President Muhammadu Buhari has asked the Senate to amend a section of Nigeria’s current Companies and Allied Matters (CAMA) law.
He made the request in a letter Senate President Ahmad Lawan read out at the beginning of plenary on Thursday.
The president wants the Attorney-General of the Federation (AGF) to maintain the powers to approve the registration of companies limited by guarantee.
The letter read, “Pursuant to Section 58 of the Constitution of the Federal Republic of Nigeria 1999 as amended, I hereby forward the Companies and Allied Matters and other related matters Bill 2019 for consideration and passage into law by the Senate.
“The Senate may wish to note that in this bill, Section 26(5) of the extant companies and Allied Matters Act has been amended to:
a. Preserve the powers of the Attorney-General of the Federation to approve the registration of companies limited by guarantee and
b. Reflect the ease of doing business principles in a veto order (1) of 2017 on the promotion of transparency and efficiency in the business environment.
“While I look forward to the usual expeditious consideration and passage of this bill, please accept the assurances of my highest consideration.”
The anticipation is that the bill if passed into law will provide significant benefits to companies by reducing red tape and making it easier to comply with regulatory obligations.
Its amendments will among other things encourage investments that will allow small businesses and startups thrive, lower costs and ease regulatory burdens.
In addition, charges included in the bill will assist over 75,000 private companies limited by shares, which are established in Nigeria every year, to be able to incorporate easily.
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