(5 minutes read)
· The Financial Market Dealers Quotation ( FMDQ) Securities Exchange has revealed that the new Companies and Allied Matters Bill 2020, that was recently signed into law by Nigerian President Muhammadu Buhari, would make Nigeria a powerful destination for investment.
· Nigeria, though is the most sought out destination for investment in Africa, has lost the sheen in the recent days.
· The efforts of the government are to pep up the appetite of the investors to bring in more capital to the country lying in the Sub-Saharan region.
The Financial Market Dealers Quotation ( FMDQ) Securities Exchange has revealed that the new Companies and Allied Matters Bill 2020, that was recently signed into law by Nigerian President Muhammadu Buhari, would make Nigeria a powerful destination for investment. The new Companies and Allied Matters Act 2020 Bill repeals and replaces the Companies and Allied Matters Act, 1990.
The bill would give the country the much needed boost for attracting investments from different corners. Nigeria, though is the most sought out destination for investment in Africa, has lost the sheen in the recent days. The efforts of the government are to pep up the appetite of the investors to bring in more capital to the country lying in the Sub-Saharan region. The new bill contains some innovative schemes to ensure ease of doing business in the country. It also encourages the small and midsize companies to invest in the expanding industrial base of the country. There are changes brought about in the legislation for encouraging establishment of private companies, be it under sole proprietorship, partnership or limited partnership.
The other areas the bill will seek to address are bankruptcy provisions, credit risks and to make compliance to the regulatory bodies more easy. The bill was recently passed by the Nigerian National Assembly, the top legislative wing of the Federal Government. It is reported that a few days ago President Buhari signed the bill into a law. Analysts feel that the effectiveness of the legislation can be assessed only after its implementation.
