A bill that seeks to amend the Companies and Allied Matters Act 2004, scaled second reading at the Senate on Thursday.
The bill came 28 years after the passage of the original Companies and Allied Matters Act and is expected to make Nigeria the best country in Africa to do business in.
He also said it will promote the use of technology and eliminate all unnecessary regulatory provisions for small companies. The repeal and re-enactment of the CAMA Bill when passed to law, will have the overall effect of making the Nigerian corporate law more in tune with today’s business realities, improve the business environment, as well as mitigate direct compliance costs for businesses in Nigeria, he added.All the senators including the Senate President Ahmad Lawan, who spoke about the bill, supported its passage and many urged the Senate to fast-track the process.