In a bid to promote inclusiveness and enhance ease of doing business in Nigeria, the Special Adviser to the President on Ease of Doing Business, Dr. Jumoke Oduwole has called on stakeholders to submit ideas for the ‘Omnibus Bill’ which is in its draft stage.
Oduwole, made this call while speaking during a virtual conference titled: ‘Easing Business in Nigeria: CAMA 2020 and Economic Growth,’ organsied by Simmonscooper partner and law pavilion yesterday.
Oduwole said: “We have been working on business law with the Nigerian Economic Summit Group (NESG) on a business facilitation bill ‘Omnibus bill’.
“An omnibus bill is a legal tool used around the world to chip in several reforms and amendments. We can scope the business environment and get a number of relics that we want to change altogether in one piece of legislation.
“So, it is amendment to countries like Canada, Australia, Kenya have used omnibus bills to quickly reform their business climate.”
She added: “So, Nigeria has been working on one since 2018 with stakeholders and the Ministry of Justice. We have a draft but a number of amendments that we had chronicled have gone into the Finance Bill of 2019 and the Companies and Allied Matter Act (CAMA) bill of 2020.
“We call for submissions, not a call to review a draft, but a call to submit ideas for amendment just stating what provision you would like amended and we would look at it with the ministry of justice, review and engage with the MDAs whose legislations are going to be amended so we have a situation where we have continuous improvement.”
In his contribution, the Acting Director General, Manufacturers Association of Nigeria (MAN) Mr. Ambrose Oruche, commended the federal government’s CAMA law, saying it would improve business practices across Nigeria.
Oruche said: “We see this new CAMA law as a revolutionary way of reducing the cost of doing business and it would aid transparency in running of companies and that would help investors and also encourage new businesses to be set up.”
Speaking on what can be done better by the federal government, he said: “We require that the process of operation of regulatory agencies be looked into where there is a conflicting mandate between regulatory agencies which creates double regulation for businesses.”
