Every Monday morning, Zikoko’s new Citizen “Politics 101” will curate the biggest news stories that made the rounds over the weekend, including the most significant news stories we’re tracking in the new week.
Buhari Signs revised CAMA
Yay! President Muhammadu Buhari has signed a new CAMA. No, its not the karma we wish would get back at Nigerian politicians. It’s the Companies and Allied Matters Act, and we are entirely stoked about the amended act.
On Friday, August 7 2020, President Muhammadu Buhari passed into law the Companies and Allied Matters Act 2020. In a statement given on his official Twitter account, the President stated that the revised CAMA was assented in line with his administration’s resolve to reform and improve Nigeria’s business environment.
Note that the Senate had passed the Companies and Allied Matters Act (Repeal and Re-enactment Bill) 2020 on 10 March, 2020, with the aims of efficiently regulating businesses, minimizing compliance burden of small and medium enterprises, enhancing transparency and shareholder engagement and promoting a friendly business climate in Nigeria.
Now passed into law, many have touted CAMA 2020 as Nigeria’s most significant business legislation in 30 years! Some of the most important legislative gemstones contained in the new Companies’ law include the fact that: a single person can now form a private company under Nigerian laws (Sec. 18(2), electronic filing, transfer of shares and meetings is now accepted for private companies (Sec .176 (1), appointment of company secretaries’ is now optional for private companies (Sec. 330 (1), among many other salient provisions.
Zikoko will delve deeper into the importance of this business legislation in the coming days. Meanwhile, you can read a concise analysis of the amendments here (pdf).
Buruji Kashamu Dies
Buruji Kashamu, a former Senator representing Ogun East Senatorial District and a former Governorship aspirant in Ogun State under the People’s Democratic Party, has died. The former lawmaker died on Saturday from Coronavirus complications, leaving behind his family.
However, just two days after the Senator’s demise, questions keep being poked at his legacy. Former President Olusegun Obasanjo penned a (not so) heartfelt letter to Prince Dapo Abiodun, the Ogun State Governor, describing how the cold hand of death has finally gotten hold of Kashamu, even while he employed all “legal, political, cultural, social or even medical maneuver” to escape Justice on alleged criminal offence in Nigeria and abroad. Note that Buruji Kashamu was famed for a myriad of crimes while alive, including drug trafficking. In fact, he once hid in a toilet for six days to avoid arrest by the NDLEA in 2015, including staving off many extradition attempts to the US where he was badly sought by the criminal prosecution authorities.
Well, what can we say, except that we wish Nigerian politicians call out each other’s BS when they are all alive. Gbogbo letters after death yi ko necesstry, at all.
Fuel Scarcity Looms
It will soon happen, and we’re telling you. On Friday, the National Union of Petroleum and National Gas Workers (NUPENG) directed members of the Petroleum Tankers Driver in Lagos to shut fuel distribution in the state over poor access to tank farms and fuel depots caused by trucks laden with containers. The grievance is sandwiched amongst other complaints on deplorable road infrastructure and the continued extortion of tanker drivers by security operatives in Lagos and its environs.
Note that this NUPENG shalaye is coming just a few days after Petrol marketers told the NNPC that the PMS Ex-depot price of N138.62 is unsustainable, and that the most appropriate price for the petrol is between N150 and N160 per litre. Undoubtedly, this disparities in the retail price of petrol will eventually come to affect the availability and pump price of the product.
We will surely be keeping an eye on the downstream sector of Nigeria’s oil and gas industry in the coming days.
Fisi + Jara
CBN officially adjusts FX spot rate to N379 to dollar on website. Edo APC flags-off governorship campaign. Mosques and Churches resume amidst hot takes and cold feet. El-Zakzaky hearing fixed for September 29. FG resolves OML 130 disputes. Naira Marley guilty again (as always). Bauchi State clarifies the meaning of ‘Special Assistant Women Affairs (Unmarried)’ (Wait, come again :/)
Check back every Monday by 10am for more stories like this!