Senate Passes New CAMA Bill into Law; Lists Seven Benefits

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Former Rivers State Governor Rotimi Ameachi during the screen of minister by the Senate of the National Assembly in Abuja. 22 October 2015 (Photo by next24online/NurPhoto) (Photo by NurPhoto/NurPhoto via Getty Images)

At plenary today, the Nigerian Senate passed the new CAMA bill into law after going through the third reading on the floor of the upper chamber of the national assembly.

The Senate President, Dr Bukola Saraki, thanked all senate members and said ‘Today is a significant milestone in our legislative agenda. The passage of CAMA which is by far the biggest and one of the most far reaching legislations ever passed in any legislature in our country’.

“We have now put in place a regulatory framework essentially to promote the ease of doing business and reduce regulatory hurdles. This is a pro-business law, a bill that we have passed that is showing the audacity we have to move Nigerian businesses into a new era of success and development. The CAMA will represent one of the most important legislations, we are truly now walking the talk, to say that we are ready for business in Nigeria, to support small scale industries to promote innovations, and encourage enterprise.’’

“It will not have been done without the effort of all my colleagues, I thank you for this great day in showing that truly the NASS is here in support of Nigerians to create an environment that enables them to be able to create business and seek opportunities’’ the Senate President said.

The senate through its Medium Platform said the 8th Senate made history with the passage of the repeal and re-enactment of the Companies and Allied Matters Act (CAMA) and described it as the biggest business reform bill in Nigeria in over 28 years.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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