Posted Tue, Mar 17, 2020 3:01 AM

NASSBER applauds National Assembly for Passing the Company and Allied matters (CAMA 2020) Act bill

The National Assembly Business Environment Roundtable (NASSBER) - an initiative of the Nigerian Economic Summit Group (NESG) and the Nigeria Bar Association’s Section on Business Law is pleased to announce that on the 9th of March 2020, the Companies and Allied Matters Act (Repeal and Re-enactment) Bill was read for the 3rd time and Passed by the Nigerian Senate. This came less than a week after the House of Representatives passed the Bill on the 4th of March 2020.

NASSBER commends the Senate and the House of Representatives for their steadfast efforts in improving Nigeria's business environment through legislation. The repeal and re-enactment of the Companies and Allied Matters Act will help to improve the business environment and enhance the ease of doing business.

The Companies and Allied Matters Act Chapter C20 Laws of the Federation of Nigeria 2004 (CAMA) was enacted in 1990. Although it was an improvement of the repealed Companies Act 1968, the act had become obsolete and didn’t reflect the present realities considering the fact that it was thirty years in the making.

Consequently, the House of Representatives of the Federal Republic of Nigeria passed the Bill for an Act to Repeal the Companies and Allied Matters Act 1990 and enact the Companies and Allied Matters Act 2018 (the "Bill"). The NASSBER has been at the forefront of ensuring the amendment of the bill so that investors and business owners can operate under more favourable business conditions.

The Bill seeks to cure the existing shortcomings of the existing CAMA and bring it in line with global best practices. The provisions of the bill and its passage into law should greatly enhance the ease of doing business in Nigeria.

The National Assembly Business Environment Roundtable (NASSBER) was created as a platform for the legislature and the private sector to engage, deliberate and take action on a framework that will improve Nigeria’s business environment through a review of relevant legislations and provisions of the Constitution. It is a partnership between the National Assembly, Nigerian Economic Summit Group (NESG) and Nigeria Bar Association’s Section on Business Law.

The NASSBER framework continues to support reforms designed to make Nigeria’s economy globally competitive, achieve inclusive growth and sustainability, create jobs, and cater to the wellbeing of Nigerians.

NASSBER has worked extensively with the National Assembly on 108 legislations including several priority bills such as the Companies and Allied Matters Act (Repeal and Re-enactment) Bill, Investments & Securities Act (Repeal and Re-enactment) Bill and the Federal Competition and Consumer Protection Commission Bill. Other bills that NASSBER has facilitated are the Secured Transactions in Moveable Assets Bill, Credit Reporting Bill, National Payment Systems Bill, the Nigerian Ports and Harbours Bill and the Nigerian Inland Waterways Bill.