TheCable

President Muhammadu Buhari has written to the senate over the Companies and Allied Matters (CAMA) Act recently passed by the national assembly.

In his letter read at plenary on Thursday, Buhari requested that the minister of justice and attorney-general of the federation should retain power to approve the registration of companies limited by guarantee.

Earlier in the year, both chambers of the national assembly had passed the bill repealing and re-enacting CAMA after which it was sent to Buhari for assent.

The bill tagged the “biggest business reform bill in Nigeria in over 28 years” enables individuals to register companies all by themselves from any part of the world.

But in the letter read by Senate President Ahmad Lawan, Buhari sought the retention of the AGF’s powers to approve registration of companies.

The letter read: “Pursuant to Section 58 of the Constitution of the Federal Republic of Nigeria 1999 as amended, I hereby forward the Companies and Allied Matters and other related matters Bill 2019 for consideration and passage into law by the Senate.

“The Senate may wish to note that in this bill, Section 26(5) of the extant companies and Allied Matters Act has been amended to: a. Preserve the powers of the Attorney General of the Federation to approve the registration of companies limited by guarantee and;

“b. Reflect the ease of doing business principles in a veto order (1) of 2017 on the promotion of transparency and efficiency in the business environment.

“While I look forward to the usual expeditious consideration and passage of this bill, please accept the assurances of my highest consideration.”