The Lagos Chamber of Commerce and Industry has called on the Federal Government to gazette the Company and Allied Matters Act 2020.
It was assented to by President Muhammadu Buhari, on Friday 7th August 2020.
In a statement signed by the Director-General of the LCCI, Dr Muda Yusuf, it noted that the legislation and the subsequent assent were widely applauded by the business community.
He, however, wondered why it has not been gazetted six weeks after it’s been assented to, as this was affecting businesses and the economy.
The statement read partly, “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.
“Ordinarily, and in line with the ongoing 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, the 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.”
Yusuf said the situation had 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 The CAMA 1990 has been repealed, CAMA 2020 is yet to be gazetted, six weeks after assent.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.
“We urge the urge the National Assembly and other relevant agencies of government to expeditiously gazette CAMA 2020 and make copies available to the public,” he added.