Newly Approved CAM BILL Will Attract FDI Into Nigeria– CAC

Nigeria’s Corporate Affairs Commission has said that the recently approved Companies and Allied Matters Act Bill, 2020 will attract foreign direct investment FDI into Nigeria as the government has simplified requirements for company registration.

The Registrar-General of the Corporate Affairs Commission, Alhaji Garba Abubakar, said this  on Wednesday, while receiving the Ambassador of the Federal Republic of Poland in Nigeria, Joanna Tarnawska in Company of the Embassy’s First Secretary Economic Affairs, Joanna Poplawska-Lilumbi on a Courtesy visit to the Commission. 

The newly signed Companies and Allied Matters Bill 2020  by President Muhammadu Buhari repeals the extant Companies and Allied Matters Act, 1990.

He said, “The recent assent of the CAM BILL,2020 will further attract foreign direct investment into Nigeria as requirements for registration of companies have been further simplified.”

Garba also said the country’s full digitisation was the way forward for foreign investment.

According to him, the Commision was working to ensure that the post incorporation module was deployed and e-certificate amongst others made available before the end of December, this year.

He said the target is unattainable without the cooperation of the different stakeholders and Nigerians.

He said the provisions of the amended law was designed to enhance foreign investment.

The CAC boss further reiterated the Commission’s support to the Polish Embassy to ensure effective discharge of its duties.

Speaking earlier, the Poland Ambassador, solicited for collaboration with the CAC for the benefit of Polish investors in Nigeria.

She equally urged the commision to safeguard foreign investors against falling victims to activities of fraudsters.