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Senate Passes The Companies and Allied Matters Act Bill




Nigerian Senate Approves Buhari's $8.325bn, Euro 490m External Loans

Tobi Adebayo

The Companies and Allied Matters Act Bill, sponsored by Senator Yahaya Abdullahi of Kebbi North, has been passed by the Senate on Tuesday.

According to Abdullahi, the bill, when signed into law by President Muhammadu Buhari, will help to boost investment in Nigeria.

“The business landscape in Nigerian will be reorganized and liberated from the heavy constraints of several provisions in the CAMA.

“The defects in the Bill are obstructing modern business practices in the light of national and global business reforms.

“The Bill also seeks to provide an efficient means of regulating businesses and minimize the compliance burden of small and medium enterprises (SMEs).

“It would enhance transparency and shareholder engagement, and promote a friendly business climate in Nigeria.The Bill will also address the seeming stagnancy and primitive methods of doing business in Nigeria.

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“Similarly, economic impact of the provisions of the Bill would ensure more business-friendly regulation for Micro, Small and Medium Enterprises (MSMEs)

“The amendment to CAMA is also expected to increase activities of MSMEs and grow the Nigerian economy and also increase investors’ confidence in the Financial Sector as well as all sectors of the economy,” the Senate Leader said.

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