President Muhammadu Buhari has assented to the Companies and Allied Matters (CAMA) Bill, 2020 recently passed by the National Assembly.
This is the first reform of CAMA, one of the most important pieces of business legislation in Nigeria, since it was first introduced 30 years ago.
The CAMA Bill seeks to establish an efficient means of regulating businesses, minimize the compliance burden of small and medium enterprises, enhance transparency and shareholder engagement and promote a friendly business climate in Nigeria.
“Long-awaited intervention towards reforming the business environment and aligning the Companies Act to reflect new business model; Waiting to see that the assented copy retains the key provisions aimed at changing the business landscape,” Yomi Olugbenro, a Partner and the West Africa Tax Leader tweeted on Friday evening.
