His Excellency, President Muhammadu Buhari, GCFR, has given his assent to the Companies and Allied Matters Bill, 2020 (“the Bill”) as announced in a State House Press Release today, 7 August 2020.
The Bill, now Companies and Allied Matters Act, 2020 (“the Act”), repeals and replaces the extant Companies and Allied Matters Act, 1990, and introduces several corporate legal innovations aimed at enhancing ease of doing business in the country.
Some of such innovations are:
The enactment of the long-awaited Act demonstrates the government’s commitment to improve ease of doing business in the country. It is hoped that the various reforms enshrined in the Act will be implemented to the letter so as to simplify regulatory processes, improve the operating business environment and re-energize the private sector as the engine of growth in Nigeria.
We will issue a detailed publication on the Act in due course.
For further enquiries, please contact: