Nigeria’s Senate President, Mr. Ahmed Lawan has vowed to put a finishing touch towards the Companies and Allied Matters Act (CAMA) in order to ease the system of doing business in Nigeria.
The bill, sponsored by the Senate Leader, Senator Yahaya Abdullahi (APC – Kebbi North), proposes to amend the Companies and Allied Matters Act (Chapter C20) Laws of the Federation of Nigeria 2004 (CAMA).
The law, which has not been significantly amended in the last 28 years, was enacted in Nigeria as a decree of the military government in 1990.
According to a summary on the bill, when passed into law by the Ninth Assembly, the business landscape in Nigeria will be reorganized and liberated hitherto from the heavy constraints of several provisions in the Companies and Allied Matters Act 1990, responsible for obstructing modern business practices in the light of national and global business reforms.
The bill also seeks to provide an efficient means of regulating businesses, minimize the compliance burden of small and medium enterprises (SMEs), enhance transparency and shareholder engagement, and promote a friendly business climate in Nigeria.
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