Senate lauds Buhari for assenting to CAMA Bill
The Senate on Saturday commended President Muhammadu Buhari for assenting to the Companies and Allied Matters Bill, passed by the National Assembly.
According to the lawmaker, the President’s assent was also a clear demonstration of the mutual cooperation between the Executive arm of Government and the National Assembly, towards interventions aimed at improving the nation’s economy. The lawmaker noted that the intendment of the amendment sought to strengthen the legal framework for the incorporation of companies which had become obsolete and address several corporate legal innovations geared towards enhancing ease of doing business in Nigeria.
“It is gratifying to note that the new Act provides for innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing “authorised share capital” with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the...
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