Senate passes CAMA (Repeal & Re-enactment) Bill 2018
The Companies and Allied Matters (Repeal and Re-enactment) Bill 2018 (“Bill”) was passed by the Nigerian Senate on 15th May 2018.
The Companies and Allied Matters (Repeal and Re-enactment) Bill 2018 (“Bill”) was passed by the Nigerian Senate on 15th May 2018. The Bill is now to be considered on the floor of the House of Representatives, and if passed, would be forwarded to the President for assent.
Jackson, Etti & Edu (“JEE”) is pleased to have provided technical support to the Enabling Business Environment Secretariat (EBES) of the Presidential Enabling Business Environment Council (PEBEC), the key driver of the Nigerian business climate reforms, on its contributions to the Companies and Allied Matters (Repeal and Re-enactment) Bill 2018.
Unlike the extant law, the Bill, if enacted, will introduce some key novel provisions such as: single shareholder companies; optional use of the common seal; e-signature for business registration; and business rescue provisions amongst others.
This Bill has been lauded as the most comprehensive pro-business reform legislation in recent times and is expected to change the face of the Nigerian business climate.
The JEE team was led by Folasade Olusanya (Head of the Corporate Commercial Practice), assisted by Alaje Cornelius (Senior Associate), Yeye Nwidaa (Senior Associate), Adewale Fajana (Senior Associate), Adetola Adeleye (Associate), Oluwatoyin Aiyepola (Associate), Amala Umeike (Associate) and Sope Falana (Associate).