Buhari Signs Amended Companies And Allied Matters Bill, 30yrs After

President Muhammadu Buhari on Friday appended his signature to the amended Companies and Allied Matters Bill, 2020.

The bill was recently passed by the 9th National Assembly.

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It’s the first major re-jigging of the Act, 30 years after the CAMA was first touched in 1990.

The Act was repealed and re-enacted by the legislature recently.

The Presidency, in celebrating the signing, listed the legal innovations in the law, “geared toward enhancing ease of doing business in the country.”

The new changes are highlighted below:

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“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;

“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;

“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;

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

Presidential spokesman, Mr Femi Adesina, announced the signing in Abuja a few minutes ago.

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