Politics
Buhari signs amended CAMA bill into law
President Muhammadu Buhari Friday in Abuja assented to the Companies and Allied Matters Bill, 2020 recently passed by the National Assembly.
In a statement signed by the Special Adviser to the President on Media and Publicity, Femi Adesina, “the President’s action on this important piece of legislation, therefore, repealed and replaced the extant Companies and Allied Matters Act, 1990, introducing after 30 years, several corporate legal innovations geared toward enhancing ease of doing business in the country.
“Such innovations include: “Filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;
“Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way;
“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 COVID-19 pandemic;
“Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and
“Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives.”
-
News18 hours ago
Tinubu appoints new chairman for code of conduct bureau
-
featured17 hours ago
Song lyrics are now simpler, angrier, more self-obsessed – Study
-
News19 hours ago
Nationwide blackout imminent as national grid collapses
-
Entertainment18 hours ago
Why I became transgender – Bobrisky
-
News19 hours ago
Easter: IGP assures police commitment to public safety
-
News8 hours ago
Lagos postpones Easter boat race
-
Entertainment3 hours ago
50 Cent’s ex- girlfriend accuses him of sexually assault, rape
-
News6 hours ago
Speaker Abbas, Deputy Barau, Buhari celebrate Tinubu’s 72nd birthday