Breaking News: The Nigerian Senate takes a giant leap and passes the biggest business reform bills

After 28 years the 8th Senate reviews the CAMA by Repealing and Re-enacting a new CAMA bill to bring our company regulations at par with its global competitors.

The high-points of the new CAMA includes;

• A one person company becomes reality in the Nigerian corporate regime. This allows new young and innovative start-ups the opportunity to operate as separate legal entity taking business risks without suffering the loss of personal assets.
• Nigerian joins countries with limited liability partnerships as a form of legal person providing more options.
• Cost of running a small company is reduced as there are no more requirements on small companies to have a company secretary or hold Annual General Meetings.
• The cost of registration is reduced by removing the requirement for statutory declaration of compliance;individuals can now register a company without legal assistance.
• Minimum share capital required for companies reduced to encourage more investments and allow small business thrive and operate as a legal entities.
• The E-registration and filling system further enhanced to ease doing business for SMEs and corporations.
• New regulations on corporate insolvency to revive ailing companies.

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