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Reforming The Business Climate In Nigeria: Critical Changes Introduced By The Companies And Allied Matters Bill, 2018

Publicado el 30/1/2019

On Tuesday, January 22, 2018, the House of Representatives of the Federal Republic of Nigeria, at plenary, considered and adopted all the provisions of the Companies and Allied Matters Act (Repeal and Re-enactment) Bill, 2018 (the “CAM Bill”). By this development, the CAM Bill has received concurrent passage by the two chambers of the National Assembly; having been earlier passed by the Senate of the Federal Republic of Nigeria on May 15, 2018. It is expected that in the coming weeks, the CAM Bill would be transmitted to the President for assent after which it will become the new governing regime for setting up and running business entities in Nigeria.

The CAM Bill is a watershed in the Nigerian business and economic landscape and a big boost to the Ease-of-Doing-Business (“EoDB”) campaign of the Government. By repealing and replacing the Companies and Allied Matters Act, 1990 (“1990 Act”), the CAM Bill seeks to promote reform of the onerous legal and regulatory framework as well as administrative bottlenecks which, for close to three decades, have made doing business in Nigeria substantially difficult – particularly for Micro, Small and Medium Enterprises (“MSMEs”) – and had made the economy...

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