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JUST IN: Senate Passes Companies and Allied Matters Act Bill
In furtherance of the call to enhance the ease of doing business in Nigeria, the Senate on Tuesday passed the Companies and Allied Matters Act Bill.
The Bill was sponsored by the Senate Leader, Senator Yahaya Abdullahi (Kebbi North).
The passage of the Bill titled: “Companies and Allied Matters Act (Repeal and Re-enactment) Bill, 2020” followed its consideration in a Committee of the Whole by the upper chamber.
According to the Senate Leader, the business landscape in Nigerian will be reorganized and liberated from the heavy constraints of several provisions in the CAMA.
He said that the defects in the Bill are obstructing modern business practices in the light of national and global business reforms.
He said that the Bill also seeks to provide an efficient means of regulating businesses and minimize the compliance burden of small and medium enterprises (SMEs).
He said it would enhance transparency and shareholder engagement, and promote a friendly business climate in Nigeria.
According to him, the Bill will also address the seeming stagnancy and primitive methods of doing business in Nigeria.
The introduction of model netting provisions in the Bill as a means of mitigating credit risks, according to Abdullahi, would promote financial stability and investor confidence in the Financial Sector.
He said it would also increase investors’ confidence in the Financial Sector as well as all sectors of the economy.
Similarly, economic impact of the provisions of the Bill would ensure more business-friendly regulation for Micro, Small and Medium Enterprises (MSMEs), he said.
He insisted that the amendment to CAMA is also expected to increase activities of MSMEs and grow the Nigerian economy, adding that when the President signs the bill into law, it will boost investment in Nigeria.
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