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 the Founder Naija247news Media Ltd He has over 16 experiences in journalism, which cuts across traditional and digital media. He started his journalism career in Business Day, Where he was a senior editorial graphic artist, before he left to start Naija247news, An Online Financial Newspaper in 2010. He has won series of awards and he is the chairman of Emmerich Resources Limited, the publisher of Naija247news.com and also sits on the board of Students In Business Awards, (SIBA).

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