Senate repeals, re-enacts 28-year-old CAMA
The Nigerian Senate on Tuesday, 15th of May passed the repeal and re-enactment of the Companies and Allied Matters Act, which the legislative body termed “the biggest business reform bill in Nigeria in over 28 years”
None can deny that it is with no doubt a positive turning point for the Nigerian Economy and Young business owners at large.
The senate shared the benefits of the bill on their social media pages and it includes, making Nigeria’s business environment as competitive as its counterparts around the world. This will allow individuals to be able to start businesses by themselves, as well as promote the use of technology to registration of their business.
Other benefits include:
• CAMA removes all the unnecessary regulatory provisions for small companies.
• It reduces the minimum share capital for companies and start-up in Nigeria.
• It creates another new category of legal identity for Nigerian businesses.
• And lastly, it ensures that Nigerians can now register their businesses from anywhere in the country through the e-registration system that the senate’s amendment gives legal backing.
The senate president further stated on his twitter page that; “Today is a significant milestone in our legislative agenda. The passage of CAMA which is by far the biggest and one of the most far reaching legislations ever passed in any legislature in our country.
Now start-ups can register and run a business in an easier and more efficient way. Kudos to the Nigerian Government for this!