The Senate on Tuesday passed the Companies and Allied Matters Act Bill.
The passage of the Bill titled: “Companies and Allied Matters Act (Repeal and Re-enactment) Bill, 2020” followed its consideration in a Committee of the Whole by the upper chamber.
He said that the defects in the Bill are obstructing modern business practices in the light of national and global business reforms.
He said that the Bill also seeks to provide an efficient means of regulating businesses and minimize the compliance burden of small and medium enterprises (SMEs).
He said it would enhance transparency and shareholder engagement, and promote a friendly business climate in Nigeria.
He said it would also increase investors’ confidence in the Financial Sector as well as all sectors of the economy.
Similarly, economic impact of the provisions of the Bill would ensure more business-friendly regulation for Micro, Small and Medium Enterprises (MSMEs), he said.
He insisted that the amendment to CAMA is also expected to increase activities of MSMEs and grow the Nigerian economy.
The Bill, when signed into law by President Muhammadu Buhari, he added, will help to boost investment in Nigeria.
Meanwhile, the Senate on Tuesday considered the Nigerian Airspace Management Agency Bill, 2020.
The bill, which was also sponsored by the Senate Leader, Yahaya Abdullahi, was enacted in Nigeria as a decree of the military government in 1999.
According to the lawmaker, the Act took effect on May 26, 1999, and has remained in existence for over twenty years without undergoing any review and amendment.
“Since the establishment of the agency under the Act, significant changes and developments have taken place in the industry that necessitates review and amendment of the Act so as to bring the provisions up-to-date with the operational requirements of the Agency and dictates of the aviation industry,” the lawmaker said.
“Also, the original text of NAMA Act as passed into law in 1999 had numerous misprints and errors that have resulted in ambiguities in certain provisions of the Act,” Abdullahi added.
The Bill which scaled second reading on the floor was referred by the Senate President, Ahmad Lawan, to the Committee on Aviation for further legislative work.