Tuesday, May 15, 2018 /04:48 PM/News

At plenary today, the Nigerian Senate passed the new CAMA bill into law after going through the third reading on the floor of the upper chamber of the national assembly.

The Senate President, Dr Bukola Saraki, thanked all senate members and said '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'.

"We have now put in place a regulatory framework essentially to promote the ease of doing business and reduce regulatory hurdles. This is a pro-business law, a bill that we have passed that is showing the audacity we have to move Nigerian businesses into a new era of success and development. The CAMA will represent one of the most important legislations, we are truly now walking the talk, to say that we are ready for business in Nigeria, to support small scale industries to promote innovations, and encourage enterprise."

"It will not have been done without the effort of all my colleagues, I thank you for this great day in showing that truly the NASS is here in support of Nigerians to create an environment that enables them to be able to create business and seek opportunities" the Senate President said.

The senate through its Medium Platform said the 8th Senate made history with the passage of the repeal and re-enactment of the Companies and Allied Matters Act (CAMA) and described it as the biggest business reform bill in Nigeria in over 28 years.

It further listed the 7 benefits of the bill and they include;

1.It will make Nigeria's business environment as competitive as its counterparts around the world.

2.With CAMA, one person can now open and run a company - unlike before when you needed two or more people. This is especially good for start-ups and young entrepreneurs.

3. It promotes the use of technology in the registration of businesses.

4. CAMA removes all the unnecessary regulatory provisions for small companies.

5. It reduces the minimum share capital for companies and start-up in Nigeria.

6. It creates another new category of legal identity for Nigerian businesses.

7. 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.

Kindly Download - Companiesand Allied Matters Act, 2020

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