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CAC Unveils DIY Services as New CAMA Takes Effect in Nigeria

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CAC

The registrar of Corporate Affairs Commission (CAC), Alhaji Garba Abubakar said on Tuesday that the Commission has started the implementation of Allied Matters Act 2020, (CAMA 2020) as part of efforts to enhance the ease of doing business in Nigeria.

Abubakar made this known to the News Agency of Nigeria (NAN) in Abuja while disclosing other measures taken by CAC to implement CAMA and improve their standard of service. He said the Commission has launched a new self-service portal that allows for end-to-end electronic submission by customers.

The new CAMA, which was a repeal and replacement of the 1990 Companies and Allied Matters Act, generated a lot of controversy when it was signed into law back in Aug. last year, especially from religious organizations who said it will mean that the government will interfere in the affairs.

Experts believe that the new CAMA has merits that will foster economic development in Nigeria if they are duly implemented, while the federal government has assured concerned parties that they have nothing to worry about as the new Act is designed to foster economic development and not to victimize anyone.

Abubakar told NAN that as part of the implementation of the new CAMA which took effect on Jan. 1, the CAC has given registered companies until March 31 to update their information.

He said the implementation will remove some bottlenecks that had hindered the ease of doing business in the country, and the commission has upgraded its software to enable electronic registration and other functions of the commission that will hasten service delivery.

Finance Minister, Nigeria

“The Honourable Minister approved the Companies Regulation 2021 towards the end of December 2020 and the approval says it is effective from Jan. 1, 2020. Already the implementation has started and we have upgraded software that allows you to register your company electronically.

“The law has come with a lot of innovations and changes to some of the old provisions off CAMA 1990, so we need to make some changes to bring them up-to-date, consistent with the new law. We need to make necessary changes to the Registration software to accommodate the reforms introduced by the new law, and that took some time.

“The portal started working Jan. 3 and customers are already using it; so from the comfort of your home or using your own phone, you can now register your company,” he said.

Abubakar explained that among many positive changes that new CAMA will bring, it will strengthen the regulatory and oversight powers of CAC and provide for greater disclosure and accountability by registered entities.

He explained further that the CAC now has an integrated system that had reduced the time and processes for company registration, in line with Ease of Doing Business (EoDB) campaign of the federal government.

According to him, unlike previous procedures, where certificates were being printed by the commission and then sent to customers through designated courier services, the new system allowed for end-to-end electronic submission.

“When you file, you get your certificate electronically; and you can either print it or save it, and you get your certified extract, your certified Memorandum and Articles of Association electronically.

“For the first time, post-incorporation filings are also being done electronically, in the past they were done manually. The upgrade has also introduced a new interface that allows for post-registration; so when you register your company, you can change your directors without having to come to CAC.

“Unlike the formal system, where the applications are in silos, where you have different applications for registration, document upload and document archival, the new system is integrated,” he explained.

Abubakar said all documents issued after registration now come with a QR Code that allows one to scan to confirm their authenticity. He explained that the electronic system of operations allows officers of the commission to work from home, any day of the week, even during holidays.

“This is one the best innovations you can have anywhere in the world, as the system we have built is comparable to any other registry you can have anywhere in the world. In fact, our own is even different in so many areas, because as at today, there is no registry that uses QR Code for validation.

“Also, the public search is available once you can enter the name or address; it gives you information about such a company for free.

“If you want to view the details of the company, there is a paid service portion you can click on, where you can view such information for a fee of N1,000,” he said.

Abukakar explained that among other benefits, business owners can now register their companies without using the service of a lawyer or a third party. And as part of the reforms, an individual can now form and incorporate a private company.

However, while the progress recorded so far is being applauded, experts believe that the new CAMA will need more flexibility to attain its full potential.

“More flexibility is required for foreign companies who wish to operate business in Nigeria such that a branch registration should be permitted while incorporating a subsidiary will be optional,” said PwC Fiscal Policy partner Taiwo Oyedele.

For it to yield the needed result, it has to be harmonized with other laws such as the Companies Income Tax Act which still requires audited accounts by all companies regardless of size, he added.

Occupational Hazards of Sedentary Jobs

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Oil workers

Every job has its hazards. However, not all job hazards are pronounced or believed to exist. One of the jobs in this category includes sedentary work, where workers have to sit down for more than eight every day.

Unknown to many people, sitting down for a long time affects one’s health. Workers, such as secretaries, front desk officers, software developers, writers, pilots, bus drivers, and so many others, face the risk of developing health complications as a result of their jobs. These workers must have discovered they experience certain challenges after sitting for a long time but they do not know how to complain about them because their jobs are believed to be less strenuous. Further, many managers do not allow desk officers to leave their desks, thereby making them sit all day, except for a few toilet breaks. This makes it imperative for both affected employees and their employers to understand the dangers of sitting for a long time at a stretch.

