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The 8th Senate of the Federal Republic of Nigeria passed the Companies and Allied Matters (Repeal and Re-enactment) Bill 2018 on Tuesday, 15th May, 2018. This Bill is perceived as one of the biggest business reform bills passed in Nigeria in over 28 years. With the passage of the Bill, a regulatory framework that would promote the ease of doing business has thus been established.
The Bill introduces salient provisions which when passed into law, has the potential to improve Nigeria’s position on the World Bank Doing Business Rankings which is currently 145th of 190 countries. Furthermore, the provisions of the Bill address the shortcomings of the existing Companies and Allied Matters Act CAP C20 LFN 2004 (CAMA) in line with global best practices.
The Presidential Enabling Business Environment Council (PEBEC), chaired by His Excellency, the Vice President, Prof. Yemi Osinbajo SAN GCON, has been in collaboration with some stakeholders and the 8th National Assembly to stipulate pragmatic provisions that would guarantee a conducive business and investment investment climate in Nigeria.