Mrs Beatrice Jedy-Agba, the Solicitor-General of the Federation and Permanent Secretary Federal Ministry of Justice, says the Federal Government is committed to fostering an environment that empowers entrepreneurs, nurtures innovation and attracts investments.
Jedy-Agba said this at a workshop on the Guidelines on the Incorporation of Companies Limited by Guarantee on Thursday in Abuja.
She noted that the workshop was to sensitise stakeholders on the guidelines for the issuance of the Authority of the Attorney-General of the Federation for the registration of Companies Limited by Guarantee.
“The Federal Government has repealed and re-enacted the Companies and Allied Matters Act, 2020, (CAMA) to open up the investment space in Nigeria by relaxing certain rules that have been considered rigid and unfriendly to the economic environment.
“Section 26(4) of CAMA 2020, provides that the Memorandum of Association of a Company Limited by Guarantee shall not be registered without the Authority of the Honourable Attorney-General of the Federation. Section 26(5) imposes a timeframe within which the Authority should be granted, except further information or documents are required.
“These guidelines are designed to achieve consistency in the processing of applications for the mandatory authority, reduce the time for processing same and give advance notice of requirements to all stakeholders.
“These guidelines, the first of its kind in Nigeria have therefore been produced to cover a wide range of issues connected with the subject matter.
“Special care has also been taken to address challenges and issues commonly associated with the processing of applications for the Attorney-General’s authorisation”.
She, therefore, encouraged participants to engage in constructive discussions that can together can create an environment where businesses thrive both for the citizenry and investors.
Mrs Gladys Odegbaro, Director, Solicitors Department, said the workshop was also to deepen the understanding of the regulatory framework governing Companies Limited by Guarantee.
“This will promote a seamless registration process for aspiring individuals, organizations and investors.
“However, the process of registering such companies involves specific legal intricacies that demand attention and compliance.
“Therefore, today’s workshop seeks to demystify these guidelines, clarifying the essential steps, procedures, and documentation required for a smooth and successful registration process”.
Source: News Agency of Nigeria