The Nigerian Senate has reacted to President Buhari’s assent to the Companies and Allied Matters Bill, 2020.
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Buhari had on the 7th of August, 2020 assented to the CAMA bill at Abuja.
In a statement signed by the Senate Spokesperson, Dr. Ajibola Basiru, the Senate described the news of President Buhari’s assent as “cheering” and a demonstration of cordial relationship between the presidency and the National Assembly
“The Senate today received the cheering news that President Mohammed Buhari (GCFR) has assented to the Companies and Allied Matters Act Bill. By assenting the bill, Mr. President has completed the final stage in the legislative process for the formal enactment of the Act repealing and replacing the 30-year legislation.
“The assent by Mr. President to this very important piece of legislation has further demonstrated the cordial relationship between the National Assembly and the Presidency, and is also a validation by the President of the efforts of the National Assembly in providing the needed legislative interventions for the resuscitation of the nation’s economy.” Senator Basiru said
He added that “the intendment of the amendment as passed by the Senate and House of Representatives was to strengthen the legal framework for the incorporation of companies, limited liability partnerships, limited partnerships, registration of business names together with incorporation of trustees of certain communities, bodies, associations; and incidental matters to address several corporate legal innovations geared towards enhancing ease of doing business in Nigeria.”
Senator Basiru explained that the repealed CAMA has become “obsolete” and can therefore not address the challenges confronting businesses. He accordingly listed the innovations introduced by the new CAMA to include virtual general meetings, cost of incorporating companies and electronic share transfers.
The statement reads in part:
“It is not in doubt that the provisions of the repealed Act had become very obsolete and therefore could not effectively address challenges being faced by companies and incorporated trustees such as business rescue for insolvent companies and the merger of Incorporated Trustees for associations that share similar aims and objectives.
“It is gratifying to note that the new Act provides for 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. Others include the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency.”
Senator Basiru said “aside the CAMA, the Senate has demonstrated commitment to legislative interventions to reposition the Nigerian economy, particular to cushion the disruptions occasioned by Covid-19 pandemic. It has recently passed a new Banks and Other Financial Institutions Bill, Railways Bill, Police Bill amongst others legislations waiting concurrence by the House of Representatives and assent by Mr. President.”
He concluded that “The Senate and indeed the 9th National Assembly will continue in line with its constitutional mandate to make laws for the ‘peace, order and good governance’ of the Federation and accord the executive the necessary legislative cooperation that will promote and sustain the wellbeing and security of the citizenry as well as the prosperity of Nigeria.”
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