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Senate President inaugurates Technical Committee to review company and investment laws

The reform of these laws is of utmost importance to the quest of providing a better business climate and regulatory environment in Nigeria.

Leaders of the Nigerian Senate and the Technical Committee on the review of CAMA and ISA

The 18-man Technical Committee led by Mrs Ozofu Ogiemudia was inaugurated on Monday, May 8, 2017, in Abuja by the Senate President, Dr Abubakar Saraki.

This move by the Nigerian Senate is aimed at complementing the achievements of the Presidential Enabling Business Environment Council (PEBEC), and also work on various legal hurdles identifies during the National Assembly Business Environment Roundtable (NASSBER) held in 2016.

In a statement signed by Mr Chuks Okocha, Special Assistant to the Senate President on Print Media, the Senate President said: “Men and women with business ideas should be able to register and incorporate their companies without hassles and delay.

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“For every business that we start, our nation benefits from employment, revenue generation, products and services to better our lives and enterprises that will help drive and reinforce our claims of being the fastest growing economy on the continent. This is where we want to see the Nigerian economy,” he said.

Dr Saraki noted that following the launch of the National Assembly Business Environment Round-table (NASSBER) last year, a comprehensive review of the institutional, regulatory, legislative and associated instruments impeding Nigerian business was undertaken. The results of the report of this action identified 54 Acts that needed urgent review and 50 bills that must be passed, of which the 13 including the CAMA and ISA were designated priority.

He also said that the NASSBER report identified these two laws as critical to the business environment, complimentary to one another and catalyst for the creation, innovation and sustainability or enterprises.

“A reform of these laws is of utmost importance and that is why, in keeping with our commitment to employing the right resources at our disposal in developing the right legislation for our economy, we are constituting you – experts in the field, regulators, operators and practitioners alike, into a technical committee to neutrally apply your experience to advice the Senate through relevant committees on the best legislative options to enhance the quality or these bills.”

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The Senate President also urged the Committee to work out modalities to halt the exodus of manufacturing companies from Nigeria to neighbouring countries due to the harsh business environment.

He enjoined the technical committee to ensure that through the amendments of the CAMA and ISA to become a veritable instrument for economic diversification and job creation.

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