Senate President, Dr. Abubakar Bukola Saraki, Wednesday 24th January 2018 Reiterated The Commitment Of The National Assembly To Pass Required Amendments To The CAMA And 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 objectives of the amendment is to place the country in a position that will be competitive and attract investments. He said “we at the eight National Assembly have 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. 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. Earlier, the leader of the National Assembly TAC on CAMA and ISA, Ozofu Ogiemudia, stated that both acts are significant in that they set frameworks for Companies in the country 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 world over. 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 re-enactment 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 process of compliance by businesses, thereby elevating Nigeria to the coveted position of an investment hub in the continent,” she stated.

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