speaking at the first anniversary of NASSBER, the erstwhile Senate President emphasized that the achievements recorded by the National Assembly Business Environment Round-table (NASSBER) will reshape the national economy, while also stating the nation can only develop if there is co-operation between government and the private sector.
The new CAMA law, which is Nigeria’s most progressive business-friendly legislation in over three decades, introduces new provisions that promote ease of doing business and reduces regulatory hurdles.
Some of the changes include the provision for single member shareholder companies; the provision for electronic filing, electronic share transfers and electronic meetings; the exemption of appointing company secretaries and auditors; as well as the creation of Limited Liability Partnerships (LLPs) and Limited Partnerships (LPs).
