President of the Nigerian Senate, Dr. Abubakar Bukola Saraki, on Wednesday reiterated the commitment of the 8th National Assembly to swiftly consider and pass required amendments to the Companies and Allied Matters Act (CAMA) and the Investment and Securities Act (ISA).
Saraki, according to a statement by his Chief Press Secretary, Sanni Onogu, made the remarks when the Technical Advisory Committee (TAC) on CAMA and ISA led by Ozofu Ogiemudia presented reports on the two acts to the President of the Senate in Abuja.
He stated that the objective of the amendment is to place the country in a position that will be competitive and attract investments.
He said: “We at the 8th National Assembly has made this a priority to look at what we call our economic priority bills. These are the last two that form the core of our mandate and our promise to Nigerians.
“I am so excited that we made the promise to Nigerians at the beginning of the 8th Senate and today we have seen the completion of the work. To me, this is a great achievement.
“I am very confident that if we pass these two bills, they will significantly help in making our country attractive for investment. And if you look at the core issues affecting the country today, it all comes back to the issues about the economy.
“If we can get the economy right, create jobs for our youth, create investment and empower people, we will be able to significantly reduce all the areas of friction.
“So your contributions goes beyond just these two bills as it is a contribution to the development and social stability of the country. On our part, we will work to get them passed quickly in both chambers,” he said.
Saraki thanked the members of the TAC for working on the two important Acts which are at the heart of business in the country and producing the reports.
“Let me thank you for the thorough job and the contributions that you have made to the country.
“These two bills are so important to us and I am sure that when the history is written your contribution will definitely be noted significantly on making Nigeria a hub for doing business and promoting investment,” Saraki said
Earlier, the leader of the National Assembly TAC on CAMA and ISA, Ozofu Ogiemudia, stated that both acts are significant in that they set the frameworks for companies in the country and the Nigerian Capital Market, “which includes one of the most active and attractive stock exchanges on the continent.”
She noted that both acts which are strategically important needed to be updated given the changes in technology and society the worldover.
She said: “In the last 28 years, CAMA has existed without any major amendment. In the case of the ISA, it has been in existence for 10 years now. Accordingly the technical advisory committee has produced and humbly submits to the Senate for consideration two repeal and reenactment bills in respect of CAMA and the ISA.
“We are confident that these bills will further the overriding objectives of this government to make the regulatory framework for doing business easier for Small and Medium Enterprises (SMEs) and to ease the process for compliance by businesses, thereby elevating Nigeria to the coveted position of an investment hub in the continent,” she stated.