Mrs. Beatrice Jedy-Agba, the Federation’s Solicitor-General and Permanent Secretary of the Federal Ministry of Justice, stated that the Federal Government is committed to creating an environment that empowers entrepreneurs, fosters innovation, and attracts investments.
On Thursday in Abuja, Jedy-Agba spoke at a workshop on the Guidelines for the Incorporation of Companies Limited by Guarantee.
She stated that the purpose of the workshop was to educate stakeholders on the guidelines for the issuing of the Attorney-General of the Federation’s Authority for the registration of Companies Limited by Guarantee.
“The Federal Government has repealed and re-enacted the Companies and Allied Matters Act, 2020, (CAMA) in order to open up the investment space in Nigeria by relaxing certain rules that were deemed rigid and unfriendly to the economic environment.”
“Section 26(4) of CAMA 2020 states that the Memorandum of Association of a Company Limited by Guarantee must be registered with the Honourable Attorney-General of the Federation.” Section 26(5) prescribes a timeline for granting the Authority, unless more information or papers are requested.
“These guidelines are intended to achieve consistency in the processing of applications for mandatory authority, reduce processing time, and provide all stakeholders with advance notice of requirements.”
“These guidelines, the first of their kind in Nigeria, have thus been produced to cover a wide range of issues related to the subject.”
“Special consideration has also been given to addressing common challenges and issues associated with the processing of applications for the Attorney-General’s authorization.”
As a result, she encouraged participants to engage in constructive debates in order to establish an atmosphere in which businesses thrive for both citizens and investors.
Mrs Gladys Odegbaro, Director, Solicitors Department, stated that the training would also help participants better grasp the regulatory framework that governs Companies Limited by Guarantee.
“This will facilitate a smooth registration process for prospective individuals, organisations, and investors.”
“However, the process of registering such companies involves specific legal complexities that necessitate careful consideration and compliance.”
“As a result, today’s workshop aims to demystify these guidelines by clarifying the necessary steps, procedures, and documentation for a smooth and successful registration process.”(NAN)