Dangers of Sitting for a Long Time

  1. Anxiety and Depression: Sitting in a place for a long time means the person will not be able to engage in small talks with colleagues or even ask them for directions towards solving a particular problem. When workers sit before their computers all day, they are bound to feel gloomy and lonely at a particular point in time. Anxiety can also set in as a result of work-related pressure, which could have been dissipated by the presence of colleagues and friends. But in situations where workers could not leave their desks, they are bound to experience depression and anxiety.
  2. Heart Diseases: Sedentary works prevent vigorous body movement. It causes a lack of exercise. As a result, sedentary workers burn few calories since they use less energy. This puts sedentary workers at the risk of excessive weight gain and obesity, which in turn leads to heart problems, such as hypertension, heart failure, cardiac arrest, and the rest. Diabetes has also been linked to sitting for a long time.
  3. Body Pains: It might sound ironic to state that sitting for a long time, without doing any strenuous activity, causes body pains. Sedentary workers can attest to experiencing back pain, neck stiffness and pain, and waist pain. These pains are caused by the body posture while sitting and the pressure placed on the waist. Those that use badly built seats are bound to experience more severe pains than those with more comfortable seats. Nevertheless, sitting for a long time puts the body in pain irrespective of the type of seat one sits on.
  4. Weak, Swollen, and Numb Feet and Legs: As a result of the inactivity that accompanies sitting, body fluid is retained at the feet and ankles. Further, the muscles of the legs tend to become weak since they are not exercised. Clots could also form in the legs and become fatal if they break and any of them finds its way to the lungs. You may also need to know that sitting (and standing) in a place for a long time could cause varicose veins. For professional evaluation and treatment of circulation problems such as varicose veins, you can visit Metro Vein Centers, where specialists provide advanced, minimally invasive vein care solutions.
  5. Cancer: Research is still on-going to determine why sitting for a long time leads to cancer of the colon, lungs, and uterine. However, associated weight gain is considered as the causative factor so far.

What You Should Do

You must have realized by now that the symptoms you are experiencing are the effects of your job type. By now, you should have acknowledged that sedentary works have their occupational hazards. But you don’t have to leave your jobs because of these hazards because you will meet one kind of risk or another wherever you go. So, you may need to do the things listed below to minimize these dangers posed by your job.

  1. Stand up every thirty minutes. When you do so, move around a little or simply stretch your muscles to allow blood flow to your legs and other parts of your body. Standing up will also ease the stress your sitting position placed on your waist and spine. Moving about will help to exercise your muscles and prevent stiffness, weak muscles, and pains.
  2. Work while standing. If your desk is high, or you have a high table or counter close-by, consider standing up for some minutes as you work. Remember that the essence of standing is to aid blood circulation and to ease pressure on some joints, so don’t stand in one position for long. Move your feet about now and then to relieve the pressure your weight placed on them and to trigger blood circulation.
  3. Exercise vigorously. Even though it has been discovered that sitting for a long time makes exercises ineffective, research has shown that intense physical activities that are done for at least one hour daily help to prevent heart diseases that might arise from inactivity for the rest of the day. These intense physical activities supply abundant oxygen to the body, which allows metabolism to take place and burn off calories while it does it so. Further, these physical activities make the heart pump faster, hence strengthening its muscles. So, find that one hour from your twenty-fours to keep your body and soul together.

Now that you have learnt the hazards of sedentary works, what do you plan to do with the information? This question is directed to bosses and supervisors, who insist their employees and subordinates must never leave their desks irrespective of any circumstances. If you are the one directly affected by this, let your bosses receive the information as you do your best to relieve the symptoms you are experiencing.

As the 25th Amendment Fails, Congress Switches to Impeachment to Remove Trump

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The U.S. House of Representatives voted Tuesday evening, formally calling on Vice President Mike Pence to invoke the 25th Amendment and remove Trump from office.

Pence had earlier ruled out the possibility of invoking the 25th Amendment, but the House, which had earlier introduced an article of impeachment as an alternative way to oust Trump, wants him to save his excuses.

“On Wednesday, January 6, 2021, we saw domestic enemies incite violence and invade the people’s house with intent to harm provoked by President Trump. … The President has completely lost whatever moral authority he had and is unfit as Commander in Chief. His actions to incite violence against his own government and the entire Congress warrants removal from office.

“And if Administration officials refuse to invoke the 25th Amendment, I am moving forward with Articles of Impeachment to remove him from office,” Congresswoman Jackson Lee, a senior member of the House Committee on Judiciary wrote in her Article of Impeachment.

