Saturday, August 08, 2020 07:10 AM / by
KPMG Nigeria/ Header Image Credit: @NigeriaGov

His
Excellency, President Muhammadu Buhari, GCFR, has given his assent to the
Companies and Allied Matters Bill, 2020 ("the Bill") as announced in a State
House Press Release today, 7 August 2020.
The Bill,
now Companies and Allied Matters Act, 2020 ("the Act"), repeals and replaces
the extant Companies and Allied Matters Act, 1990, and introduces several
corporate legal innovations aimed at enhancing ease of doing business in the
country.
Some of such
innovations are:
- reduction in filing fee and other
reforms to encourage small and medium enterprises;
- provisions for the establishment of
private companies with a single shareholder and limited liability partnerships
and limited partnerships;
- innovative processes and procedures to
ease companies' operations, such as introduction of Statement of Compliance,
replacing "authorised share capital" with minimum share capital to minimise
incorporation costs, introduction of electronic filing, electronic share
transfers, e-meetings and remote general meetings for private companies, etc;
- requirement for disclosure by persons
with significant control in companies in a register of beneficial owners to
enhance corporate accountability and transparency; and
- provisions to improve minority
shareholder protection and engagement, enhance business rescue reforms for
insolvent companies, and permit the merger of Incorporated Trustees for
associations with similar aims and objectives.
Comments
The enactment of the long-awaited
Act demonstrates the government's commitment to improve ease of doing business
in the country. It is hoped that the
various reforms enshrined in the Act will be implemented to the letter so as to
simplify regulatory processes, improve the operating business environment and
re-energize the private sector as the engine of growth in Nigeria.

Kindly Download - Highlight
of Positive Changes to The Companies and Allied Matters Act (CAMA) Via the
Passage of The Cam Bill 2020
Kindly Download - Companies
and Allied Matters Act, 2020

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