Security of the lives and property of all Nigerian people will continue to be a priority for us....President Muhammadu Buhari

We are working very hard to ensure the security situation in every part of Nigeria improves very soon. As part of our efforts, we are investing heavily in acquiring modern equipment. Some have arrived, some are being cleared at the Ports, and we have others still on their way.

Our government is doing its best on the question of equipment, and the military know. We understand the importance of properly equipping our personnel, so that they can deliver their best.

I ask for some patience with the acquisition of equipment, especially with the impact of Covid-19 on global supply chains. And then when the equipment arrive, we need to train personnel for their usage, ahead of deployment to the field.

I want all Nigerians to rest assured that we are doing our very best in this regard. You will see substantial improvements very soon. Security of the lives and property of all Nigerian people will continue to be a priority for us.

Source: President Muhammadu Buhari

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Yesterday I granted assent to the Companies and Allied Matters Bill, 2020. It is a particularly important piece of legislation that repeals and replaces the extant CAMA, 1990. Let there be no doubt whatsoever regarding our resolve to reform and improve Nigeria’s business environment:

After 30 Years, President Buhari Signs 

Amended Companies and Matters Allied

August 7, 2020 in Latest News, Press Releases

President Muhammadu Buhari Friday in Abuja assented to the Companies and Allied Matters Bill, 2020 recently passed by the National Assembly.

The President’s action on this important piece of legislation, therefore, repealed and replaced the extant Companies and Allied Matters Act, 1990, introducing after 30 years, several corporate legal innovations geared toward enhancing ease of doing business in the country.

Such innovations include:

a. Filing fee reductions and other reforms to make it easier and cheaper for small and medium-sized enterprises to register and reform their businesses in Nigeria;

b. Allowing corporate promoters of companies to establish private companies with a single member or shareholder, and creating limited liability partnerships and limited partnerships to give investors and business people alternative forms of carrying out their business in an efficient and flexible way;

c. Innovating processes and procedures to ease the operations of companies, such as introducing Statements of Compliance; replacing “authorised share capital” with minimum share capital to reduce costs of incorporating companies; and providing for electronic filing, electronic share transfers, e-meetings as well as remote general meetings for private companies in response to the disruptions to close contact physical meetings due to the COVID-19 pandemic;

d. Requiring the disclosure of persons with significant control of companies in a register of beneficial owners to enhance corporate accountability and transparency; and

e. Enhancing the minority shareholder protection and engagement; introducing enhanced business rescue reforms for insolvent companies; and permitting the merger of Incorporated Trustees for associations that share similar aims and objectives.

Femi Adesina

Special Adviser to the President

(Media & Publicity)

August 7, 2020