The Nigerian Parliament recently amended the Companies and Allied Matters Act (CAMA) to promote ease of doing business in Nigeria

The Nigerian Parliament recently amended the Companies and Allied Matters Act (CAMA) to promote ease of doing business in Nigeria

The Nigerian Parliament recently amended the Companies and Allied Matters Act (CAMA) to promote ease of doing business in Nigeria

The Senate recently passed the Bill for an Act to repeal the Companies and Allied Matters Act, 1990, which is the biggest business reform bill in Nigeria in over 28 years.

The Bill once signed into law by the President will facilitate the ease of doing business in Nigeria and make the country’s business environment as competitive as its counterparts around the world. The significant introductions include (a) allowing business owners to register their businesses in a faster and more efficient way, (b) removing all unnecessary regulatory provisions and bottlenecks such as the requirement for ‘annual general meetings’ and ‘company secretaries’, (c) recognizing the registration of ‘LLP’ (Limited Liability Partnership, and (d) reducing the minimum share capital for all companies in Nigeria.

For more information, see https://www.vanguardngr.com/2018/05/senate-passes-cama-bill-most-comprehensive-pro-business-reform-bill/

 

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