BY Oluseyi Awojulugbe
The new Companies and Allied Matters Act (CAMA), which was passed into law by the Nigerian senate on Tuesday, will make it possible to register a company from anywhere in the world.
Speaking of the passage of the bill, Senate President Bukola Saraki, said that the passage of CAMA is a significant milestone in the 8th senate’s legislative agenda.
“With the passage of CAMA, which is by far the biggest and one of the most far-reaching legislation ever passed in any legislature in our country, we have now put in place a regulatory framework to promote the ease of doing business and reduce regulatory hurdles,” he said.
“This is a pro-business law. This bill that we have just passed will show the audacity that we have to move Nigerian businesses into a new era of success and development.”
According to a statement released on Tuesday, the bill will “allow business owners to now register their businesses in a faster and more efficient way — using technology; remove all the unnecessary regulatory provisions — such as the requirement for annual general meetings and company secretaries; and reduce the minimum share capital for all companies and start-ups in Nigeria.”
The bill will also create a new form of legal identity for businesses in Nigeria, Limited Liability Partnership (LLP), which is expected to increase foreign investment and enable Nigerian register their businesses online.
“We are truly now walking the talk, with the passage of CAMA, we are saying to the rest of the world that Nigeria is ready for business and the government of Nigeria is ready to support small scale industries to promote innovations and encourage enterprise,” Saraki concluded.
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