LCCI Wants Companies Act Amended

The Lagos Chamber of
Commerce and Industry (LCCI) has urged the National Assembly to take necessary steps towards  the amendment of the Companies and Allied Matters Act (CAMA) 2004.
In a communiqué issued at the end of a stakeholders forum organised by the chamber recently in Lagos, LCCI advocated  the creation of an inventive regime that would encourage  voluntary listing on the Nigerian Stock Exchange (NSE).
The LCCI communiqué described as unconstitutional the private companies conversion and listing Bill before the National Assembly.
The chamber called upon members of the National Assembly to reject the bill that seeks to provide for the private  companies whose shareholder fund exceed  N40 billion or its  annual turnover exceeds N80 billion or its total assets exceed N80 billion, to convert to a public liability company and get its shares  listed on the stock  market in order to promote the growth of birth, the company and the Nigerian Capital Market.
LCCI said the bill that had already scaled second  reading  at the House of Representatives contravenes the provisions of existing  laws in Nigeria which  encourages the right to  own property, movable or immovable is well as the right against expropriation of private property as contemplated  by section 44 of the 1999 Constitution as amended  and section 25 of the Nigerian Investment Promotion Act 2004 respectively.
LCCI said the stakeholder forum was attended by representatives  of the Nigerian  Stock Exchange and the Private Sector  including the multinational companies,  stressing that at the end of forum, representative  of the Stock Exchange  posited  that they agree to the tenets of the bill, but  not in its current form  and that it has  sent representations to the National Assembly as to  what they think  the Bill should  contain.
The communiqué  said the other stakeholders were unanimous  is to their rejection of the Bill in its  entirety.