BREAKING: 30 years after, Buhari signs CAMA Bill to improve ease of doing business

By Editor on 07/08/2020

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Obstacles and mines strewn along the way of businesses in Nigeria, which were removed recently through the passage of the revised Companies and Allied Matters (CAMA) Bill, 2020, was on Friday, endorsed by President Muhammadu Buhari.

The gesture, effectively ends the law enacted in 1990, about 30 years ago by the military government of Ibrahim Babangida, which had seen businessmen complaining of several hiccups, especially among starters and small scale entrepreneurs.

A statement by Femi Adesina, presidential spokesman, described the bill as an “important piece of legislation,” saying it introduced several corporate legal innovations geared toward enhancing ease of doing business.      

In recent times, Nigeria has tried to clean up its acts in the ease of doing business activities through some policy directives of the executive and had on occasions flaunted it as part of the achievements of the Buhari administration, having inched higher in the world rating in that regard.

The statement, read: “President Muhammadu Buhari Friday in Abuja assented to the Companies and Allied Matters Bill, 2020 recently passed by the National Assembly.

“The President’s action on this important piece of legislation, therefore, repealed and replaced the extant Companies and Allied Matters Act, 1990, introducing after 30 years, several corporate legal innovations geared toward enhancing ease of doing business in the country.

“Such innovations include:

a.     Filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;

b.    Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way;

c.     Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing “authorised share capital” with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;

d.    Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and

e.     Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives.”

 

 

Source Whirlwindnews.com

Posted on August, 7 2020

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