OrderPaperToday- The Senate on Thursday received a request from President Muhammadu Buhari for an amendment to the Companies and Allied Matters and other related matters (CAMA) Act .
It would be recalled that the 8th National Assembly passed an amendment to the bill that did not receive presidential assent.
One of the amendments passed by the previous assembly provided for a single person to form a private company, a departure from the current law which states that a company has to be registered in partnership with two or more persons.
It also removed “unnecessary regulatory provisions” for small companies.
Buhari said his request is in compliance with Section 58 of the Constitution of the Federal Republic of Nigeria 1999 as amended.
“I hereby forward the Companies and Allied Matters and other related matters Bill 2019 for consideration and passage into law by the Senate.
“The Senate may wish to not that in this bill, Section 26(5) of the extant companies and Allied Matters Act has been amended to
“a. Preserve the powers of the Attorney General of the Federation to approve the registration of companies limited by guarantee and b. Reflect the ease of doing business principles in a veto order (1) of 2017 on the promotion of transparency and efficiency in the business environment,” the letter stated.