Nigerian Stock Exchange Lauds CAC’s Reform Initiatives

By Aduragbemi Omiyale

The Corporate Affairs Commission (CAC) has been commended for its different reform initiatives despite the disruptions caused by COVID-19 pandemic.

The chief executive of the Nigerian Stock Exchange (NSE), Mr Oscar Onyema, who gave this commendation, said the agency, under the leadership of its Registrar-General/CEO, Mr Garba Abubakar, has continued to support many businesses in the country.

Mr Abubakar was honoured with a digital closing gong ceremony at the exchange on Monday as part of the NSE stakeholder engagement activities.

The event provided an opportunity for the CAC to intimate the capital market community on the reform initiatives of the agency, particularly the Companies and Allied Matters Act (CAMA) 2020 signed by President Muhammadu Buhari in August 2020.

“The NSE has remained a committed partner to the CAC over the years. We are particularly proud of our collaboration during the legislative process of the Company and Allied Matters Bill which led to the signing into law of CAMA 2020, and our recent collaboration with the CAC – along with other stakeholders – to host a public presentation of the newly upgraded CAC Online Registration Portal.

“We note this success and commend the CAC for its reform initiatives even in challenging times. The exchange is also grateful for the dedicated support of the CAC in the final stages of the ongoing NSE demutualisation exercise which will see the exchange unfolding into a structure that takes full advantage of business opportunities in line with its growth strategy into the future,” Mr Onyema said.

In his remarks, Mr Abubakar noted that, “I specially thank the NSE for this honour and as rightly observed, our relationship with the exchange has been mutually beneficial.

“We are glad that the demutualisation of the exchange is coming to a close and we are eager to see the brand new entities that will act with different mandates to support the economy and investors.

“At the CAC, it is our responsibility to provide an enabling climate that supports the efforts of the government to improve the ease of doing business not only in registering new businesses but in fulfilling post-registration activities.

“To this end, we began the implementation of CAMA 2020 on January 1, 2021 and we have deployed a new technology solution that supports the full implementation of the law. Our enlightenment on the new CAMA is ongoing and we will continue to engage our stakeholders.”