CAMA 2020: Expert suggests additional authentication over electronic transmissions



CAMA 2020: Expert suggests additional authentication over electronic transmissions

Ms Tinuade Awe, Director, Regulation Nigerian Stock Exchange (NSE), has advised that there should be additional authentication by businesses to tackle security risks on the provision for electronic filing as contained in the Companies and Allied Matters Act 2020.

Awe gave the advice at a webinar organised by the Lagos Chamber of Commerce and Industry LCCI and Ælex, a legal firm on Friday.

The News Agency of Nigeria reports that the webinar had as its theme: ” CAMA and The Business Community.”

NAN also reports that the provision of electronic filing means that certified true copies of electronically filed documents are admissible in evidence with equal validity with original documents.

Awe said the additional authentication was necessary to protect businesses and improve cybersecurity, by curtailing cybercrime, forgery and fraudulent actions by criminals.

She proposed a follow up telephone call or additional documentation to secure the entire business project electronically.

Speaking on the positives of the recently signed CAMA, Awe said that the framework allowed for a proper derivative market due to the netting provisions.

A derivative market is a financial market for financial instruments such as assets which can be exchange traded or traded over the counter.

Awe said, ” The netting provisions brings Nigeria formally into the category of countries that have clear provisions on derivative rules and engagement.

“The only uncertainty is that you don’t want a situation where a derivative operation is already in flight and one is going insolvent.

“However, it is a huge development that Nigeria can have a derivative market with codified rules.”

In her remarks, Dr Jumoke Oduwole, Special Adviser to the President on Ease of Doing Business, said the Act would facilitate investment for small businesses due to its cheaper, easier and more transparent nature.

Oduwole called for the input of the organised private sector on an omnibus bill on business facilitation currently in process. 

She said that the deadline for private sector input was Sept. 18.

“We welcome additional comments to the Omnibus Bill on business facilitation as the bill would be finalised and introduced to the National Assembly as an Executive Bill.

CAMA has brought company law to 21st century international best practices.

“It has also elevated trust for electronic version of materials, as it allows notice of meetings to be served by mail.

“I would also say that public private partnership is key to ease of doing  business in the country, ” she said.

Also speaking, Mr Garba Abubakar, Director-General Corporate Affairs Commission (CAC) said the commission would maintain an open financial register for companies easily accessible for transparency and verification.

Abubakar said that the CAC was working assiduously on leveraging technological applications for development and deployment of the ease of doing business agenda of the country. 

“As at today, any information with regards to any company in the United Kingdom can easily be accessed and downloaded. 

“We have to model same, and with an enabling legal framework, the CAC would provide such documents for assessment and verification,” he said.

Edited By: Oluwole Sogunle (NAN)

Short Link:

Rukayat Moisemhe

Rukayat Moisemhe: NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. We are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and we strive diligently to ascertain the truth in every news report. Contact: editor @ Disclaimer.

FG proposes 65 yrs retirement age for doctors, health workers Anambra 2021: Sen. Okadigbo drums support for APC’s Andy Uba Insecurity : We will not relent in fight against criminality – Police Manchester City win 2020/21 EPL title Osinbajo to represent Nigeria at Ugandan presidential inauguration Osinbajo lauds SecureID for pioneering smart card manufacturing in Nigeria NDLEA confirms attack on its Ohafia office in Abia Tension in Edo PDP over dissolution of State, LGA party executives Sultan declares Thursday as 1st day of Shawwal Southern Governors’ Forum urges FG to convoke national dialogue Eid-el-Fitr: Gbajabiamila enjoins Muslims to pray for Nigeria AfDB to invest $3bn in Africa’s pharmaceutical industry 4 arrested for alleged forgery, sabotage in Edo Dare visits Olympics-bound athletes in camp South Sudan in worst food crisis as humanitarian aid dwindles FG not overwhelmed by insecurity – Lai Mohammed Buhari approves new security measures to tackle insecurity in S/East, S/South Traditional ruler canvasses for removal of mining from Exclusive list CIBN seeks synergy for economic development LASUTH makes stride in microvascular tissue transfer Insecurity: FCTA apprehends 150 beggars INEC creates additional 440 polling units in Bayelsa Gombe State eyes World Bank loan to address erosion FSDH funding lists N12bn bonds on FMDQ platform National Carrier: Nigeria will gain from BASA — Official Eid-el-Fitr: FRSC tasks motorists on safety-conciousness World Lupus Day: Minister calls for more enlightenment campaigns FG refutes reports of new COVID-19 restrictions Group advocates appointment of career civil servants as Permanent Secretaries FG to conclude Nigeria@60 celebration with special awards in September — Official Children now more interested in entertainment than reading – Akpokeneme ECOWAS Court women’s forum share food items to indigents in FCT Again FCTA cancels Eid-il-Fitr public prayer COVID-19: FG imposes midnight curfew, reintroduces ban on mass gathering Stolen artifacts: Oba of Benin disowns impostors C/River to deploy drones for medical supplies – Ayade Karate Federation to attend Olympic qualifiers in Paris Maiden Davnotch Tennis Championship attracts 300 athletes Fans react as Davido ‘spanks’ daughter, Hailey for twerking Eid-el-Fitr: FRSC deploys 1,820 personnel in Kano State Ramadan: Tambuwal urges Islamic scholars to continue praying for Nigeria, Buhari Role of Control Centre in arms proliferation and national security Consumer Rights Violation: FCCPC investigates death of 2 patients. Nasarawa begins distribution of 6000 bags of rice to widows Ramadan: Intensify prayers for Nigeria on its security challenges – Gov Lalong Sanwo-Olu receives LASU Panel report on new VC’s appointment Ramadan: Israel donates food items to support Nigerian Muslim families Obaseki seeks collaboration to expand Edo’s tax revenue AfDB urges economic diversification for growth I’ll take every step to reposition AAU, says Obaseki