Senate president, Bukola Saraki, has applauded the repeal and re-enactment of the Companies and Allied Matters Act (CAMA) on Tuesday.
The repeal is the biggest business reform bill in Nigeria in over 28 years.
The act was modified after a clause-by-clause consideration and a voice vote on the report of the Committee on Trade and Investments at plenary.
Saraki wrote on his verified Twitter page: “Today’s passage of the repeal and re-enactment of the Companies and Allied Matters Act (#CAMA) is a significant milestone in our legislative agenda. This is by far the most far-reaching legislation ever passed by any legislature in our country.
“With the passage of #CAMA, we have now put in place a regulatory framework that will promote the ease of doing business in Nigeria and reduce all the unnecessary regulatory hurdles.
“#CAMA is a pro-business law. Its passage will show the world that ‘Nigeria is ready for business.’ By passing this Bill, the 8th Senate has shown that it has the audacity to move Nigerian businesses into a new era of development.
“With the passage of #CAMA, we are reshaping Nigeria and we changing how Nigerians do business. I thank my colleagues for reaching another milestone on our legislative agenda that will positively impact the lives of millions of Nigerians.”