The Senate on Tuesday passed the Corporate and Allied Matters Act amendment bill, 2020.
The approval of the bill by the upper chamber was a sequel to clause-by-clause consideration of the proposed legislation in a committee of the whole.
The bill was sponsored by the Senate Leader, Senator Yahaya Abdullahi.
The bill, when signed into law by President Muhammadu Buhari, will address aspects aimed at boosting investment in Nigeria.
According to the Senate Leader, the business landscape in Nigerian will be reorganised and liberated hitherto from the heavy constraints of several provisions in the Companies and Allied Matters Act 1990, which has been responsible for obstructing modern business practices in the light of national and global business reforms.
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The bill also seeks to provide an efficient means of regulating businesses, minimise the compliance burden of small and medium enterprises, enhance transparency and shareholder engagement, and promote a friendly business climate in Nigeria.
It will also address the seeming stagnancy and primitive methods of doing business in Nigeria, essentially to meet up with the present international best practice as well as promote ease of doing business.