President Muhammadu Buhari finally assented on the Company and Allied Matters Act as amended on Friday which seeks to solve the problems involving the ease of doing business in Nigeria.
In a statement issued by the House of Representative, it stated that, “The 9th National Assembly has scored another major landmark with the Companies and Allied Matters Act (amendment) Bill (“CAMA”), which was signed into law by President Muhammadu Buhari on Friday, August 7, 2020.
“On February 25, while meeting with the Presidential Enabling Business Environment Council led by Dr Jumoke Oduwole, the Special Adviser to the President on Ease of Doing Business, Speaker of the House of Representatives, Femi Gbajabiamila had assured Nigerians that the House would fast-track the consideration and amendment of CAMA, stating that the bill was a key priority of the 9th House necessary to address national economic challenges and to improve the legal framework for doing business in Nigeria.
“The bill which was passed barely two weeks after that promise, comes as a result of the resolve of both chambers of the 9th assembly to facilitate the ease of doing business in Nigeria.
“Its final assent into law marks a key milestone in the fulfillment of the legislative agenda of the House under the leadership of Speaker Femi Gbajabiamila and is attributable to the harmonious working relationship between the Legislature and the Executive.
“The Nigerian economy remains a priority for the 9th Assembly and in the same manner with which it swiftly and diligently passed the Finance Act, the Deep Offshore Sharing Formula Act, and the revised Appropriation Act 2020.”