The Nigerian Senate on Tuesday made history with the passage of the repeal and re-enactment of the Companies and Allied Matters Act (CAMA).
The repeal is the biggest business reform bill in Nigeria in over 28 years.
The act was modified after a clause-by-clause consideration and a voice vote on the report of the Committee on Trade and Investments at plenary.
Presenting the report on behalf of the committee, a member, Sen. Yusuf Yusuf, said the bill would go a long way in ensuring ease of doing business in the country.
According to him, when assented to, the bill will help to make Nigeria’s business environment as competitive as it is in other countries.
In his remarks, President of the Senate, Dr Bukola Saraki, said the passage of the bill was a significant milestone in the 8th Senate’s legislative agenda.
“The passage of CAMA is by far the biggest and one of the most far-reaching legislations 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.
“This is a pro-business bill as it will show the audacity that we have to move Nigerian businesses into a new era of success and development,” he said.
Saraki added that with the passage of CAMA, “we are saying to the rest of the world that Nigeria is ready for business.
“The government of Nigeria is ready to support small-scale industries to promote innovations, and encourage enterprise”.
Below are seven things to know about CAMA:
“It will make Nigeria’s business environment as competitive as its counterparts around the world.
“With CAMA, one person can now open and run a company. This is good for start-ups and young entrepreneurs.
“It promotes the use of technology in the registration of businesses.
“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.
“It ensures that Nigerians can now register their businesses from anywhere in the country through the e-registration system.”