The Corporate Affairs Commission (CAC) has once more applauded the National Assembly on the transmission of the Companies and Allied Matters (CAM) Bill 2019 to the President for assent. This was in consonance with the provision of the Acts Authentication Act Cap. A2, Laws of the Federation of Nigeria 2004.
The CAMA Bill 2019 which seeks to repeal the extant statute (The Companies and Allied Matters Act, Cap C20, Laws of the Federation of Nigeria 2004) and enact another statute in its place represents one of the biggest piece of legislative review in the history of National Assembly.
The assent of the long awaited Bill would remain a monumental achievement, and one of the important reform agenda of the Buhari’s administration, according to a statement.
The bill would greatly enhance the ease of starting and growing business in Nigeria, ensure more appropriate regulation for micro, small and medium scale enterprise, enhance transparency and shareholder engagement; align regulatory framework with international best practice for competitiveness and, in the context of a global economy, make Nigeria an investment destination of choice by attracting and growing investments.
The new law would allow the right of one person to form a company, make the use of common seal optional for companies, dispense with the statutory declaration of compliance by legal practitioners for registration of companies, disclosure of beneficial ownership, amongst others.