President Muhammadu Buhari has given assent to the Companies and Allied Matters Bill, 2020 recently amended and passed by the National Assembly.
This is coming thirty years after the law was first created in 1990.
The new law reflects several corporate legal innovations, geared towards enhancing ease of doing business in the country.
– Filing fee reductions and other reforms to make it easier and cheaper to register and reform their businesses in Nigeria
– Allowing corporate promoters of companies to establish private companies with a single member or shareholder.
– Innovating processes and procedures to ease the operations of companies
– Requiring the disclosure of persons with significant control of companies to enhance corporate accountability and transparency
– Enhancing the minority shareholder protection and engagement.