Senate amends Corporate and Allied Matters Act (CAMA)

In a post on its medium page and twitter handle , the Senate announced the repeal and reenactment of the Companies and Allied Matters Act (CAMA).

The upper chamber also listed 7 points that can be derived from the ACT.

The revised Act will make Nigeria’s business environment as competitive as it counterparts around the world.
One person can now own and run a company.
Business owners can now register their businesses online.
Small companies will no longer need requirements such as Annual General Meeting and Company Secretary.
The minimum share capital for all companies and start-ups have been reduced.
A Limited Liability Partnership (a new form of legal identity) has been created.
The Senate has given legal backing to electronic registration of companies.

Why does it matter ?

Nigeria is largely dominated by Medium and Small-Scale Enterprises (MSMEs). Making registration easier for them brings in more businesses into the formals space. This also enhances tax revenue for the government.