The five reasons mentioned in the Article are:

  1. Trump’s refusal to acknowledge to the American people that he would accept and be bound by the verdict rendered in the 2020 Presidential election.
  2. Taking active measures to impede and undermine the ability of American citizens to convey their disapproval of his continuance in office by exercising their rights as voters, including misusing the United States Postal Service to prevent the 16 timely delivery of mail-in ballots.
  3. Instituting frivolous lawsuits to overturn the results of the 2020 presidential election, falsely alleging wide-spread voting fraud but producing no evidence in support of his spurious allegations.
  4. Exhorting and inciting his supporters to believe falsely that victory in the 2020 presidential election had been stolen from him and that constitutionally required Joint Meeting of Congress for the purpose of counting the votes of elector and announcement of the result by the president of the Senate was illegitimate and intended to complete the theft of his victory.
  5. Failing to take action to protect and defend Federal officers and personnel, property, buildings, and institutions on January 6, 2021, at the U.S. Capitol that was besieged by supporters of Donald John Trump, resulting in extensive damage to the property of the United States and the deaths of at least four persons.

This was followed by a single Article of Impeachment introduced formally by members of the House for “incitement of insurrection.” Citing Crimes and Misdemeanors, the article seeks to invoke the 14th Amendment which prohibits any person who has “engaged in insurrection or rebellion” against the United States from holding any office.

The House Judiciary Committee supported the invocation of the 14th Amendment citing ongoing threats by Trump supporters to cause further harm.

“The threat that manifested in the Capitol on January 6, 2021 is ongoing. The emergency is still with us. Reports suggest that the president’s supporters are threatening additional violence in Washington D.C. and in the state capitals across the nation.

“The fourteenth Amendment prohibits an officer of the United States who has “engaged in insurrection or rebellion” from “hold[ing] any office under the United States.” Yet, despite widespread and bipartisan calls for his immediate resignation, the president has refused to leave office. The Vice President has thus far failed to invoke the Twenty-fifth Amendment to remove the president from office. The House has taken every step short of impeachment to contain the danger. Now it is time to consider this last, grave, necessary step,” the Committee said in statement.

While the 2th Amendment is unlikely going to be invoked by Pence, many Republicans who have broken camp with Trump are now supporting impeachment. So far, at least five Republicans have said they are going to vote for impeachment.

House Speaker Nancy Pelosi has named nine Democrats as managers of impeachment trial of President Trump, as voting is expected to commence Wednesday.

Defiant Trump has failed to take responsibility for the insurrection, defending what he told his supporters as “appropriate” adding that the “ridiculous” impeachment push is “causing tremendous anger” across the United States. He said “it’s the continuation of the Greatest Witch Hunt in the history of politics.”

However, the House Judicial Committee said the impeachment is not a punishment of prior wrongs, but a protection against future evils. The Committee explained that it is true that the President’s remaining term is limited – but the President is capable of greater danger still. But he must be removed from office as swiftly as the Constitution allows. And he must be disqualified to prevent the recurrence of the extraordinary threat he presents. He must also be disqualified to prevent the recurrence of the extra threat he presents. For these reason, the House must impeach Donald Trump, the Committee said.

Senate Majority Leader Mitch McConnell indicated his support for impeachment as he believes impeaching Trump will make it easier to get rid of him in the Republican Party. The GOP leadership said they are not going to urge members not vote against impeachment.

It thus signals that Trump, who was impeached by the  House but reinstated by the Senate last year, may be convicted this time. However, with little time left for him in office, barring him from holding public office  will be a task to consider when he’s left office.

AfCFTA – African Continental Free Trade Agreement – At Tekedia Institute

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She is one of the most important women in African business. A former Group CEO of United Capital Plc, she now serves as the Chairman of Emerging Africa Asset Management and Group Chief Executive Officer at Emerging Africa Capital Group. Nigeria’s Honourable Minister of Finance bestowed a Capital Market award to her recently.

Ladies and Gentlemen, the amazon of Nigerian capital market, Toyin F Sanni – Financial Markets Expert and Gender Leader, has joined the faculty of Tekedia Institute. She will teach a course on AfCFTA – African Continental Free Trade Agreement – focusing on the benefits, opportunities and operating protocols for companies.

Ms Sanni has invested and written cheques to companies across Africa, as the GCEO of United Capital Plc. She knows Africa and will help our members understand #AfCFTA. To our members, we talk of growth, AfCFTA is now part of the playbook. Prepare to learn from the best!

Register and join Tekedia Mini-MBA.

Tekedia Mini-MBA Testimonial from Singapore

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When Ranveer S. Chauhan wrote this on his LinkedIn feed, I called some of our Faculty members and thanked them. Mr. Chauhan was a former Managing Director/CEO in Olam International Limited, one of the largest agro players in the world. Yes, he wrote this about Tekedia Mini-MBA: “Thank you for the wonderful Tekedia Mini MBA. It’s week-2 of the 3rd edition and it’s valuable, smart and very current.”

Last week, a member joined us from Indonesia, giving us our 35th country. We understand one thing: we learn as you give us the opportunity to co-share and co-learn. Speaking with Ranveer was an education for me; he ran MNCs across countries and he was teaching the professor!

This is how we co-learn at Tekedia Institute Mini-MBA, and that is why our community is amazing.

Join today here.

Tekedia Mini-MBA Edition 4