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Brief Report of the CAMA and TIA Review Committee

Brief Report of the CAMA and TIA Review Committee. Presented by Mr. Kennedy Edosa Aigbekaen o n 24 th November 2016 at the 4 th Quarter CMC. Committee’s Mandate/Objectives.

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Brief Report of the CAMA and TIA Review Committee

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  1. Brief Report of the CAMA and TIA Review Committee Presented by Mr. Kennedy Edosa Aigbekaen on 24th November 2016 at the 4th Quarter CMC.

  2. Committee’s Mandate/Objectives • Undertake a holistic review of the Companies and Allied Matters Act (CAMA) and Trustees Investment Act (TIA) with a view to identifying the adequacy, overlaps or gaps therein; • Expand on existing provisions by improving content and language where necessary, or propose new provisions as applicable. • To facilitate ease of starting a business and reduce cost of doing business in Nigeria. • To provide flexibility in managing the affairs of companies while enhancing corporate governance. • To provide appropriate framework for innovation and use of technology to enhance the efficiency of companies and their activities.

  3. Methodology • The Committee solicited and received comments/recommendations from stakeholders (NIALS, ICMR, FBN Capital,Veritas Registrars, Aluko & Oyebode, etc). • At a two-day retreat, presentations were made by experts on the following topical issues: • Electronic General Meetings – CSCS • Crowd-Funding – Dr. Dapo Olanipekun • Structure/Membership of Audit Committees- Prof. Joseph Abugu • Demutualization, Dematerialisation and Unclaimed Dividends- Mr. Samuel Osamolu. The committee identified thematic issues and thereafter broke into three sub-committees to facilitate the progress of its deliberations on the following: • Governance, Structure and Corporate Forms • Innovation and Technology • Shareholders, Stakeholders and Sustainability Issues

  4. Work Output to Date Presentation of review and further research by Sub-Committees on the following issues: • Digitization of corporate processes • Unclaimed Dividends (Custody, Ownership and Statute-bar issues) • Non-traditional Capital Raising for SMEs (Crowd-Funding) • Structure/Membership of Audit Committees (Whether Statutory/Board Audit Committees can co-exist side by side) • Conversion of corporate forms with regards to Demutualisation

  5. Next Steps • Complete the review and present a final report to the SEC by year end. • Engage the SEC towards advocacy with the Legislature to facilitate the incorporation of final proposals in the amendment of CAMA and TIA as proposed by the Committee. • Ensure that these reforms reach a logical conclusion by enhancing the efficiency and competitiveness of the Nigerian Capital Market. • Thank you

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