Business

LCCI to FG: Delay in CAMA 2020 Act gazette hurting businesses

The Lagos Chamber of Commerce and Industry (LCCI) has urged the Federal Government to urgently gazette the recently passed Company and Allied Matters Act (2020) since the formal copy of the law is not yet available to the public and the law cannot be operationalized despite the bill being assented. The chamber is urging the National Assembly and other relevant agencies of government to expeditiously gazette CAMA 2020 and make copies available to the public.

LCCI particularly blamed the implication on bureaucratic bottlenecks for the delay in the gazette of the CAMA bill, saying it could impede the progress of the country’s economy if urgent step is not taking place in time. The chamber noted that the nonavailability of the gazetted copy of CAMA 2020 had stalled many activities in the business environment. Director-General of the LCCI, Dr. Muda Yusuf, while reacting to the gazetting of CAMA 2020 Act in Lagos, stated that the legislation and the subsequent assent were widely applauded by the business community, adding that however, six weeks after, the legislation is yet to be gazette by government.

He said: “Company and Allied Matters Act (2020) 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 operationalized. 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 EGovernment agenda of government, the law should have been uploaded on the federal government and National Assembly websites hours after the assent by the President.

 

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