The Nigerian Senate today passed the repeal and re-enactment of the Companies and Allied Matters Act, which the legislative body termed the “biggest business reform bill in Nigeria in over 28 years.”
The senate said the benefits of the bill includes making Nigeria’s business environment as competitive as its counterparts around the world.
They also stated that the bill would allow individuals set up companies from themselves, and also promote the use of technology in the registration of business.
Other benefits include; “removal of all the unnecessary regulatory provisions for small companies.
Reduction of the minimum share capital for companies and start-up in Nigeria. It also creates a new form of legal identity for Nigerian businesses.”
And lastly, “it ensures that Nigerians can now register their businesses from anywhere in the country through the e-registration system.”
Speaking on the passage of the new bill, the Senate President, Bukola Saraki on his Twitter handle said, “Today’s passage of the repeal and re-enactment of the Companies and Allied Matters Act is a significant milestone in our legislative agenda. This is by far the most far-reaching legislation ever passed by any legislature in our country.”