Lagos — The Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to immediately gazette the Company and Allied Matters Act (CAMA) 2020.
It recalled that the CAMA was signed into law by President Muhammadu Buhari on August 7, 2020, but yet to be in the gazette six weeks after.
The implication of this, according to a statement by the Director-General of LCCI, Dr. Muda Yusuf, is that the formal copy of the law is not yet available to the public and as such, the law cannot be operationalised.
Yusuf also said the regulations that ought to be issued by the Corporate Affairs Commission (CAC) on account of the new legislation have equally been stalled because there is no formal document to act upon.
"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.
"The situation has created enormous uncertainty in business decisions which require the legislative anchor of CAMA 2020 to progress," he noted.