President Buhari Signs Amended Companies And Matters Allied Act

★★★★★★★★★★★★★★★★★★★★★
CLICK TO DOWNLOAD JETHITMUSIK MOBILE APP
★★★★★★★★★★★★★★★★★★★★★

President Muhammadu Buhari Friday in Abuja assented to the Companies and Allied Matters Bill, 2020 recently passed by the National Assembly.

The President’s action on this important piece of legislation, therefore, repealed and replaced the extant Companies and Allied Matters Act, 1990, introducing after 30 years, several corporate legal innovations geared toward enhancing ease of doing business in the country.

Such innovations include:-

a. 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;

MUST READ:  Do You Agree? Men Want To Support Women’s Dreams But Many Women Don’t Have Dreams Except Iphones – Twitter User

b. Allowing 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;

c. Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing “authorised share capital” with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;

MUST READ:  NOT AGAIN!!! 3 Soldiers Killed As Military Thwarts Boko Haram Attack In Borno State

d. Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and

e. Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives.

MUST READ:  Timaya Sets To Release A New Album

Femi Adesina

Special Adviser to the President

(Media & Publicity)

August 7, 2020

The post President Buhari Signs Amended Companies And Matters Allied Act appeared first on Naijaloaded | Nigeria’s Most Visited Music & Entertainment Website.


Source: News update

jethitmusik

Next Post

What Happened At Edo Assembly Was Attempted Coup D’etat – Governor Obaseki

Fri Aug 7 , 2020
Post Views: 243 21 ★★★★★★★★★★★★★★★★★★★★★ CLICK TO DOWNLOAD JETHITMUSIK MOBILE APP ★★★★★★★★★★★★★★★★★★★★★ Governor Godwin Obaseki has condemned the “planned” takeover of the Edo state House of Assembly on Thursday August 6, an incident he described as a coup d’etat. Obaseki who accused his predecessor Adams Oshiomhole of initiating plans to […]
Copyright All right reserved Theme: Default Mag by ThemeInWP