Corporate and allied matters act new bill

You're referring to the new bill on the Corporate and Allied Matters Act (CAMA) in Nigeria!

The Corporate and Allied Matters Act (CAMA) is a legislation that regulates the incorporation and management of companies in Nigeria. The Act was first enacted in 1990 and has undergone several amendments since then.

The new bill, which was recently passed by the National Assembly, aims to reform and modernize the CAMA to make it more effective and efficient in promoting business growth and development in Nigeria.

Some of the key provisions of the new bill include:

  1. Simplified Company Registration Process: The bill aims to simplify the process of registering a company in Nigeria, making it easier for entrepreneurs to start and operate businesses.
  2. Increased Penalties for Non-Compliance: The bill increases the penalties for non-compliance with CAMA provisions, including fines and imprisonment, to encourage companies to comply with the law.
  3. Enhanced Corporate Governance: The bill introduces new provisions to enhance corporate governance, including the requirement for companies to have a board of directors and to maintain proper records.
  4. Increased Powers of the Corporate Affairs Commission (CAC): The bill gives the CAC more powers to regulate and monitor companies, including the power to investigate and prosecute companies that breach CAMA provisions.
  5. New Forms of Business Entities: The bill introduces new forms of business entities, including the Limited Liability Partnership (LLP) and the Limited Liability Company (LLC), to provide more options for entrepreneurs.
  6. Streamlined Process for Mergers and Acquisitions: The bill streamlines the process for mergers and acquisitions, making it easier for companies to combine or acquire other businesses.
  7. Increased Transparency and Disclosure: The bill requires companies to disclose more information about their operations and financial affairs, increasing transparency and accountability.

The new bill is expected to come into effect soon, and it is expected to have a positive impact on the business environment in Nigeria, promoting economic growth and development.

Would you like me to provide more information on any specific aspect of the new bill?