THE Senate on Thursday has proposed a bill for an Act to provide for the incorporation of companies, limited liability partnerships, and limited partnerships, registration of business names for a more structured and viable economy.

The bill, sponsored by Yahaya Abdullahi is titled: “A Bill for an Act to repeal the Companies and Allied Matters Act, Cap. C20, Laws of the Federation of Nigeria, 2004 and enact the Companies and Allied Matters Act, 2020 to provide for the incorporation of companies, limited liability partnerships, limited partnerships, registration of business names together with incorporation of trustees of certain communities, bodies, associations and for related matters, 2020 (SB. 251)”

According to the Enyinnaya Abaribe, senator representing Abia South district, the proposed bill was a product of the eighth Assembly which failed to be assented due to errors. He said those errors have been corrected in the new Act and it will boost investors’ confidence.

Speaking, Hadejia Ibrahim representing Jigawa North senatorial district said the bill will ensure that due process is followed during business registration, noting that the bill was critical to the county’s business environment, which in turn boosts the economy.

While other supporters of the bill called for its immediate enactment, Senate President, Ahmed Lawal noted that its process into law will follow due procedures.

“So we will fast track it and for this bill, we do not have to go through public hearing again because this is a Bill that people have contributed their opinions on,” Lawal had said referring the bill to the Committee on Trade and Investment to report within a week.

Meanwhile, the Senate had also proposed a bill for an Act to facilitate the use of information in electronic form for conducting transactions in Nigeria and for connected purposes.

The bill, sponsored by Ibikunle Amosun representing Ogun central district was read the second time and according to some its supporters, enacting the bill into law would enable Nigeria to cover electronic transactions thereby catching up with other developing countries in technology.

Some legislatures had also argued that the bill was long overdue owing to the country’s state of development and Nigeria needed to level up with global standards where E-Commence and E-Transaction are the order of the day.

Lawal, having heard the submissions of the House referred the bill to the Committee on Banking, Insurance and Other Financial Institutions to report within four (4) weeks.