President Muhammadu Buhari on Friday in Abuja assented the Companies and Allied Matters Bill, 2020 passed by the National Assembly.
The President’s assent repealed and replaced the extant Companies and Allied Matters Act, 1990, introducing after 30 years, several corporate legal innovations geared towards enhancing ease of doing business in the country.
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A statement issued by the Special Adviser to the President on Media and Publicity, Femi Adeshina said such innovations include: 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.
The statement also said the new law will allow corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way.
Editor:(Omor Bazuaye)
