Chairman of the Nigerian Bar Association (NBA) Section on Business Law (SBL) Mr. Seni Adio (SAN), has praised President Muhammadu Buhari for signing into law the new Companies and Allied Matters Act (CAMA) 2020.
He described the Act as “a well-deserved icing on the SBL cake”, adding that it was the “singular most transforming legislation for ease of doing business and fostering a competitive economy.”
The Act, he added, brings Nigeria in comity with other entrepreneurship-centric economies and will also foster inclusive growth by attracting the informal sector into the fold.
In a chat with The Nation, Adio said: “It has been an incredible three weeks between the Nigerian Bar Association Section on Business Law (NBA-SBL) 14th Annual Business Law Conference which held between July 16-17, 2020 – an outstanding and unprecedented success by all accounts – and President Muhammadu Buhari’s assent to the Companies & Allied Matters (Repeal and Re-enactment) Bill 2020, now the Companies & Allied Matters Act 2020 (“CAMA 2020”).
“We thank President Buhari for his assent and also the Attorney-General of the Federation, Mr. Abubakar Malami (SAN) for his support.
“It has been a long hard road, but we remained undaunted and Act is the result of extensive and harmonious collaboration between the private and public sectors, represented by the NBA-SBL, Presidential Enabling Business Environment Council (PEBEC), Nigerian Economic Summit Group (NESG), National Assembly and, in particular, the Offices of the Senate President and Rt. Hon. Speaker, together with our development partner UK DFID (collectively, NASSBER).
“The new Act brings Nigeria in comity with other entrepreneurship-centric economies and will also foster inclusive growth by attracting the informal sector into the fold.”
