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Senate passes Repeal & Re-enactment of CAMA, Lists Benefits for SMEs

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The Nigerian Senate has passed the repeal and re-enactment of the Companies and Allied Matters Act (CAMA), saying it is the “biggest business reform bill in Nigeria in over 28 years.”

Speaking on the passage of the Bill on his Twitter page, Senate President Bukola Saraki said:

Today’s passage of the repeal and re-enactment of the Companies and Allied Matters Act () is a significant milestone in our legislative agenda. This is by far the most far-reaching legislation ever passed by any legislature in our country.

With the passage of , we have now put in place a regulatory framework that will promote the ease of doing business in Nigeria and reduce all the unnecessary regulatory hurdles.

With the passage of , we are reshaping Nigeria and we changing how Nigerians do business. I thank my colleagues for reaching another milestone on our legislative agenda that will positively impact the lives of millions of Nigerians.

The Senate listed the benefits of the new bill on its Medium page, and they are as follows:

6 Comments

  1. Adamazi

    May 15, 2018 at 8:06 pm

    Good news

  2. Mrs chidukane

    May 15, 2018 at 9:07 pm

    No 3 and No 7 are the same though. These Nigerian ministry websites that are never user friendly. Hope they will fix that. Chai, bad for my friends that hang out at CAC Abuja waiting for clients.

    • Bleed Blue

      May 16, 2018 at 9:13 am

      I thought about them too, them lawyers whose major income is from CAC registration. I suppose they have to start channeling other areas of the law…except if the online registration falls short of being simple and user friendly, whereby a new hustle will come from “legal assistance with your online CAC registration”.

      Anyway, the changes are excellent. About time too! Well done to Olatunde and her team at UUBO for all the genuine hard work and research they put into making this happen.

    • Mz Socially Awkward....

      May 16, 2018 at 10:33 am

      Used the online registration process and at first it offered the hope of seamlessness…. and then it just left me hanging somewhere in the middle. Had to eventually place a call to Abuja as per normal.

      If this works out as is claimed, that’ll be fantastic. Granted that it’ll take business away from a lot of CAC lawyers…. but it’s past time for the government to start removing all these barriers that restrain commercial activity.

  3. Baybie

    May 15, 2018 at 9:34 pm

    This is great but I hope it truly works o! Now I can prepare to register my business finally. Even tho entrepreneurship is HELL in this country, we won’t give up, we are made of steel.

  4. rhoda

    May 16, 2018 at 6:35 am

    great, just great

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