President Muhammadu Buhari on Thursday signed
Companies and Allied Matters (CAM) Bill 2020 into law.
The bill which became Companies and Allied Matters Act (CAMA),
2020 is regarded as the most significant business legislation in
Nigeria since 1990.
The bill was passed by the Senate under the leadership of
Senator Bukola Saraki, but Buhari refused to assent to the bill,
asking to “preserve the powers of the Attorney-General of the
Federation to approve the registration of companies limited by
guarantee” among other provisions.
The President, however, in November 2019, asked the National
Assembly to effect some changes in the bill, which led to it
passing second reading in February 2020, before the president
signed on Friday.
President Buhari’s special adviser on media and publicity, Femi
Adesina, said, “the president’s action on this important piece
of legislation, therefore, repealed and replaced the extant
Companies and Allied Matters Act, 1990, introducing after 30 years,
several corporate legal innovations geared toward enhancing the
ease of doing business in the country”.
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The Act ensures “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”.
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