The Corporate Affairs Commission (CAC) has explained that the Companies and Allied Matters (CAM) Bill 2019 will allow an individual to form a company and make use of Common Seal option for companies.
The Commission said the Bill will also greatly enhance the ease of starting and growing business in the country and ensure more appropriate regulation for Micro, Small and Medium Scale Enterprise.
“It will enhance transparency and shareholder engagement; align regulatory framework with international best practice for competitiveness and, in the context of a global economy, make Nigeria an investment destination of choice by attracting and growing investments,” he said.
According to him, the Bill will also dispense with the Statutory Declaration of compliance by Legal Practitioners for Registration of Companies, Disclosure of Beneficial Ownership amongst others.
In a statement by Head, Public Affairs Godfrey Ike on Monday in Abuja, the Commission said it is in consonance with the provision of the Acts Authentication Act Cap. A2, Laws of the Federation of Nigeria 2004.
He said the CAMA Bill 2019 seeks to repeal the extant statute (The Companies and Allied Matters Act, Cap C20, Laws of the