Companies and Allied Matters Act (Repeal and Re-enactment) Bill, 2020 (SB. 251) – 11/03/2020

The bill seeks to repeal and replace the existing Companies and Allied Matters Act and provide an efficient means of regulating businesses, minimize the compliance burden of small and medium enterprises (SMEs), enhance transparency and shareholder engagement and promote a friendly business climate in Nigeria.

The bill seeks to ensure a more business-friendly regulatory environment for businesses, particularly Micro, Small and Medium Enterprises (MSMEs),
by reducing the minimum share capital for companies and start-ups in Nigeria and  introducing an e-registration system to ensure global access to registration of companies amongst other  measures aimed at aligning Nigeria with current international best practices and  promoting ease of doing business.

The bill went through third (3rd) reading and passage at the Senate.