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Amidst the controversies surrounding the new Company and Allied Matters Act (CAMA) 2020, the Lagos Chamber of Commerce and Industry (LCCI) is now pressing for urgent gazetting of the law, saying that delay is creating uncertainties in business decisions anchored on the law.
Director General, LCCI, Dr. Muda Yusuf, in a statement made available to today news recently, noted that the delay in gazetting the law is yet another example of how bureaucratic bottlenecks are allowed to impede economic progress.
Note that CAMA 2020 was assented to by President Muhammadu Buhari over a month ago, following which several groups alleged that certain sections of the new law was draconian and could precipitate unwholesome take-over of private entities by the government.
But Yusuf stated: “The legislation and the subsequent assent were widely applauded by the business community”, lamenting that six weeks after the legislation’s