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 new Bill has now been renamed from “Part C to the Companies and Allied Matters (Part C of CAMA) to Part F to the Companies and Allied Matters (Part F of CAMA)”.
The Bill aims to establish an efficient way of registering an organisation with ease, minimize the compliance burden of small and medium enterprises (SMEs) and bringing Nigeria’s foremost commercial law in line with international best practices. The key amendments in the draft bill presented by the committee to the Senate are highlighted below.
Please note that the highlights below may vary once the harmonized version of the bill is finally assent to by the President.
Please download the new Bill here