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KEY HIGHLIGHTS OF THE PART F OF COMPANIES AND ALLIED MATTERS ACT (Repeal and Re-Enactment) Bill, 2018

KEY HIGHLIGHTS OF THE PART F OF COMPANIES AND ALLIED MATTERS ACT (Repeal and Re-Enactment) Bill, 2018

 

On Tuesday 15 May 2018, the Senate of the Federal Republic of Nigeria passed the Companies and Allied Matters Act, 1990 (CAP C20, LFN 2004) Repeal and Re-enactment Bill, 2018 (“the bill”). The Bill consolidates the proposed amendments from two related bills: Companies and Allied Matters Act CAP C20 LFN 2004(Amendment) Bill, 2016 and the Companies and Allied Matters Act CAP C20 LFN 2004(Amendment) Bill, 2017.

 

The Bill aims to establish an efficient way of registering organisations with ease, minimize the compliance burden of small and medium enterprises (SMEs) with the intention of bringing the country’s company regulatory laws in line with international standards and best practices. The Bill (Part F) also included a review of the laws guiding the operational environment of incorporated trustees such as nonprofits and associations amongst others. Key amendments in the Bill relating to the nonprofit sector as passed by the Senate are highlighted below. Please note that the Bill has now been sent to the House of Representatives for adoption. We however caution that the highlights below may vary once the harmonized version of the Bill is finally assented to by the President.

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