The Senate on Tuesday passed the Companies and Allied Matters Act (CAMA) 2004 (repeal and re-enactment) Bill 2018.
This came 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.
“It will also allow business owners to register their businesses in a faster and more efficient way, using technology.
“It will further remove unnecessary regulatory provisions such as reducing the minimum share capital for all companies and start-ups in Nigeria, thereby encouraging more investments and create new jobs.
“CAMA will also create Limited Liability Partnership, which is a new form of legal identity for businesses in Nigeria that is targeted at increasing foreign investment in the country.
“Equally, Nigerians will be able to register their businesses from anywhere in the country through the e-Registration system,’’ Yusuf said.
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.
“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 National Assembly is here in support of Nigerians to create an environment that enables them to be able to create business and seek opportunities.” (NAN)