OrderPaperToday – The Senate today passed 871 clauses of the Pro-Business Reform Bill, Companies and Allied Matters Act (CAMA), in about 10 minutes.
The bill seeks to help Small and Medium Enterprises (SME), as well as create an attractive investment environment in the country, by making Nigeria’s business environment competitive and promoting the use of technology in the registration of businesses.
CAMA removes all the redundancies required to provide regulations for small companies and reduce the minimum share capital for companies and start-ups. Through the proposed law, Nigerians can also register their businesses from anywhere in the country via the e-registration system
Speaking on the passage of the bill at plenary, the President of the Senate, Bukola Saraki, stated that the passage of CAMA was a significant milestone in the 8th Senate’s legislative agenda.
“With the passage of CAMA, which is by far the biggest and one of the most far-reaching legislation ever passed in any legislature in our country, we have now put in place a regulatory framework to promote the ease of doing business and reduce regulatory hurdles.
“This is a pro-business law. This bill that we have just passed will show the audacity that we have to move Nigerian businesses into a new era of success and development,” Saraki said.
Meanwhile, after deliberating the bill in the committee of the whole, the Senate Leader, Ahmad Lawan remarked: “This is a fast one for us.”
The Minority Whip, Philip Aduda, while seconding that the chamber report progress on the bill, jokingly added: “I am afraid about the votes and proceedings of tomorrow.”