President Buhari Signs Amended Companies Allied Matters Bill

“The President’s action on this important piece of legislation, therefore, repealed and replaced the extant Companies and Allied Matters Act, 1990,” Adesina said.

President Muhammadu Buhari / Photo credit: dailytrust.com
President Muhammadu Buhari / Photo credit: dailytrust.com

President Muhammadu Buhari Friday in Abuja assented to the Companies and Allied Matters Bill, 2020, recently passed by the National Assembly.

Femi Adesina, Special Adviser to the President on Media and Publicity, announced this in a statement shared on his Facebook page on Friday.

“The President’s action on this important piece of legislation, therefore, repealed and replaced the extant Companies and Allied Matters Act, 1990.

“The new Companies Allied Matters Act assented to by present Buhari on Friday which is coming 30 years after the first Compabies Allied Matters Act 1990, has several corporate legal innovations geared toward enhancing ease of doing business in the country”, Adesina said.

“Filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;

“Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way;

“Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing “authorised share capital” with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;

“Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and

“Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives”, Adesina said.

Written by The Interview Editors

The Interview is a niche publication, targeting leaders and aspiring leaders in business, politics, entertainment, sports, arts, the professions and others within society’s upper middle class and high-end segment in Nigeria.

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